Search Results for: economy

UK improves opportunities for young workers, but faces longer term challenges from automation

UK improves opportunities for young workers, but faces longer term challenges from automation

by • News, Workplace

The UK could boost GDP by £43 billion if it reduces the number of young people not in education, employment or training (NEET) to match Germany, the best performing EU country. This is equivalent to a GDP increase of around £7,500 per 18-24 year old, according to estimates in PwC’s latest Young Workers Index. This year, the UK reached its highest position since the Index began in 2006, climbing to 18th out of 35 OECD countries from 20th last year. The UK’s improvement reflects lower youth unemployment and NEET rates as the economic recovery from the financial crisis has continued, but it still lags behind many other OECD countries, with Switzerland, Iceland and Germany leading the pack.

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Stop whinging about robots taking your job and develop the skills you need for a new era of work

Stop whinging about robots taking your job and develop the skills you need for a new era of work

by • AI, News, Workplace

A report from researchers at Pearson, Nesta and the University of Oxford called The Future of Skills: Employment in 2030 claims that while the new era of robots, automation and artificial intelligence in the workplace will be disruptive, it will not spell the end of work and people need to develop new skills to meet its challenges. The study claims to take an entirely new approach to forecasting employment and skill demands in the US and UK. In contrast to many recent headlines, the study finds that many jobs today will still be in demand by 2030 and beyond. However, while jobs may remain, the skills needed for success are changing. The researchers combined diverse human expertise with active machine learning to produce a more nuanced view of future employment trends. Using this innovative approach, the study forecasts that only one in five workers are in occupations that face a high likelihood of decline.

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Number of large scale IoT projects doubles worldwide as range of benefits increase

by • AI, Facilities management, News, Technology

Doubling of large scale IoT projects as benefits increase, but security still a concernThe number of large scale Internet of Things (IoT) projects have doubled in the last year, as projects move from small pilots to global rollouts, according to Vodafone’s fifth annual IoT Barometer Report. The range of benefits that users are getting from IoT is also widening as adoption increases – greater business insights, reduced costs and improved employee productivity top the list globally. Large scale users report some of the biggest business gains with 67 percent of them highlighting significant returns from the use of IoT. Energy and utility companies are at the forefront of the largest IoT projects worldwide, with applications such as smart meters and pipeline monitoring. Security in IoT is still the biggest barrier for organisations regarding deployment. However, in companies with 10,000 or more connected devices in operation only 7 percent say security is their top worry. Organisations are taking more steps to tackle security concerns including an increase in security training for existing staff, working with specialist security providers and recruiting more IT security specialists.

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Ongoing drive to replace full-time employees with freelancers and contractors in US, claims report

by • News

According to a new report from software firm Mavenlink, over three quarters (79 percent) of US executives believe that the use of contracted white collar workers offers them a competitive advantage, while 63 percent of employees say they would quit their current job to take advantage of a freelance opportunity.  The study, On the Verge of a White Collar Gig Economy: On-Demand Workforce Trends According to Today’s Business Leaders claims to have uncovered significant trends in enterprise use of external contractors, an influx of highly skilled contractors into the workforce and increased individual interest in flexible working structures. This study conducted interviews with 300 professionals from different US based organisations with titles of director or above.

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European businesses could save $243 billion by reducing wasted space in office buildings

by • Environment, Facilities management, Lighting, News, Technology, Workplace design

The Edge building in Amsterdam Research published to mark the beginning of World Green Building Week suggests that businesses in Europe could realise savings of up to $243 billion in reduced rental costs alone if their office buildings were refurbished to the most efficient standards. The analysis from Philips Lighting, claims the impact that could be made on rents across the world’s offices if business owners replicated the efficient usage of space achieved in a leading green building. The research suggests that in addition to reducing their carbon footprint, office tenants could see vast financial savings if their buildings were renovated in a way that uses space more effectively, particularly in buildings with a high number of empty spaces. The report calls for a doubling of the renovation rate of offices in developed countries to reach 3 percent per year, which it says will be a key factor in reducing emissions and offsetting increased global demand for energy from population growth and urbanisation.

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An inability to develop skills at all ages leaves people unprepared for the future of work

An inability to develop skills at all ages leaves people unprepared for the future of work

by • News, Workplace

Efforts to fully realise people’s economic potential in countries at all stages of development are falling short due to ineffective deployment of skills throughout the workforce, development of skills appropriate for the future of work and adequate promotion of ongoing learning for those already in employment. These failures to translate investment in education during the formative years into opportunities for higher-quality work during the working lifetime contributes to income inequality by blocking the two pathways to social inclusion, education and work, according to the World Economic Forum’s Human Capital Report 2017. The report measures 130 countries against four key areas of human capital development; Capacity, largely determined by past investment in formal education; Deployment, the application and accumulation of skills through work; Development, the formal education of the next generation workforce and continued upskilling and reskilling of existing workers; and Know-how, the breadth and depth of specialised skills-use at work. Countries’ performance is also measured across five distinct age groups or generations: 0-14 years; 15-24 years; 25-54 years; 55-64 years; and 65 years and over.

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British organisations must step up to the challenges of artificial intelligence, robotics and automation

by • AI, News, Technology

A report published by the RSA think-tank has encouraged UK businesses to embrace artificial intelligence, automation and robotics. arguing that new technology has the potential to raise productivity levels, boost flagging living standards, and phase out ‘dull, dirty and dangerous’ tasks in favour of more purposeful and human-centric work. The Age of Automation report warns, however, that the UK is fast becoming a ‘laggard’ in the adoption of new machines and called on UK business leaders to accelerate their take-up of technology. The RSA found that sales of robots to the UK decreased over 2014-15, with British firms falling behind the US, France, Germany, Spain and Italy. A YouGov poll of UK business leaders, commissioned by the RSA, found that UK business leaders are currently wary of adopting AI and robotics, with just fourteen percent of firms currently investing in this technology or soon planning to. Twenty-nine percent of businesses believe AI & robotics to be too expensive or not yet proven and twenty percent want to invest but believe it will take several years to ‘seriously adopt’ the new technology.

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Brexit having a significant impact on London firms, but tech and media sectors growing

Brexit having a significant impact on London firms, but tech and media sectors growing

by • Cities, Facilities management, News, Workplace

With the overwhelming majority of London businesses employing staff from the EU (88 percent), Brexit is having a significant impact on the capital’s companies, according to the latest CBI/CBRE London Business Survey. Just under three quarters of firms (73 percent) view uncertainty over the UK’s role in Europe as their top concern, whilst a similar number (69 percent) have developed, or are developing, a contingency plan for when the UK leaves the EU. Indeed, over a quarter of respondents (27 percent) indicated they are planning to move part of their operations overseas. Close to two thirds (62 percent) have, or are developing, a strategy to address skill shortages that could be incurred if restrictions are placed on EU nationals working in the UK. However, two thirds of the 271 respondents to the Survey (65 percent) said that the tech and creative sectors were the principal sectors for the capital’s economic growth over the next five years, followed by professional services (49 percent) and FinTech (47 percent).

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Not enough being done to tackle work-related ill-health, say business leaders

by • News, Wellbeing

Almost half of Britain’s industry leaders do not feel enough is being done across industry to tackle cases of work-related ill-health, according to new research from the Health and Safety Executive (HSE). The research also found more than two-fifths of businesses are reporting a rise in cases of long-term ill-health with the majority (80 percent) stating tackling this growing problem is a priority within their organisation. This news comes as HSE figures show that work-related ill-health is costing the economy more than £9bn with 26 million working days being lost, making it a priority for HSE as the Government’s chief occupational health adviser.

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New advice issued to small businesses on health and wellbeing in the workplace

by • News, Wellbeing, Workplace

Although the majority (60 percent) of the UK’s private sector workforce are employed by small businesses; advice and support for employers and individuals in supporting health and wellbeing at work has generally focused on large companies. This is the impetus behind a new campaign launched by The Federation of Small Businesses (FSB) which focuses on the wellbeing of small business owners and employees. Alongside Public Health England and other organisations, such as the mental health charity, Mind, FSB has also developed Wellbeing in Small Business: a short guide, which aims to provide ideas people can adopt to improve their health and wellbeing. It includes advice on how to start conversations about stress, mental health and wellbeing, tackling loneliness, managing flexible working arrangements, networking, fitness groups and improving the physical environment.

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The mega trends that continue to reshape the workplace around the world

by • Events, Features, Property, Technology, Workplace design

Last week, over 600 workplace and property experts met in London at the CoreNet Global Summit 2017 to discuss some of the most important trends affecting the sector. The debates underlined one important fact about property and workplaces, which is how they are shaped by major, globalised events as much as they are local needs and the objectives of specific organisations. This quickly became evident on day one, which demonstrated how dramatic shifts in the geopolitical landscape, all of which are impacting corporate real estate – from America First to Brexit – remain key talking points for the industry. Opening speaker Linda Yueh (University of Oxford and London Business School) explored several possible scenarios, including how the focus of ‘Trumpism’ would have a significant effect on the U.S. role on the world stage, with the priority on the domestic economy leaving little scope for global trade. She also predicted that a ‘hard Brexit’, with no new trade deal with the EU, will be the most likely outcome for the UK’s withdrawal process; and that businesses will need to focus on alternative WTO rules as an urgent priority. Other impacting factors covered by Yueh included the rise of a dominant global middle class, and China’s need to rebalance its economic growth drivers.
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Banking sector will be ground zero for job losses from artificial intelligence and robotics

by • AI, Comment, Technology

Deutsche Bank CEO John Cryan has predicted a bonfire of industry jobs as automation takes hold across the finance sector. Every signal is that he will be proved right very soon. Those roles in finance where the knowledge required is systematic will soon disappear. And it will happen irrespective of how high a level, how highly trained or how experienced the human equivalent may currently be. Regular and repetitive tasks at all levels of an organisation already do not need to be done by humans. The more a job is solely or largely composed of these routines the higher the risk of being replaced by computing power. The warning signs have been out there for a number of years as enthusiastic reports about artificial intelligence have been tempered with fears about significant job losses in most sectors of the economy. Many roles have already all but disappeared in the march towards a fully digital economy. Older readers may recall typesetters, typists, and increasingly, switchboard operators and back room postal workers, as work of the last century. And the changing nature of work is relentless.

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