Tag Archives: employment

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

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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

Uber Challenges UK Supreme Court Decision on Taxes Affecting Private Employment Competitors

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Taxi operators competing with Uber are now exempt from paying 20% VAT on their earnings outside London, following a ruling from the UK Supreme Court in a long-running case.

The court determined that the private employer would not establish a contract with passengers, thereby rejecting Uber’s appeal. This decision was celebrated by the private employer as a “sector victory” after three years of legal challenges.

Uber initiated legal action after a 2021 Supreme Court ruling declared that the driver was classified as a worker.

The company sought a declaration asserting that a privately employed taxi operator had entered into a contract with passengers, a claim supported by the London High Court in 2023.

Initially, that decision required operators to pay a 20% VAT, but the Court of Appeals overturned this after Delta Taxi and Veezu challenged it last July.

Uber brought the issue to the Supreme Court, which unanimously dismissed the case involving the US company on Tuesday.

Nia Cooper, Chief Legal Officer at Veezu, remarked: “This ruling is a triumph for the UK’s private employment sector. The unanimous decision concludes a three-year legal struggle and affirms that operators can select the business models they wish to adopt.”

She added that the outcome would shield passengers from potential fare hikes and lessen the pressure on licensing authorities. “Uber aimed for a declaration that a 20% VAT would be imposed on all PHV fares,” she stated.

“This ruling also illustrates that UK-based companies can stand firm against global conglomerates that attempt to sway the sector through litigation to suit their business frameworks.”

An Uber representative replied, “The Supreme Court’s ruling confirms that different contractual protections apply to individuals booking rides in London compared to the rest of England and Wales. This ruling does not affect Uber’s VAT, which has been upheld in two previous court decisions.”

In a related matter this year, Estonian mobility and delivery startup Volt successfully contested a claim by the UK tax authorities, HMRC, regarding a 20% VAT obligation.

HMRC has since been granted permission by the Court of Appeal to appeal a ruling stating that Bolt is only accountable for VAT on the margin, not on the full fare of the trip.

Source: www.theguardian.com

British companies recommend conducting video and face-to-face interviews to combat North Korean employment scams.

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British companies are being advised to conduct job interviews via video or in-person to avoid the risk of inadvertently hiring North Korean employees.

The caution comes after analysts noted that the UK has become a prime target for misinformed IT workers recruited by North Korea. These individuals are typically hired to work remotely, evade detection, and funnel earnings back to Kim Jong-un’s regime.

In a recent report, Google revealed an incident from last year involving a lone North Korean operative, with at least 12 aliases operating across Europe and the US. These IT workers were seeking positions in defense and government sectors. The new tactic involves fake IT professionals threatening to leak sensitive company data post-termination.

John Hultquist, chief analyst at Google’s Threat Intelligence Group, highlighted North Korea’s shift towards Europe, particularly targeting the UK.

He explained, “North Korea is feeling the heat in the US and has shifted its focus to the UK to expand its IT worker tactics. The UK offers a broad spectrum of businesses in Europe.”

Fraudulent IT worker schemes typically involve individuals with a physical presence in countries aided by “facilitators” or agents of North Korea.

These facilitators play crucial roles like providing fake passports and maintaining local addresses. Laptops used by these individuals often connect to servers in Pyongyang, not their current location. However, they seek jobs that offer unique devices for easier monitoring.

“Ultimately, having a physical presence in the UK is key to their expansion strategy across various sectors in the country,” mentioned Hultquist.

Hultquist suggested that conducting job interviews in-person or via video could disrupt North Korea’s tactics.

Sarah Kern, a North Korean specialist at cybersecurity firm SecureWorks, emphasized that the threat is more widespread than perceived by companies.

She recommended thorough candidate screening and HR education on deception tactics. Companies should prioritize in-person or video interviews to verify the legitimacy of potential employees.

“In the US, conducting in-person or video interviews to verify candidates’ background details is effective in ensuring you’re engaging with truthful candidates,” she added.

Kern noted that IT workers may propose unconventional methods like frequent address changes or the use of money exchange services over traditional bank accounts.

Bogus IT experts are infiltrating Europe through online platforms like Upwork, Freelancer, and Telegram. Upwork stated that attempts to use false identities go against their terms of service, and they take strict action to remove such individuals.

As pointed out by Kern, North Korean IT workers often try to avoid video interviews, likely due to their working conditions in cramped spaces resembling call centers.

Source: www.theguardian.com

The Impressive UK Private Employment Drivers on Valentine’s Day in the Gig Economy

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wHensimon Waite began working as a private rental driver in 2017. It gave him the flexibility and income to spend time with his children. “School is my son’s soccer, and I was able to make money in my life,” he says.

But over the past few years, the 41-year-old Waite from Hertfordshire says he has to spend dramatically more time on the roads to make a living. “It took me about 50 hours to make £1,000 a week a few years ago, but now it’s about 70 hours. Most drivers will need to pay insurance, taxes, vehicle fees, maintenance, fuel, license, rent, bills, and maintenance fees. Living costs.”

Waite claims that drivers reduced fares to compensate for costs after the Supreme Court was classified as eligible to acquire workers’ rights, such as holidays and sick pay in 2021.

To challenge his working conditions, Waite will not work for the private rental driving app on Valentine’s Day from 4pm to 10pm. He has taken part in logoff actions against Uber, Bolt, and Addison Lee and withdraws his labor Thousands of others Requires better pay, rights, and safety measures.

Friday’s action is organized by three drivers and supported by the Independent Workers Union UK (IWGB). “The driver reports that he just got worse. [2021] The ruling responded to the enforcement of rights by lowering its fees,” the IWGB said. Approximately 200 drivers from cities across the country contacted the Guardian and shared their opinions on the actions.

Wait, who is signed up with Bolt, says Uber is a great app that “has done so many amazing things about how people avoid it.” But he says the decline in wages has “at a place I can’t.” He is considering quitting his job.

Valentine’s Day action is about raising awareness among drivers [and] We build that momentum,” Waite said. “We’re going to strengthen Uber and run this system. If we’re united, we can actually make changes.”

Another driver scheduled to log off on Friday is Isaac Mohammed, 30, a part-time Cardiff driver since 2016.




Isaac Mohammed, 30, said fares could drop to £1 per mile. Photo: Isaac Mohammed/Guardian Community

“It used to be the best ride app, but things have changed dramatically over the past two years,” says Mohammed. It was often 3 pounds per mile.

“Today, having a takeaway for me is considered a luxury,” he says. “Unless you live in your car, it’s very difficult to survive.”

The core issue of Mohammed is what counts as working time. Uber calculates it from when the ride is accepted until the passengers leave the exit, but he says this doesn’t take into account the time they wait for the ride.

Also involved is Kieran Airey, 36, of Merseyside, driving for Uber and a local private employment company. He says he realized in early 2024 it was taking time to reach his £200 a day goal. This meant rising from 55-60 hours a week, up from 45 hours. “At one point, I was basically working seven days a week,” he says.




“I just want fair wages for fair work,” says 36-year-old Kieran Airey. Photo: Kieran Airey/Guardian Community

He had to take his 14-year-old son to soccer and had to take a weekend nap, as he had eaten a processed microwave meal rather than a home-cooked dinner due to increased fatigue. So, “I had enough energy to do the job then, then.”

Airey says he is frustrated with the lack of transparency around the algorithms and payment structure. “I just want to make fair payments for fair work,” he says.


Uber claims that drivers are being paid unfairly. “Uber offers a national living wage guarantee for all drivers, and while they can earn money below that level, most drivers can make more money,” the spokesman said. Ta.

“All drivers are paid weekly as cash, representing an additional 12% of the revenues paid each week.

A spokesman for Addison Lee said the company has “close collaboration with our drivers” and “doesn’t expect to see disruptions with volume or service levels” on Friday. I contacted Bolt for comment.

Gavin, a 45-year-old driver from Uber and Bolt of Birmingham, says he sympathizes with some concerns but has not taken part in the action.

“I really have to thank Uber for giving me this opportunity to acquire a private employment driver,” he says. More than his previous work.

But with Martin Hayward, 54-year-old Southampton, a private employment driver for 20 years, joining in, he says the logoff action hasn’t gone far enough to make an impact. “I’m happy to log off for a week,” he says.




“I work seven days a week for under £500,” says Martin Hayward. Photo: Martin Hayward/Guardian Community

He claims he could earn around £750 a week ago by October last year, but now he’s earning around £450 in the same time.

“I work seven days a week for under £500. I don’t have a social life,” he says. “The worst thing about being a driver is always having a place to have a good time, whether it’s a theatre, a holiday, a trip, or a cruise. You’re just thinking… I’m not going to do these things. you can’t.

“It’s just putting you on the floor.”

Source: www.theguardian.com

The Positive Impact of Arts and Crafts on Happiness Compared to Employment

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Creative hobbies give us a sense of self-expression and progress.

Botanical Vision/Alamy

Engaging in arts and crafts improves mental health and a sense that life is worth living, and these activities have positive effects that are equal to or greater than the improvements in mental health that come with employment.

Decades of research have shown that health, income, and employment status are key predictors of people’s life satisfaction. But researchers from Anglia Ruskin University in the UK wanted to explore what other activities and situations might improve mental health. “Crafts are accessible, affordable, and already popular, so we were interested in finding out whether they have health benefits,” the researchers say. Helen Keyes.

Keys and her colleagues analyzed more than 7,000 responses to the annual survey. Participate in the surveyThe survey asks people in England about their involvement in activities such as arts and culture, sport and internet use. All participants were also asked about their levels of happiness, anxiety, loneliness, life satisfaction and whether they feel their life is worth living.

More than a third of participants said they had done at least one arts or crafts activity in the past year, including pottery, painting, knitting, photography, filmmaking, woodworking, and jewelry making. The researchers found that engaging in arts and crafts was associated with higher scores across measures of mental health, even after accounting for factors such as health and employment status.

Although the increase was small (about 0.2 on a 10-point scale), crafting was a stronger predictor of feeling that life was worth living than factors that are harder to change, such as having a job.

“There’s something about making things that gives you a sense of progress and self-expression that you can’t get in a job,” Keys says. “You can take real pride in what you make, and you can see the progress in real time.” The positive effect of creative activities on people’s sense of value in life was 1.6 times higher than in a job situation.

Arts and crafts also increased happiness and life satisfaction, but did not produce significant changes in reported loneliness, which may be because many crafts can be done alone.

Promoting and supporting arts and crafts can be used as a preventative mental health strategy on a national scale, Keys said: “When people do it, they have fun. It’s an easy win.”

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Source: www.newscientist.com

Increase in Stablecoin Supply Indicates Strong Capital Influx into Crypto Market – Blockchain News, Analysis, TV, Employment Opportunities

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Written by Enoch Muthembei

Over the past week, Bitcoin has experienced a bullish rally, topping the coveted $52,000 mark and recouping almost all the losses incurred since the FTX collapse. The milestone is crucial for an industry grappling with a prolonged bear market.

Consistent with Bitcoin’s upward trajectory, there has been a notable increase in the total market capitalization of major stablecoins, including: USDT, USDC, BUSDand Big. The market capitalization of these four stablecoin giants increased from $131.232 billion to $138.993 billion from February 13th to February 20th, indicating growing demand.

Stablecoins play a vital role as a bridge between fiat and crypto markets, making up the majority of crypto trading pairs and, as a result, becoming a major source of funding. market liquidity. The rise in market capitalization highlights the increasing adoption of stablecoins, solidifying their position as the preferred medium for engaging with cryptocurrencies.

Looking at the broader picture, we can see that the supply of the top four stablecoins has surged by 3.475% in the past 30 days. While a variety of factors may be contributing to this increase, it is primarily due to the overall market movement of assets into stablecoins, whether fiat or cryptocurrencies, in anticipation of future trading activity. It shows the trend. This suggests that the market is gearing up for a quick entry or exit from Bitcoin.

Supporting this trend is the notable rise in the stablecoin supply rate (SSR). SSR is a key metric that measures stablecoin supply relative to Bitcoin’s market capitalization, indicating the depth of market liquidity and potential purchasing power. A rise in SSR means a larger proportion of stablecoins compared to Bitcoin, and if these stablecoins are converted to Bitcoin, this could impact Bitcoin price growth.

SSR that exceeds the top bollinger bands This represents an unusual surge in potential purchasing power in February 2024. This suggests that investors may be poised to migrate to Bitcoin and other cryptocurrencies in line with the Bitcoin price increase observed since January 2024.

The soaring price of Bitcoin, combined with the expansion in market capitalization and supply of major stablecoins, signals a significant influx of capital into the crypto market. For stablecoins, these trends highlight their important role in the ecosystem, serving not only as a safe haven during times of volatility, but also as an important means of putting money into Bitcoin. .

The trends observed last week highlight the interconnectedness of the stablecoin market and Bitcoin and highlight how fluctuations in stablecoin supply and market capitalization act as indicators of impending market activity. I am.

Source: the-blockchain.com

The potential impact of AI tools on employment opportunities

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I
Researching the use of artificial intelligence (AI) in the world of work,
Hilke Shellman
She thought it would be a good idea to try some tools. Among them was a system called a one-way video interview system aimed at supporting recruitment.
my interview.
She got a login from her company and started her experiment. She first chooses the questions she asks as a hiring manager, then video records her answers as a candidate, and then her proprietary software records the words she used and the intonation of her voice. was analyzed. She scores how suitable she is for the job.

She was delighted to have an 83% match rate for the role. But when she redid her interview in German, which is her native language, instead of English, she received an error message and instead she received the appropriate score (73%). I was surprised that it did. And she wasn’t even trying to answer the question this time. But read the Wikipedia entry. The record the tool made up of her German was gibberish.When her company showed her their tools
Already knew
Since she didn’t speak English, she was graded mainly on intonation, but we used a robot voice generator to read her English answers. Here again she recorded her high score (79%) and Shellman gave her a headache.

“If simple tests show that these tools may not work, then we need to seriously consider whether we should be using them in recruiting,” said Shellman, an assistant professor of journalism at New York University and an investigative reporter. “There is,” he says.

The experiment, which was conducted in 2021, is described in Schellman’s new book,
algorithm.
Explore how AI and complex algorithms are increasingly being used to help hire and then monitor and evaluate employees, including firing and promoting them. Mr. Shellman previously
guardian
In addition to experimenting with the tools, we also talk about this topic with experts who have researched the tools and experts who are on the receiving end of the tools.

This tool is attractive to employers because it aims to reduce the time and cost of filtering through large numbers of job applications and increase workplace efficiency. But Shellman concludes that they do more harm than good. Many hiring tools are not only based on troubling pseudoscience (for example, the idea that your voice intonation can predict your success on the job doesn’t hold true, Shellman says), but they also have the potential to discriminate. There is also.

Source: www.theguardian.com

Experts in the crypto industry foresee positive trend and possibility of Bitcoin surge in 2024 – Updates on blockchain, viewpoints, and employment opportunities

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In the dynamic world of cryptocurrencies, industry leaders are optimistic about the beginning of a new bullish phase, with hopes rising for Bitcoin to reach an all-time high of over $100,000 in 2024.

Bitcoin has experienced an impressive rally of over 120% this year alone, and many enthusiasts believe this upward momentum will continue into next year.

Last week, Bitcoin ended around $37,450. Markets have experienced considerable volatility this week in the wake of the US Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange. The announcement of the settlement and the resignation of Binance’s CEO caused the market to briefly decline, with BTC trading at $35,700 at one point. The negative sentiment was quickly followed by positive news, such as Binance not facing further regulatory action, contributing to a newfound stability in the market.

The start of the new week was marked by BTC trading at a price of $40.665. This year’s highest price has been updated.

2023 looks like it will be the year we prepare for the upcoming bull market. 2024 and 2025 are highly anticipated.

Despite the crypto industry facing challenges such as coin crashes, project failures, bankruptcies, and criminal trials, recent high-profile cases involving exchanges like FTX and Binance have It is seen by some as a turning point. Some industry players believe that the speculative phase is nearing an end, allowing a transition to constructive development and problem-solving in the cryptocurrency space.

The speculative phase appears to be over, leaving room for actual builders to focus on technology and problem-solving.

Attention now turns to positive developments. First, there is excitement about the potential approval of a Bitcoin exchange-traded fund (ETF). If approved, it could attract larger traditional investors and could be an important milestone in Bitcoin’s mainstream adoption.

The second notable development is the Bitcoin halving scheduled for May 2024. This event occurs every four years and cuts the rewards to miners in half, thereby limiting the supply of Bitcoin. Historically, this has been the catalyst for new rallies in the crypto market.

Investors are closely monitoring these developments, with particular focus on potential ETF approval and the upcoming halving. Mateo Greco, Research Analyst, Listed Digital Assets and FinTech Investment Business Finekia International (CSE:FNQ) pointed out:

“Approval of a US-based Bitcoin Spot ETF is not only likely to bring in capital inflows, but also inject significant liquidity into the market, fostering more stable prices, and opening the doors to digital asset exchanges and digital assets. It has the potential to facilitate more advantageous trading in both financial products that incorporate the ”

Bold predictions for Bitcoin in 2024 have already surfaced, with various ETF endorsements predicting that Bitcoin could reach $100,000 by the end of 2024. This represents a significant 160% increase from the current price.

Moreover, Matrixport, a cryptocurrency financial services company expects the price to reach $63,140 by April 2024 and a whopping $125,000 by the end of next year. Their report highlights factors such as an expected drop in inflation and a possible interest rate cut by the Federal Reserve as factors that could push Bitcoin to new all-time highs in 2024.

As the cryptocurrency landscape evolves, industry leaders and investors alike are looking forward to a transformative year full of potential milestones and new heights for Bitcoin.

Source: the-blockchain.com