Latest news with #consultingfirm
South China Morning Post
3 days ago
- Business
- South China Morning Post
AI is already showing signs of slashing job openings in the UK
UK businesses are dialling back hiring for jobs that are likely to be affected by the roll-out of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labour market. Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31 per cent in the three months to May compared with the same period in 2022, a McKinsey & Co analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs – like white-collar ones in tech or finance – dropped 38 per cent, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The decline in job vacancies has been the most acute for occupations expected to be significantly altered by AI. Photo: Shutterstock Images The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls.
Yahoo
3 days ago
- Business
- Yahoo
AI Is Already Showing Signs of Slashing Job Openings in the UK
(Bloomberg) -- UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labor market. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31% in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs — like white-collar ones in tech or finance — dropped 38%, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Occupations considered to be highly exposed to AI — meaning the technology can replace at least some of the tasks involved — have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50% over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50% from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks like summarizing meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence,' said James Neave, head of data science at Adzuna. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School Soccer Players Are Being Seriously Overworked Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P.
Yahoo
3 days ago
- Business
- Yahoo
AI Is Already Showing Signs of Slashing Job Openings in the UK
(Bloomberg) -- UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation's labor market. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike Job vacancies have declined across the board in the UK as employers cut costs in the face of sluggish growth and high borrowing rates, with the overall number of online job postings down 31% in the three months to May compared with the same period in 2022, a McKinsey & Co. analysis found. But it has been the most acute for occupations expected to be significantly altered by AI: Postings for such jobs — like white-collar ones in tech or finance — dropped 38%, almost twice the decline seen elsewhere, according to the consulting firm. 'The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment,' said Tera Allas, a senior adviser at McKinsey. The trend appears to be exerting another drag on the UK job market just as tax increases prompt cuts in lower-skilled sectors like retail and hospitality and the pace of economic growth stalls. Occupations considered to be highly exposed to AI — meaning the technology can replace at least some of the tasks involved — have recorded the sharpest contractions in vacancies, McKinsey's analysis showed. Demand for jobs such as programmers, management consultants or graphic designers fell more than 50% over the last three years. Some of that may also be due to industry-specific issues and a challenging macroeconomic backdrop. But McKinsey said in some sectors, like professional services and information technology, the number of job openings dropped even as businesses reported healthy growth rates. Data shared by job-search website Indeed also indicated early signs that AI is affecting hiring decisions. It showed that employers tend to cut hiring in fields that involve building or using AI tools, according to Pawel Adrjan, director of EMEA economic research at the Indeed Hiring Lab. For example, vacancies in mathematics, which mainly consist of data science and analytics roles, had the highest share of AI mentions in job descriptions but are down almost 50% from pre-pandemic levels, Indeed figures showed. At the other end of the spectrum, real estate or education jobs that barely mention the technology grew over the period. Some entry-level jobs involving tasks like summarizing meetings or sifting through documents are particularly exposed to AI, accelerating a decline in such roles as companies streamline headcount costs. Entry-level postings, which include apprenticeships, internships or junior jobs with no degree requirements, have fallen by almost a third since ChatGPT came to market at the end of 2022, according to data from job-search website Adzuna. 'The rapid rise of artificial intelligence is adding pressure on young jobseekers, who are still in the grip of the Covid aftermath, marked by inflation, economic headwinds, and low business confidence,' said James Neave, head of data science at Adzuna. 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School Soccer Players Are Being Seriously Overworked Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P.
Forbes
07-07-2025
- General
- Forbes
Being Too Helpful At Work Can Hurt Your Career—Here's How To Say No
Volunteering for office housework can hinder your career advancement. Pitching in at work is important, but sometimes it can hold you back. Workplaces often need employees to help out in order to keep things running smoothly, but the problem is that this work isn't shared equally. Women are far more likely to take on the behind-the-scenes duties at work, and research shows it's taking a toll on their careers. These helping behaviors at work can include tasks like welcoming new employees, pitching in on others' projects, and organizing the team's work and social events. Often referred to as "office housework" or "organizational citizenship," these jobs are typically outside of an employee's formal job duties. While completing these extra tasks is generally appreciated, employees who spend time helping have less time for their primary job tasks. As a result, their career progress slows. Diane Bergeron, a senior research scientist at the Center for Creative Leadership, recently authored a report on helping behaviors at work and has extensively studied the issue. At one consulting firm she studied, she found that employees who helped more got better performance reviews, but logged fewer billable hours and were promoted more slowly. Not only does volunteering for these tasks result in career setbacks, but research shows that the extra effort expended in helping can lead to burnout, increased stress and difficulty balancing work and home life. Bergeron also points out another risk called "job creep," where a one-time favor can quickly become an ongoing expectation. Over time, the helping task becomes a permanent part of someone's role. In addition, once they start volunteering, some employees also feel growing pressure to continue saying yes to additional office housework in order to remain valued at work. Some might wonder why women don't just say no to these extra requests. Unfortunately, it's not that simple. Women often face pushback when they step outside of expected roles, like being helpful and accommodating. Saying no can make them seem less likable, simply because it challenges the expectations of how women are supposed to behave. How to Step Back From Doing Office Housework Fortunately, Bergeron has some suggestions to help women stay focused on their careers and avoid getting sidetracked by office housework. She explains that, because women are expected to be helpful, it's easy for women to feel compelled to volunteer for these tasks. Bergeron suggests resisting this temptation to volunteer from the start. "The first part is not to create those extra tasks for yourself initially, because then you're setting the stage to get asked more," she explains. She also recommends that if someone asks you to take on an extra task, letting them know about your current workload helps the requester understand your situation. You might say, "I'm currently working on A, B, and C—where should this new task fit in?" Bergeron also advises against responding immediately. When someone, especially a higher-up, asks for your help, it's natural to want to say yes immediately. However, Bergeron says pausing gives you breathing room. It allows you to step back, consider your workload, reflect on your career goals, discuss it with a mentor and decide whether it's something you should take on. It also gives the asker a moment to reflect on whether the request was essential or just something they asked impulsively. Finally, if you do step up to help, Bergeron says don't brush it off with comments like "It was nothing" or "No big deal." Instead, let people know it was a meaningful contribution that took time and effort. How Organizations Can Make Office Housework Everyone's Responsibility Organizations also have a role to play in making this work more fairly distributed. First, they should ensure that no one volunteers women for these tasks without their consent. Bergeron also highlights a common double standard: men are often overly praised when they step in to help. As a result, she says her second piece of guidance for organizations is "Not over-complimenting men who helped, because I felt like I saw that in every organization I was in." Overly celebrating men for doing this work sends the message that it's exceptional when men contribute, but expected when women do. Research indicates that men are more likely than women to be rewarded for helping behaviors at work. Bergeron also recommends that companies informally track who is taking on these extra duties to ensure they are distributed fairly. Ultimately, she urges organizations to consider the bigger picture. "If your organization requires a lot of employee heroics to get the job done, this may be a red flag that there are missing, inefficient, or faulty roles, processes, or systems," she notes in the report.
Yahoo
17-06-2025
- Business
- Yahoo
Korn Ferry Board Declared Quarterly Cash Dividend
LOS ANGELES, June 17, 2025--(BUSINESS WIRE)--Korn Ferry (NYSE:KFY), a global consulting firm, today announced its Board of Directors has declared a cash dividend of $0.48 per share that will be payable on July 31, 2025 to shareholders of record on July 3, 2025. "We are pleased to initiate another quarterly cash dividend as part of our capital allocation strategy," said Gary D. Burnison, CEO, Korn Ferry. "This move reflects our confidence in the strength of the business, the consistency of our strategic execution, and our disciplined operational approach." About Korn Ferry Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That's why the world's most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than. Forward-Looking Statements Statements in this Press Release that relate to Korn Ferry's goals, strategies, future plans and expectations, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as "believes", "expects", "anticipates", "may", "should", "will", "likely", and "confidence", and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry, including global and local political and economic developments, demand fluctuations, and those risks and uncertainties included in Korn Ferry's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors" and "Forward-Looking Statements" of the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and as will be included in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable law. View source version on Contacts Investor Relations: Tiffany Louder, (214) 310-8407Media: Dan Gugler, (310) 226-2645 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
