"I think young people coming out of university today [are experiencing] 9% unemployment. I think it could easily go into the mid-30s in the next couple of years. What's happening now, for the non-differentiating roles, [is] so much of the work is going to be done by agents. So it's going to be challenging for young people to differentiate themselves in a corporate environment."
"McDermott predicted that there will be about three billion digital, non-human agents added to enterprises by 2030, which have the ability to automate routine tasks typically done by entry and mid-level employees. If other leaders follow ServiceNow in giving AI agents use cases humans were once assigned, that will definitely put a damper on who you need to hire."
"Already, around 5.6% of recent U.S. college graduates aged 22 to 27 are unemployed, compared to 4.2% of the general population, according to the Federal Reserve Bank of New York. And looking ahead, CEOs and experts alike are hesitant that entry-level hiring will make a comeback anytime soon."
Gen Z graduates face intensifying job competition as AI tools automate entry-level positions. ServiceNow CEO Bill McDermott warns that current youth unemployment at 9% could reach the mid-30s within years. He predicts approximately three billion digital AI agents will be deployed across enterprises by 2030, automating routine tasks traditionally performed by entry and mid-level employees. Recent college graduates aged 22-27 currently experience 5.6% unemployment compared to 4.2% for the general population. McDermott emphasizes that young people struggle to differentiate themselves in corporate environments as AI handles non-differentiating roles. Tech leaders across the industry are pessimistic about entry-level hiring recovery, warning that widespread AI adoption will significantly reduce hiring needs.
Read at Fortune
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