According to a recent study published in the journal Oxford Economic Papers by Anglia Ruskin University (ARU) researchers, UK companies are much more likely to offer job interviews and better compensation to graduates with artificial intelligence experience.
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The researchers ran an experiment by submitting CVs for job openings from British 21-year-old applicants with a 2:1 degree. Some applicants had AI capital, having completed an ‘AI in business’ module, as stated in their application cover letter.
A matched pair of male candidates, one with AI capital and the other without, sent 1,360 applications to 680 companies. Female candidates submitted 1,316 similarly matched applications to 658 companies.
In 54% of cases, male candidates with AI capital were invited for an interview; in 28% of cases, male applicants without AI capital were invited.
Female candidates with AI capital were invited to an interview in 50% of cases, whereas female applicants without AI capital received one in 32% of cases.
In major companies, applicants with AI capital were 36 percent more likely to be asked for an interview than in small- to medium-sized enterprises.
Male applicants with AI qualifications were shortlisted for jobs paying an average of 12% more than male applicants without AI capital. In comparison, female applicants with AI qualifications were offered interviews for jobs paying an average of 13% more than those without AI capital.
In the UK, AI is causing dramatic shifts in the workforce, and firms need to respond to these demands by upgrading their workforces through enhancing their AI skill levels. Our study clearly indicates that employers value AI knowledge and skills among job applicants. Those applicants with AI capital were significantly more likely to be invited to interview and were also more likely to have access to better paid jobs.
Nick Drydakis, Study Lead Author and Professor, Anglia Ruskin University
Drydakis added, “Job applicants with AI capital might possess the knowledge, skills and capabilities related to data analysis, data-driven decision-making, creativity, innovation, and effective communication, among other factors. These skills can enhance business operations, making them more efficient and potentially contributing to increased productivity within a firm. Larger firms particularly valued AI capital, possibly because they tend to undergo more AI-based structural technological transformations and have greater capacity for innovation.”