Report Claims Gen Z Confronts ‘Employment Crisis’ as Global Firms Favor AI over Hiring

As young individuals enter the job market, they are encountering what some are calling an “employment apocalypse.” This is due to business leaders opting to invest in artificial intelligence (AI) over new hires, as revealed in a survey of global executives.

A report by the British Standards Institute (BSI) indicated that rather than nurturing junior employees, employers are focusing on AI automation to bridge skill gaps and enable layoffs.

In a study involving over 850 business leaders from seven countries—namely the UK, US, France, Germany, Australia, China, and Japan—41% of respondents reported that AI has facilitated a reduction in their workforce.

Nearly a third (31%) stated their organizations are considering AI solutions before hiring new talent, with two-fifths planning to do so in the next five years.

Highlighting the difficulties faced by Gen Z workers (born from 1997 to 2012) in a cooling labor market, a quarter of executives believe that AI could perform all or most tasks currently handled by entry-level staff.

Susan Taylor-Martin, CEO of BSI, commented: “AI offers significant opportunities for companies worldwide. However, as firms strive for enhanced productivity and efficiency, we must remember that humans ultimately drive progress.

“Our findings show that balancing the benefits of AI with supporting the workforce is a key challenge of this era. Alongside our AI investments, long-term thinking and workforce development are crucial for sustainable and productive employment.”

Additionally, 39% of leaders reported that entry-level roles have already been diminished or eliminated due to the efficiencies gained from AI in tasks like research and administration.

More than half of the respondents expressed relief that they commenced their careers before AI became prevalent, yet 53% felt that the advantages of AI in their organizations outweigh the disruptions to the workforce.

UK businesses are rapidly embracing AI, with 76% of leaders anticipating that new tools will yield tangible benefits within the next year.

Executives noted that the primary motivations behind AI investments are to enhance productivity and efficiency, cut costs, and address skills gaps.

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An analysis from BSI of companies’ annual reports revealed that the term ‘automation’ appeared almost seven times more frequently than ‘upskilling’ or ‘retraining.’

Additionally, a recent poll from the Trades Union Congress found that half of British adults are apprehensive about AI’s impact on their jobs, fearing that AI may displace them.

Recent months have seen the UK’s job market cool, with wage growth decelerating and the unemployment rate rising to 4.7%, the highest in four years. Nevertheless, most economists attribute this not to a surge in AI investments.

Conversely, there are worries that the inflated valuations of AI companies could spark a stock market bubble, potentially leading to a market crash.

Source: www.theguardian.com

As Key Atlantic Currents Decelerate, US East Coast Confronts Rising Sea Levels

AMOC is a system of ocean currents that circulates water in the Atlantic Ocean.

NASA/Goddard Space Flight Center Scientific Visualization Studio

The decline in significant Atlantic currents is contributing to flooding linked to rising sea levels in the northeastern United States, which are already affected by climate change. As global temperatures increase, a total collapse of the Atlantic Meridional Overturning Circulation (AMOC) could exacerbate sea level rise.

“If AMOC collapses, this will greatly increase flood frequency along the US coastline, independent of major storms,” states Liping Chan from the Geophysical Fluid Dynamics Laboratory at the US National Oceanic and Atmospheric Administration (NOAA) in New Jersey. “Even a partial reduction in current strength can have significant consequences.”

The warm waters melting ice sheets and rising sea levels are influenced by climate change, which leads to uneven rates of sea level rise across different regions. For instance, some coastal areas have subsided, increasing the relative rate of sea level rise there. Local sea levels are also affected by the circulation of heat, water, and salt in the ocean, with warm, fresh water occupying more volume than cold, salty water.

Over the past few decades, sea levels along the northeastern US coast have risen 3-4 times faster than the global average. The slowing of AMOC—responsible for transporting warm water from lower latitudes to the North Atlantic, where it cools and sinks—has long been considered a potential cause of this phenomenon. As this circulation weakens, warm deep water expands, pushing more water onto the shallow continental shelf.

AMOC strength varies naturally over different timescales, and climate change has contributed to its slowdown as the North Atlantic and its waters have become warmer and clearer in recent decades. However, it remained uncertain whether this decrease significantly affected sea levels.

Chang and her team utilized tidal gauge measurements from the New England coast to reconstruct local sea levels dating back over a century. Alongside a steady rise due to climate change, they identified significant fluctuations between low and high sea levels every few decades. Low sea levels correlated with periods of weak AMOC, while high sea levels were also aligned with these intervals, which brought more frequent coastal flooding.

The researchers then employed two distinct ocean models to quantify the impact of AMOC intensity variations on local sea levels. While the primary driver of change was the steady rise due to climate change, they discovered that weakened AMOCs significantly increased sea-level-related flooding. In multiple coastal regions, they noted that the slowdown in AMOC has contributed to delaying flooding by 20-50% since 2005.

Given that the natural cycle of AMOC strength is largely predictable, Zhang asserts that these findings enable researchers to forecast potential flooding events up to three years in advance. This foresight can guide long-term infrastructure planning and emergency preparedness.

“This highlights the critical role of AMOC in [sea level rise],” remarks Chris Hughes, who was not involved in the research, from the University of Liverpool in the UK. “It’s not merely theoretical; it’s evident in the real world.”

It remains unclear how much of the recent AMOC weakening is attributable to climate change versus natural variability. Nevertheless, the findings bolster predictions that if AMOC were to completely collapse due to climate change, significant portions of the US East Coast could experience a surge in sea levels.

Hughes warns that if AMOC nearly collapses, sea levels could rise by around 24 centimeters. “While it may not seem dramatic, even a small increase can have a substantial effect.”

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Source: www.newscientist.com