Figures have been released today that reveal ever-advancing technology will be responsible for replacing a third of the British workforce.
With echoes of the Industrial Revolution, where thousands of jobs were replaced by machinery during the 1700 and 1800’s, there’s growing evidence of a similar 21st century shake-up. A study by the University of Oxford, commissioned by financial consultants Deloitte, has shown that lower-paying jobs are most at risk. Jobs with salaries of £100,000 and above are far less likely to be at risk; compare that with those on less than £30,000 – jobs in this band are a staggering five times more likely to be replaced by technology. In London alone, though, this figure rises to eight times more likely.
The AI Revolution
It’s all down the increasingly more sophisticated artificial intelligence (AI) in computers. Many of the jobs at risk are clerical roles such as typists, as well as foreign language jobs, both of which can already, to some extent, be performed by computers.
The study looked at both the UK as a whole and London specifically. Findings suggest that in the UK 35% of jobs are at ‘high risk of automation over the next two decades,’ compared to 30% in London. In general, London was found to have the highest job security, with 51% of jobs considered at low risk of replacement, compared to 40% for the rest of the UK.
New Era, New Skills
However, it’s not all bad news, despite the initial reactions. Of the 100 London-based companies surveyed, a colossal 73% said they were looking to expand their workforce over the next five years, and 51% suggesting their headcount will rise by 10%. Having said that, these businesses acknowledged that the skills of their employees will have to change to fit the new technology age; much like that original industrial revolution, as old jobs are replaced, new roles become available, and these days it’s no different. A pretty definitive 84% of those businesses believe that while ‘processing’, ‘support and clerical work’ and ‘foreign languages’ are less in need, skills involving ‘management’, creativity’ and ‘digital know-how’ are in high demand.
As such, now is the perfect time to begin your career in IT. Here at Sigma IS we’re specialists in IT recruitment in London. Whether you’re seeking to kick-start your career or wish to fill a vacancy, please contact us on 020 7281 0934 or email email@example.com and we’ll be happy to help.