The research, funded by the Nuffield Foundation, explores the nuanced impacts of AI adoption on jobs and work quality. Contrary to the doomsday predictions, the report suggests that AI could have a positive influence on employment and job quality.

The study, conducted by the Institute for the Future of Work (IFOW), indicates that AI adoption is already well underway in UK firms. However, rather than leading to widespread job loss, it suggests that AI has the potential to create more jobs and improve the quality of existing ones.

Anna Thomas, Co-Founder and Director of the IFOW, expressed optimism about the study’s results: “This report not only highlights that the adoption of AI is well underway across UK firms but that it is possible for this tech transformation to lead to both net job creation and more ‘good work’ – great news as we look to solve the UK’s productivity puzzle.”

“With the [UK-hosted global] AI Summit fast approaching, Government must act urgently to regulate, legislate and invest so that UK firms and workers can benefit from this fast-moving technology.”

One key takeaway from the study is the importance of regional investment in education and infrastructure to make all areas of the UK ‘innovation ready.’ The study also emphasises the need for firms to engage workers when investing in automation and AI.

Taking these suggested actions could help ensure that the benefits of AI are distributed more evenly across regions and demographics, reducing existing inequalities.

Professor Sir Christopher Pissarides, Nobel Laureate and Co-Founder of IFOW, stressed the significance of placing “good jobs” at the heart of an economic and industrial strategy in the age of automation. He believes that the study provides valuable insights into how this can be achieved.

The IFOW’s study suggests that with the right approach, AI adoption can lead to a positive transformation of the labour market. By investing in education, infrastructure, and worker engagement, the UK can harness the potential of AI to create more jobs and improve job quality across the country.

Matt Robinson, Head of Nations and Regions, techUK, commented: “Realising the benefits of technologies like AI for all will mean getting the right foundations in place across areas like digital infrastructure and skills provision in every part of the UK to enable and create high-quality digital jobs.

“Access to good digital infrastructure, as well as skills and talent, is a priority for techUK members, and the Institute’s work provides welcome insights into their importance for creating good work throughout the country.”

While the IFOW’s study paints a more positive outlook on the adoption of AI than most headlines, it will be an uphill battle to convince the wider public.

A poll of US adults released this week by Mitre-Harris found the majority (54%) believe the risks of AI and just 39 percent of adults said they believed today’s AI technologies are safe and secure — down nine points from the previous survey.

As the AI industry continues to evolve, urgent action from governments, employers, and employees is essential to realise the opportunities, manage the risks, and convince a wary public of the technology’s benefits.

A copy of the full working paper can be found here (PDF)

(Photo by Damian Zaleski on Unsplash)

See also: CMA sets out principles for responsible AI development 

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The comprehensive event is co-located with Digital Transformation Week.

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The decision comes after meetings between Prime Minister Rishi Sunak, US President Joe Biden, Congress, and business leaders.

“AI has an incredible potential to transform our lives for the better. But we need to make sure it is developed and used in a way that is safe and secure,” explained Sunak.

“No one country can do this alone. This is going to take a global effort. But with our vast expertise and commitment to an open, democratic international system, the UK will stand together with our allies to lead the way.”

The UK government believes that the country is the natural place to lead discussions due to hosting Europe’s largest AI industry, which is only behind the US and China on the world stage. 

The AI industry in the UK employs over 50,000 people and contributes more than £3.7 billion to the country’s economy. US tech giant Palantir announced today it will make the UK its new European HQ for AI development.

“We are proud to extend our partnership with the United Kingdom, where we employ nearly a quarter of our global workforce,” said Alexander C. Karp, CEO of Palantir.

“London is a magnet for the best software engineering talent in the world, and it is the natural choice as the hub for our European efforts to develop the most effective and ethical artificial intelligence software solutions available.”

The urgency to evaluate AI risks stems from increasing concerns about the potential existential threats posed by this technology. Earlier this week, an AI task force adviser to the UK prime minister issued a stark warning: AI will threaten humans in two years.

McKinsey, a global consulting firm, predicts that between 2016 and 2030, AI-related advancements could impact approximately 15 percent of the global workforce, potentially displacing 400 million workers worldwide. In response, global regulators are racing to establish new rules and regulations to mitigate these risks.

“The Global Summit on AI Safety will play a critical role in bringing together government, industry, academia and civil society, and we’re looking forward to working closely with the UK Government to help make these efforts a success,” said Demis Hassabis, CEO of UK-headquartered Google DeepMind.

The attendees of the upcoming summit have not been announced yet, but the UK government plans to bring together key countries, leading tech companies, and researchers to establish safety measures for AI.

Prime Minister Sunak aims to ensure that AI is developed and utilised in a manner that is safe and secure while maximising its potential to benefit humanity.

Sridhar Iyengar, MD of Zoho Europe, commented:

“Earlier this year, the whitepaper released in the UK highlighted the numerous advantages of artificial intelligence, emphasising its potential as a valuable tool for enhancing business operations.

With the government’s ongoing ambition to position the UK as a science and technology superpower by 2030, and coupled with Chancellor Jeremy Hunt reiterating his vision of making the UK the ‘next Silicon Valley’, the UK’s leading input here could be extremely helpful in achieving these goals.”

Iyengar emphasised the advantages of AI and its potential to enhance various aspects of business operations, from customer service to fraud detection, ultimately improving business efficiencies.

However, Iyengar stressed the need for a global regulatory framework supported by public trust to fully harness the power of AI and achieve optimal outcomes for all stakeholders.

The European Union is already working on an Artificial Intelligence Act but it could take up to two-and-a-half years to come into effect. China, meanwhile, has also started drafting AI regulations, including proposals to require companies to notify users when an AI algorithm is being used.

These ongoing efforts highlight the global recognition of the need for comprehensive regulations and guidelines to manage AI’s impact effectively.

“To fully harness the power of AI and ensure optimal outcomes for all stakeholders, a global regulatory framework supported by public trust is essential,” added Iyengar.

“As AI becomes increasingly integrated into our daily lives, adopting a unified approach to regulations becomes crucial.”

The UK’s decision to host a global AI safety measure summit demonstrates its commitment to proactively addressing the risks associated with AI. As the world grapples with the challenges posed by AI, global cooperation and unified regulatory approaches will be vital to shaping the future of this transformative technology.

(Image Credit: No 10 Downing Street)

Related: AI leaders warn about ‘risk of extinction’ in open letter

Want to learn more about AI and big data from industry leaders? Check out AI & Big Data Expo taking place in Amsterdam, California, and London. The event is co-located with Digital Transformation Week.

Explore other upcoming enterprise technology events and webinars powered by TechForge here.

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