How artificial intelligence can boost economic growth

Whenever the subject of artificial intelligence comes up, there are fears concerning how it is going to affect the economy and, in particular, what impact it will have on the jobs market. Developments such as self-driving cars and robotisation of manufacturing are likely to precipitate a decline in demand for many low-skilled occupations. Yet many experts now see AI as a positive force; indeed a recent report suggests it could add as much as 1.2 per cent a year to GDP growth over the next decade.

The study from the McKinsey Global Institute (REF: https://www.mckinsey.com/featured-insights/artificial-intelligence/notes-from-the-frontier-modeling-the-impact-of-ai-on-the-world-economy) suggests that almost three-quarters of businesses will have adopted AI in some form by 2030. This could herald the start of a new industrial revolution, but there are likely to be some challenges to be met along the way.

The changing workplace

The rise of AI has the potential to lead to a workplace in which repetitive tasks are carried out by machine and humans carry out more fulfilling work that can add value to the business. However, this mandates a shift in the culture of the organisation. Businesses that are able to adapt fast will be better able to take maximum advantage of the new technology.

There is of course risk involved too. AI could have the effect of deepening the ‘digital divide’ between companies that are willing to adopt the technology and those that aren’t. It’s also the case that in low wage industries, the benefits of automation are likely to be proportionately less.

A report from consultants PwC (REF: https://www.pwc.co.uk/press-room/press-releases/AI-will-create-as-many-jobs-as-it-displaces-by-boosting-economic-growth.html) suggests that across the UK economy as a whole, the effect on jobs is likely to be roughly neutral. Around seven million jobs could be lost to AI but PwC believes a similar number will be generated.

The effect of this varies considerably by industry. Sectors such as healthcare, science, IT and professional work are set to see a jobs boost. On the other hand, manufacturing, transport and finance are set to see job numbers fall. This means not only a rebalancing of the employment market but also the need for many people to retrain into new sectors.

This means regional variations too, as the effects of change by industry will hit some areas of the country harder than others.

Being prepared

To ensure that they are ready for the impact of AI, businesses need to ensure that they review their operations in the context of potential change. This is not only a technology issue but one of resource and staff planning too. Only by understanding which jobs are going to be impacted and where business performance could be boosted by AI technology can companies ensure that they remain competitive in a rapidly changing world.

AI is set to lead to a significant shift in the pace of technological change in organisations. If you need help managing this change then the team at Clifford Associates can help you find the right senior staff to take your business forward into the AI era.

 

Apply Now

Upload your CV (Accepted file types: pdf, doc, docx, rtf.)

  • Tom Salvat, CEO, CONCURED
    "As a fast-growing start up, we need great people with a tough set of skills to find. They need to be hungry, experienced and fit the culture of a business that is always adapting and growing. Finding these people using Linkedin and other job boards is tough, time-consuming and rarely bears fruit. Ross has always been able to uncover gems for us, and we are benefiting greatly from his skills at CONCURED. Ross has a rare ability to really understand the business, the culture and the people that will nail the role. I couldn't recommend him highly enough, and he is the only recruiter we deal with"      
    - Tom Salvat, CEO, CONCURED
    Tom Salvat, CEO, CONCURED
  • Tariq Mahmood, Enterprise Sales, Concured AI Content Marketing
    I am writing to express my gratitude to Ross Clifford & Associates who helped me successfully secure the role of Enterprise Sales Executive at Concured. Ross was extremely professional and understood the specifics of the job I required. I especially appreciated his fast response, transparent communication, and coordination in a timely and efficient manner.
    - Tariq Mahmood, Enterprise Sales, Concured AI Content Marketing
    Tariq Mahmood, Enterprise Sales, Concured AI Content Marketing
  • Jessica Cole, Editor – Redwood London.
    Ross is one of the friendliest recruiters I've dealt with. He was always attentive, quick to respond and ready to help with any questions I had. He's very professional, and not at all superficial like so many other recruiters out there. I would highly recommend him.
    - Jessica Cole, Editor – Redwood London.
    Jessica Cole, Editor – Redwood London.
  • Gareth Lofthouse, Founding Partner, Longitude.
    “We look for commercial people with a rare blend of talents. They need to be able to advise our blue-chip clients on thought leadership strategy. They need to be highly strategic and purposeful in uncovering opportunity. And they need the hunger it takes to thrive in a rapidly evolving business. Ross was quick to understand our need, he only delivered high-quality people for interview, and he succeeded in getting us a winning candidate incredibly fast.”  
    - Gareth Lofthouse, Founding Partner, Longitude.
    Gareth Lofthouse, Founding Partner, Longitude.
  • Johnny Meredith, Senior New Business Manager, The Bio Agency.
    I can't rate or recommend Ross highly enough. He brings a thoughtful, personal approach to the process, carefully matching opportunities with candidates, through a good understanding of their priorities and skills. Throughout, he keeps candidates up to date in an open, honest way. A genuine pleasure to work with.
    - Johnny Meredith, Senior New Business Manager, The Bio Agency.
    Johnny Meredith, Senior New Business Manager, The Bio Agency.
  • Karen Troman, Office Manager & HR Co-ordinator, VoucherCodes.co.uk part of RetailMeNot
    Ross is the best recruitment agent I have worked with, he stayed in contact, kept me informed and was with me every step of the process. He also checked in with me during my first couple of weeks in my new role to make sure I was settling in. I wouldn't hesitate to recommend him.
    - Karen Troman, Office Manager & HR Co-ordinator, VoucherCodes.co.uk part of RetailMeNot
    Karen Troman, Office Manager & HR Co-ordinator, VoucherCodes.co.uk part of RetailMeNot
  • Neil Kettleborough, CRO & Co Founder, Chalk Social
    I have worked with Ross over 4 years now and he has always delivered a really high standard of candidate both at senior and junior level. His online knowledge is second to none and all the candidates he has put forward over the years have only good things to say about Ross and his work ethic.
    - Neil Kettleborough, CRO & Co Founder, Chalk Social
    Neil Kettleborough, CRO & Co Founder, Chalk Social
  • Helen Rosemier, Commercial Director, Professional & Financial Services Practice, Longitude
    Ross is a fantastic recruitment consultant -  extremely professional, meticulous, patient and supportive. Throughout the process, I felt he represented me really well and genuinely cared about my career and finding the right role. Thanks to Ross I am now in a role I love, working with a brilliant team. Very highly recommended!
    - Helen Rosemier, Commercial Director, Professional & Financial Services Practice, Longitude
    Helen Rosemier, Commercial Director, Professional & Financial Services Practice, Longitude

© Ross Clifford Associates. Website by Outlines Design.