Tag: workforce

Revolut expects to boost workforce by 40% in 2024 as company reaches 10,000 employees

Revolut, the global fintech with more than 40 million customers around the world, and 2.7 million in Ireland, has today announced it expects to boost its global headcount by 40% in 2024. The announcement comes as the company reaches 10,000 employees globally, and continues to grow its workforce, all whilst many other financial institutions are making job cuts or hiring freezes. The company currently has over 75 roles advertised in Ireland.

The company has grown exponentially since its founding in 2015. Revolut started the year with just over 8,000 employees, but has reached the 10,000 milestone in little over three months. The financial institution plans to continue to build out its Sales, Customer Support and FinCrime teams, for which the majority of new roles will be created.

Maurice Murphy, General Manager Revolut Bank UAB – Ireland Branch, commented: “With every new Revoluter we hire, we’re thinking about how they’ll help us drive even more positive impact for our customers. 10,000 employees is an exciting milestone but we’re not stopping there. We’re continuing to recruit the best talent across the industry and are excited to be expanding across a range of specialties as we continue to build Revolut worldwide.”

As a remote-first business, Revolut is able to access a wider talent pool by hiring from across the country and offering employees more flexibility in where they work. Revolut also continues to be an employer of choice for prospective candidates, having received over one million job applications globally in 2023. The Company was also certified a Great Place to Work across eight of its markets.

Labour Market Pulse reveals generative AI will be a catalyst for enhancing workforce productivity & Ireland’s competitiveness

IDA Ireland, in collaboration with Microsoft and LinkedIn, has today published the latest in its Labour Market Pulse report series which provides insights and trends from the Irish labour market to help inform decision-makers across business, academia and public policy.

The latest edition of the Labour Market Pulse entitled Unlocking the Future: Ireland’s Prosperity with Generative AI, is focused on how generative AI can unlock the potential of Ireland’s workforce and the AI skills that will be central to enhancing the global competitiveness of Irish businesses.

Generative AI Enabled Workforce

According to the Labour Market Pulse, generative AI is set to be a catalyst for enhancing workforce productivity and reinventing work.

Based on data from over two million LinkedIn members in Ireland, the Labour Market Pulse indicates that it is older workers who have the most to gain from generative AI tools. 60% of Gen X (1965-1980) in Ireland have occupations where generative AI can complement or transform the work they do, freeing up their time for more value-added and creative work.

Millennials (1981-1996) were also identified as having a significant opportunity to leverage generative AI, with 56% in jobs where generative AI can complement or transform their role. For Gen Z (1997-2012), this number drops to 52%, with the remaining 48% currently working in roles whose core skills are less able to leverage generative AI.

Sectoral Impact of Generative AI

According to data from LinkedIn, Technology, Information and Media is the sector with the greatest potential to harness generative AI tools and technologies. More than 2 in 3 (72%) of occupations in the sector can use generative AI to transform key responsibilities.

This is followed closely by the Financial Services sector in which generative AI can transform 70% of roles in the sector, and the Professional Services sector, with more than half (63%) of job roles ready to be transformed by the technology.

Skills Vital to Ireland’s Competitiveness

Ireland is in a strong position to maximise the potential benefits of generative AI by accelerating the shift to a skills-based labour market. According to a recent joint study by Trinity College Dublin and Microsoft Ireland, 49% of organisations in Ireland are already using generative AI in some form, and Ireland has a strong skills foundation with  the highest level of third level attainment and highest level of STEM graduates per capita in the EU[1].

Data skills, digital problem solving, and digital communication and collaboration were identified by LinkedIn as some of the core AI skills required by workers across all industries and functions. As generative AI tools are adopted by industry, skillsets required will continue to change.

Upskilling and reskilling among the current and future workforce will be vital to harnessing the opportunities presented by generative AI and to maintaining Ireland’s competitiveness in the era of AI.

Developing these skills in the workforce will enable businesses in Ireland to apply generative AI to generate new levels of insight, drive efficiencies, increase productivity and improve how people experience work.

Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary TD commented: “AI skills are vital for maintaining and enhancing Ireland’s competitiveness globally. As AI continues to transform the nature of work and revolutionise every sector of our economy, businesses will increasingly rely upon those with the skillsets to harness the potential of generative AI.

“I welcome this latest Labour Market Pulse published by IDA Ireland, Microsoft and LinkedIn, which spotlights the huge opportunities for both workers and businesses who develop and invest in AI upskilling and reskilling. By taking a collaborative approach across Government and industry in preparing our workforce for the AI transformation, we can ensure our businesses have the skills they need for the future and, in turn, better support our companies to innovate and compete at a global level.”

Commenting on the Labour Market Pulse, Michael Lohan, CEO of IDA Ireland said: “An AI-enabled workforce is now critical to transforming our enterprise base and supporting future investment to Ireland. The latest Labour Market Pulse, delivered in partnership with Microsoft and LinkedIn, provides important insights into Ireland’s readiness to embrace the transformative and ground-breaking power of generative AI.

“With AI set to transform a wide range of industries and occupations, leaders will need to be proactive in upskilling their workforce to develop the AI skills and knowledge necessary to leverage the technology. By continuing to invest in upskilling opportunities, we can unlock the true potential of Ireland’s workforce and ensure we remain a highly attractive location to do business well into the future.”

Commenting on the Labour Market Pulse, James O’Connor, Microsoft Ireland Site Lead and Vice President of Microsoft Global Operations Service Center, said, “Generative AI is a transformative technology that has significant potential to empower our workforce, enhance productivity and unlock exciting new business opportunities. Findings from the latest Labour Market Pulse point towards the need for Ireland to move to a skills-based labour market.

“As generative AI becomes more prolific in the workplace, it is crucial that industry continues to collaborate with Government and academia to empower the current and future generations with the AI skills and knowledge to take full advantage of the technology. At Microsoft, we’re playing our part to help skill up Ireland for the era of AI by rolling out a national AI skilling programme that aims to provide everyone across Ireland with the opportunity to develop the necessary skills. We believe that by taking an all-of-society approach to digital skilling, we can ensure that everyone can fully harness the AI opportunity and advance our digital economy.”

Head of LinkedIn Ireland Sue Duke added: “The skills that professionals need to thrive in an AI-powered world of work are dramatically changing. We expect to see a 73% change in skills needed in the Irish workforce by 2030, up from a 54% change expected before the rise of generative AI. By policy makers, companies and professionals focusing now on building the right skills in the workforce to adopt and complement generative AI, we have the opportunity to be at the forefront of this transformation and maximise its potential for Ireland’s economy.”

For more information, access the full report here: https://www.idaireland.com/latest-news/publications/labour-market-pulse-edition-10.

 

[1]  Education attainment – Population with tertiary education – OECD Data

AI and the Future of Work: How Automation is Shaping the Workforce

Artificial Intelligence (AI) has been a buzzword for years now, and it’s impact on the future of work has been a topic of discussion among experts and business leaders alike. With the rapid advancements in technology, automation is now reshaping the workforce and transforming the way we work. In this blog, we will explore the relationship between AI and the future of work, and how automation is changing the workforce.

Automation is the use of technology to perform tasks that would otherwise be done by humans. This includes everything from simple repetitive tasks like data entry, to more complex tasks like diagnosing medical conditions. Automation is changing the workforce by reducing the need for human labor in certain industries and creating new jobs in others. For example, self-driving cars may reduce the need for human drivers, but will create new jobs in areas such as software development and maintenance.

How AI Technology Is Transforming Traditional Jobs

AI technology is transforming the way we work and the types of jobs available in the workforce. With the rise of automation, many traditional jobs are being transformed, making them more efficient and effective. Here are some examples of how AI technology is transforming traditional jobs:

Healthcare:

AI technology is transforming the healthcare industry by improving patient outcomes and reducing costs. For example, AI-powered diagnostic tools can analyze medical images and help detect diseases such as cancer at an earlier stage. An AI-powered healthcare chatbot can also help patients get quick access to medical information and advice, reducing the burden on healthcare professionals.

Customer Service:

AI technology is transforming customer service by automating repetitive tasks and providing faster, more accurate responses. Chatbots and virtual assistants can handle basic customer inquiries and provide 24/7 support, freeing up human customer service representatives to focus on more complex issues.

Finance:

AI technology is transforming the finance industry by automating tasks such as fraud detection, risk assessment, and investment recommendations. AI-powered algorithms can analyze large amounts of financial data and provide insights that can help companies make better financial decisions.

Manufacturing:

AI technology is transforming the manufacturing industry by automating production lines and improving quality control. Robots and machines equipped with AI can perform repetitive tasks more efficiently and accurately than humans, reducing the risk of errors and improving overall production efficiency.

The Benefits & Challenges of Using AI in the Workplace.

AI technology has the potential to transform the way we work, tools for sales and marketing automation are making businesses more efficient and productive. You must think about what is ChatGPT. Chat GPT is an AI language model developed by OpenAI that can engage in conversational interactions, understand natural language, and generate human-like responses. However, the use of AI in the workplace also comes with its own set of benefits and challenges. In this section, we’ll explore some of the benefits and challenges of using AI in the workplace.

Benefits of Using AI in the Workplace

Increased Efficiency

One of the most significant benefits of using AI in the workplace is increased efficiency. AI-powered tools and algorithms can perform tasks faster and more accurately than humans, reducing the time and resources required to complete certain tasks.

Improved Decision Making

AI technology can also help businesses make better decisions by analyzing large amounts of data and providing insights that would be difficult for humans to uncover on their own. This can lead to more informed and data-driven decision-making.

Cost Savings

By automating repetitive tasks and reducing the need for human labor in certain areas, businesses can save costs and allocate resources more effectively.

Enhanced Customer Experience

AI-powered chatbots and virtual assistants can provide 24/7 customer support, responding to customer inquiries in real time and improving overall customer satisfaction and the best llm app platform is where you can start for that.

Challenges of Using AI in the Workplace

Job Displacement

One of the biggest challenges of using AI in the workplace is the potential for job displacement. As AI technology automates certain tasks, some jobs may become redundant, leading to job loss for some workers.

Data Privacy and Security

The use of AI in the workplace also raises concerns about data privacy and security. As AI algorithms analyze and process large amounts of data, businesses must ensure that sensitive information is protected from cyber threats and breaches.

Bias and Fairness

AI algorithms are only as unbiased as the data they are trained on. If the data used to train AI algorithms is biased or unfair, the resulting decisions may also be biased or unfair. This can lead to discrimination and inequality in the workplace.

Ethical Concerns

AI technology raises ethical concerns around the use of autonomous decision-making algorithms and the potential for AI to be used for harmful purposes.

The Future of AI and Automation in the Gaming Industry

The gaming industry has always been at the forefront of technological innovation, and the rise of AI and automation is no exception. In recent years, the use of AI and automation has become increasingly prevalent in the gaming industry, with the introduction of new games like PG Slot, which leverage advanced technology to create an immersive and engaging gaming experience. In this section, we’ll explore the future of AI and automation in the gaming industry, with a focus on PG Slot.

 

PG Slot is a popular online slot game that has gained a lot of attention in recent years due to its use of AI and automation. The game features an AI-powered algorithm that generates random numbers and determines the outcome of each spin. This algorithm ensures that the game is fair and random, providing players with a genuine and unbiased gaming experience.

Conclusion

In conclusion, the impact of AI and automation on the future of work is significant, and it’s important to consider both the benefits and challenges that come with it. While the implementation of AI and automation may lead to job displacement in certain industries, it can also create new opportunities and lead to improved efficiency, decision-making, cost savings, and customer experience. 

As we continue to explore and leverage the capabilities of AI and automation, it’s crucial to address concerns such as data privacy, bias and fairness, and ethical considerations to ensure that these technologies are used for the betterment of society.