How Will AI Impact Recruitment in 2024? New Research by Pulse Provides Unique Insights:
- A quarter of UK small businesses will replace some employees with AI in the next 12 months
- Almost half of all small businesses are intending to hire people with AI skills in 2024
- 58% of small businesses are already using AI tools
New research conducted by Pulse, an innovative lending and data insight platform that supports SMEs, suggests that AI will continue to impact work in the coming year. The study suggests AI may create as many jobs as it replaces.
A survey of over 1,500 UK small businesses found that 24% plan to replace some staff with AI in the next year. However, 42% aim to hire new employees with AI skills. Additionally, 58% already use AI tools. On average, businesses have invested 15% of their profits in AI. Younger owners (aged 18-29) have spent up to 24%.
As companies focus on AI and staffing changes, they’re recognising the need for strong HR support. About 18% of businesses surveyed know their HR departments need more resources soon. Another 39% said recruitment is a challenge. Of those, 48% struggle to hire needed talent due to competition, while 32% said hiring difficulties affect their ability to meet business demands.
Chirag Shah, founder and CEO of Pulse, comments: ‘There’s little doubt that AI will change the way that many businesses operate. We’re seeing its impact on budget allocation, recruitment processes, and the types of roles companies are hiring for.”
‘However, while there will undoubtedly be job losses, there will also be plenty of opportunities. But businesses need to be prepared to take advantage of AI has potential and have the right infrastructure in place – including a strong HR team. Data insights and the ability to make clear financial decisions will be essential to that.’
About Pulse
Pulse is a game-changing data-insights portal dedicated to transforming how small to medium-sized businesses and those who champion them navigate their finances and operations, providing a crystal-clear view into the financial health of any company. SMEs and their advisors can access advanced data-analysis through our AI-driven dashboard – on any device, anywhere, any time.
Our innovative platform integrates Open Banking and Open Accounting technologies, catering to SMEs, accountants, bookkeepers, brokers and business advisors alike. With Pulse, you get the lowdown on essential money metrics like Turnover Trends, Gross Margin, Debtor/Creditor Ratios, and Income Statements. What’s more, Pulse helps to create bulletproof loan applications by providing the data lenders want, in the exact way they like it.
Our journey commenced in February 2022, driven by the ambition to democratise financial insights for small businesses. Pulse was officially launched in October 2022, following our impactful debut at Europe’s leading accounting expo. The idea resonated widely, sparking interest and dialogue in the financial community. With guidance from accounting experts, we’ve been on a mission to transform financial reporting.
Our path has been marked by significant achievements and continuous enhancements, such as building a community of over 7,000 users with more than 35,000 reports sent to-date. Customised to tackle diverse sector challenges, Pulse is a beacon of what’s next in enhancing financial services across the board.
