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Business Standard
14-07-2025
- Business
- Business Standard
UK firms cut hiring for AI-exposed roles, tech and finance jobs fall 38%
British companies are becoming increasingly cautious about hiring for roles that are likely to be disrupted by artificial intelligence (AI), Bloomberg reported, citing findings from a recent McKinsey & Co study. The findings suggest that AI is amplifying the broader slowdown in the UK's employment market. Drop in job postings for AI-sensitive roles Job listings in the UK have seen a general decline as employers attempt to rein in spending amidst stagnant economic growth and high borrowing rates. The study stated that overall online job advertisements fell by 31 per cent in the three months leading up to May, compared with the same timeframe in 2022. However, the decrease has been especially pronounced in positions expected to be heavily affected by AI. Roles in areas such as technology and finance saw a 38 per cent reduction — nearly double the average fall, according to McKinsey. This trend is putting additional strain on the UK's labour market at a time when tax hikes are already triggering cutbacks in lower-skilled sectors like hospitality and retail. AI-exposed occupations see sharpest declines McKinsey's data shows over the past three years, the demand for professionals such as software developers, consultants, and graphic designers has decreased by more than 50 per cent. While some of this contraction may stem from industry-specific challenges and wider economic pressures, McKinsey noted that even in sectors like IT and professional services — where business performance remains robust — job opportunities have continued to fall. AI already influencing hiring patterns According to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab, employers tend to cut hiring in fields that involve building or using AI tools. For instance, job listings in mathematics — primarily encompassing roles in data science and analytics — have halved since pre-pandemic times, despite being among the highest for AI-related mentions in job descriptions. In contrast, sectors such as real estate and education, where AI references are minimal, have seen growth in vacancies. Entry-level positions face pressure Entry-level positions, particularly those involving repetitive tasks like document review or meeting summarisation, are increasingly at risk of automation. Job postings for roles such as internships, apprenticeships, or junior positions not requiring degrees have plummeted by nearly one-third since the introduction of ChatGPT at the end of 2022, according to Adzuna. AI expert predicts major job displacement by 2045 In an interview with The Guardian, Adam Dorr, research director at RethinkX, warned of a major shift in employment driven by AI and robotics. He stated that by 2045, most human jobs could become "obsolete", as machines would be capable of performing nearly all tasks faster and more cost-effectively. Dorr and his team have analysed over 1,500 significant technological upheavals and concluded that once a new technology becomes established, it typically replaces the existing system within 15 to 20 years. Microsoft cuts thousands of jobs, focuses on AI upskilling Microsoft has laid off over 15,000 employees in 2025, with the most recent round alone accounting for approximately 9,000 job losses. The cuts have primarily affected divisions such as Xbox and sales. The company is now encouraging its remaining staff to develop their AI-related skills as it pivots more aggressively towards the new technology.
Hans India
26-06-2025
- Business
- Hans India
Ambani says Jio was biggest risk of his life
New Delhi: Billionaire industrialist Mukesh Ambani described his 2016 return to the ` with Reliance Jio as the 'biggest risk' of his life, saying that even if analysts' predictions of financial failure had come true, it would still have been worth it for the role it played in transforming India digitally. In an interview with McKinsey & Co, the richest Asian said Reliance Industries was investing its own billions of dollars in rolling out 4G mobile networks -- which some analysts thought might not work out financially as India was not ready for the most advanced digital technology. 'But I told my board, 'In the worst case, we will not earn much return. That's okay because it's our own money. But then, as Reliance, this will be the best philanthropy that we will have ever done in India because we will have digitised India, and thereby completely transformed India',' he said. Since its launch in 2016, Jio has revolutionised the Indian telecom market by providing free voice calls and extremely low-cost data, compelling competitors to cut prices and driving rapid digital adoption across the country. Before Jio's arrival, mobile internet in India was relatively expensive and inaccessible to large sections of the population. Its entry led to a price war that significantly reduced the cost of data, making internet access affordable to millions of Indians, including those in rural and underserved areas. The result was increased internet penetration -- India now has over 800 million internet users, making it one of the largest online markets globally. It hastened digital inclusion as affordable data has helped bridge the digital divide, bringing first-time internet users -- many from low-income households -- online and fuelling growth of digital services like e-commerce, fintech, edtech, and entertainment.
Hindustan Times
25-06-2025
- Business
- Hindustan Times
Mukesh Ambani has set an eye contact rule for Reliance top leadership: 'It's important to...'
Reliance Industries Chairman Mukesh Ambani has revealed the one principle that he has followed for over 40 years in his career. In an interview with McKinsey & Co, the richest man in India revealed that he set an "eye contact" rule for top leadership at Reliance to show sincerity to employees. The 68-year-old billionaire and businessman said that this belief is part of Reliance's "institutional culture"(PTI) "About 30 or 40 years ago, I said that another principle I should personally have is to look any of my employees in the eye. At Reliance, we tell our leaders that it's important to have eye contact because then you express your sincerity. I think we can put all our principles to our top 100 leaders by saying, 'These are our principles. We'll do what is right. Whatever we do, we should be able to look at each other and say we are not embarrassed," he said. The 68-year-old billionaire and businessman said that this 'eye-contact" principle is a vital part of Reliance's "institutional culture", which he believes is their "best insurance against any kind of risk." Mukesh Ambani's biggest risk In the interview, Ambani revealed that his 2016 return to the telecom industry with Reliance Jio was the "biggest risk" he had ever taken. However, the industrialist said that even if analysts' predictions of financial failure had come true, he would have considered the risk worth it for the role it played in transforming India digitally. "I told my board, 'In the worst case, we will not earn much return. That's okay because it's our own money. But then, as Reliance, this will be the best philanthropy that we will have ever done in India because we will have digitised India, and thereby completely transformed India'," he added. Since its launch in 2016, Jio has transformed the Indian telecom landscape, offering free voice calls and ultra-affordable data plans.
Deccan Herald
25-06-2025
- Business
- Deccan Herald
Ambani says Jio was biggest risk of his life
In an interview with McKinsey & Co, the richest Asian said Reliance Industries was investing its own billions of dollars in rolling out 4G mobile networks -- which some analysts thought might not work out financially as India was not ready for the most advanced digital technology.
Time of India
25-06-2025
- Business
- Time of India
India can be a Global Unifying Force to be Reckoned With: Bob Sternfels
Live Events India's big opportunity lies in being a global unifier that brings together countries and regions that may not otherwise be in harmony with each other, said Bob Sternfels, global managing partner at McKinsey & Co. It could not only be the link between the US and China but also with other parts of the world, Sternfels, 54, told ET in an interview, underscoring the benefits of the country's youth.'Increasingly, India's leading companies are global companies, not just Indian companies,' said Sternfels, a self-confessed Indophile. 'So, the upside is real — if India can walk that tightrope, staying connected to everyone, that's the real opportunity.'He said India's decade of 'miraculous progress' is unmatched in scale and speed, but it's now time for a gear shift.'It's like a marathon — most want to just finish. But the winners change gears in the second half. And, for India, the window is now, when India is young. India has around 30 years before it becomes an ageing society,' he said. 'Youth is India's advantage, and we need to move faster, not settle for 5.5% or 6% growth. Can we push for 7% or 8%?'The McKinsey CEO said the Indian economy needs a jolt to grow faster. The leap will come from increased capital and foreign direct investment (FDI), and an education system that prioritises learning agility over static knowledge, Sternfels is India's advantage, and we need to move faster, not settle for 5.5-6% growth.
