How A.I. affects young workers and U.S. employment

AI’s impact on jobs: more uncertainty than evidence (so far) Stanford’s Bharat Chandar has written an excellent overview of the evidence to date and the headline is that, mostly, we don’t know. There’s little sign yet of large-scale job losses, but early data suggest entry-level hiring is already being affected in some AI-exposed roles. The biggest gaps are data: how firms are actually using AI, how tasks within jobs are changing and what’s happening outside the US. Better measurement will be essential if we’re to shape policy before disruption accelerates. https://lnkd.in/ewrt5Vdc #AI #FutureOfWork #LaborMarkets #Policy

Lots of speculation on the impact of AI on labour markets. This from Stanford shows we don’t know much about it yet despite lots of speculation. Key points: -The overall impact of AI on aggregate employment is likely small right now -AI may be diminishing hiring for AI-exposed entry-level jobs -We can probably measure AI exposure across jobs better than most people think -We are gathering new evidence on which areas we should expect the greatest AI progress in the near term -We have very little idea about employment changes in other countries -We could use better data on firm AI adoption -We do not know how employment trends will progress going forward -We do not know which jobs will have growing future demand -We have little evidence on how AI is reshaping the education landscape -We do not know how personalized AI learning will change job retraining. -We do not know how workers’ tasks have changed following adoption of AI -AI has unclear effects on matching between employers and job candidates -We need more data on how AI will affect incomes and wealth -We need rigorous modeling of how to deal with economic disruptions, informed by the above data Much more in the link on each of these. #AI

Nearly half of employed Canadian job seekers fear being replaced by AI, according to Express Employment Professionals. While 54% of hiring managers say their firms now use AI, 59% admit they lack proper training resources. https://hubs.la/Q03PTgcX0

Over just the last few years, AI does appear to be hurting the employment prospects of the most closely exposed workers, such as young technology workers (Exhibit 4, left). Our global economics team recently showed that employment growth has turned negative in the most AI-exposed industries, but that the aggregate labor market impact remains limited so far, as seen in the lack of a clear statistical link between AI exposure and industry- and occupational-level labor market outcomes (Exhibit 4, right).

As these jobs go away, the path into the world of work that once represented at least one route to the American Dream suddenly has no entry point and a much lower ceiling than it used to. Job postings for entry-level and early career roles are way down year over year. The market has pulled up the ladder for people trying to get in on the lower rungs, and the prospect of climbing it is getting harrowing, too. A recent report from the Federal Reserve Bank of Philadelphia found that AI exposure is over three times higher for occupations that require a bachelor’s degree compared with those that don’t. According to a study done by the Center for AI Safety, AI agents were only able to complete about 3% of the work assigned to them that humans can do reliably. Given that, it’s little surprise that a recent report published by research and advisory firm Forrester found that more than half of all employers who cut workers and tried to replace them with AI regret the decision. The same report predicted that those companies would bring back human labor, just at lower wages and potentially by farming out roles to overseas workers. Link to article by AJ Dellinger: https://lnkd.in/eebVE3Bx

1 in 5 US Workers Now Use #AI on the Job, Pew Research Finds - https://buff.ly/nZBV601 #genaI #workplace #IT #tech

“56% of UK workers feel optimistic about AI, yet 61% also feel overwhelmed by it” You can’t move for AI chat here in Linkedinland, but I haven’t seen too much research about what people actually think and feel about its adoption. So I went digging, because I’m interested in how people are perceiving the integration. Top line: whilst most UK employees see the potential of AI to enhance their work, many are struggling to keep up emotionally and practically. You can read more here; it’s interesting stuff. https://lnkd.in/e46Ag2Cy

Providing context for the change, CEO and MD Venu Lambu revealed that the company and the IT industry are at a significant inflection point. He highlighted that wage adjustments are evolving alongside emerging opportunities, particularly in the AI space, where upskilling employees for new projects is critical. Lambu noted that employee skilling initiatives are already underway and will continue to accelerate in response to the growing role of AI in the industry. Read More: https://lnkd.in/ddTwsH4g #AI #ArtificialIntelligence #IT #Jobs #Salary

"While 72% of U.S. hiring managers say their company uses AI — up from 66% last fall — 55% admit their company doesn’t have the resources or training to help employees use it effectively. This is according to a recent Express Employment International -The Harris Poll survey." #hiring #AItraining #survey https://lnkd.in/gUqcnj2b