2 days ago
Most financial sector workers believe AI will lead to job losses
A majority of people employed in the financial sector believe the increased use of
Artificial Intelligence (AI)
will result in job losses as well as diminished pay and conditions, according to a new report compiled by
Tasc
for the
Financial Services Union (FSU)
.
The report, which is due to be published by the union on Thursday, cites the results of a survey of about 600 financial services workers from across Ireland, as well as a small number based in Britain.
It suggests many of those employed in the sector see potential benefits in the introduction of AI, but want consultation on its expanded role, training and safeguards and how they affect hiring and promotion decisions.
'While many workers acknowledge AI's potential benefits, including increased efficiency and improved decision-making,' suggests the report's author, Molly Newell, 'these advantages are overshadowed by fears of job loss, wage stagnation and intensified managerial oversight.'
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Job security is a key issue for most of those surveyed, with 88 per cent believing AI will prompt significant job displacement, and 60 per cent saying they feel less secure in their roles now than they did five years ago.
'Notably, workers under the age of 35 and those in administrative roles express the highest levels of anxiety about AI-driven displacement,' the report finds.
Younger workers generally feel better equipped to deal with the technology, however, while men are more likely than women to describe their engagement with AI as a positive experience.
Nevertheless, almost 80 per cent of all respondents who used AI tools regularly said they improved job performance, and 63 per cent believed AI enhanced their overall experience of work.
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However, significant majorities also identified concerns, with 61 per cent saying they worried about the role AI might play in deciding who was hired, fired or promoted. Almost as many, 58 per cent, suggested they were uneasy about the issue of increased monitoring by management, and reduced privacy.
The survey found widespread support for Government regulation of AI in the sector and protections against job losses.
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With only slightly more than a quarter, 28 per cent, saying they feel adequately prepared to use AI tools in the course of their daily work, there was also substantial backing for training and reskilling programmes funded, in some instances, by tax breaks or grants.
The report recommends a range of measures including consultation on the introduction and expansion of AI deployment and oversight committees, to include representatives of both management and staff, to monitor implementations and workplace impact.
'A proactive and transparent approach to AI governance will enhance worker confidence, reduce resistance to technological change, and promote ethical AI deployment. Strengthening collective bargaining around AI will not only protect workers' rights but also foster a more resilient and adaptive financial services sector,' the report suggests.
