Technological advancements will lead to change of 25% of jobs globally by 2027 and reskilling & upskilling are what predominantly required now, says WEF’s Future of Jobs report.
Advancements and developments in technology has altered the jobs around the world, which would affect or replace 25% of jobs globally in next 5 years. The latest AI called the generative-AI, wanting to compete human’s intelligence had groveled jobs, replacing humans.
IBM had recently replaced 7,800 jobs with AI, cutting off its workforce (s). And more of the kind is likely to happen in future, which is why reskilling and modifying the education sector is crucial and compelling now, explains the report by World Economic Forum.
Future of Jobs – in Brief
World Economic Forum released a report on how technology and AI had impacted future of jobs, by surveying 803 companies’ employers worldwide and the results replicate what’s happening currently – replacement of jobs, with also intimating creation of new sectors and job opportunities in the coming years. The survey included companies employing more than 11.3 million workers across 27 industry clusters and 45 economies from all world regions.
Majorly, the trends of companies are shifting towards green transition, ESG (Environmental Social Governance) standards and localization of supply chains, which in turn lead to unleashing of new jobs in every sector. Though technology and digitalization construed job sectors unfavorably, it will have an overall net positive result in job creation, the report reported.
“Good news is that there is a clear way forward to ensure resilience. Governments and businesses must invest in supporting the shift to the jobs of the future through the education, reskilling and social support structures that can ensure individuals are at the heart of the future of work,” said Saadia Zahidi, Managing Director, World Economic Forum.
Here is what the report says literally.
Key-points about Future of Jobs Report
A quarter of jobs, 23% precisely, are expected to change in the next five years with a growth of 10.2% of new jobs and decline of 12.3% of existing jobs. This amounts to creation of 69 million new jobs and elimination of 83 million jobs among the 673 million jobs corresponding to the dataset.
Technology adoption and digitalization will be the prime drivers of business transformation in next five years. Over 85% of organizations surveyed identify adoption of new and frontier technologies and going digital as the trends more likely to happen.
Jobs in India are expected to see a change of 22%, compared to global average of 23%. According to the survey, ESG, technology and broadening digital access are the key areas of expansion, creating new job opportunities.
What’s Up in Technology?
In the realm of technology, big data, AI and cloud computing feature highly on likelihood of adoption. Over 75% of companies are looking to adopt these technologies within next five years. The next in the list are digital platforms, apps, e-commerce & digital trade, education and workforce technologies. Adoption of robots, power storage and distributed ledger like blockchain rank lower on the list.
Highly Benefitted Jobs
Jobs that deal with data, such as data analysts, business analysts, data scientists, AI machine learning specialists and cybersecurity will see the highest surge of 30% on average by 2027.
Following this, new digital commerce jobs such as e-commerce specialists, marketing specialist, virtual assistant chatbots, digital marketing and strategy specialists and more are to be created, opening for 4 million digitally enabled roles approximately.
The next set of substantial job-growth is expected in educational, and agriculture sectors. Educational related jobs are about to expand by 10%, leading to 3 million additional jobs for Vocational education teachers and University and Higher education teachers.
Jobs for agricultural professionals, especially Agricultural Equipment Operators, are expected to see an increase of around 30%, leading to an additional 3 million jobs.
Employers estimate that 44% of workers’ skills will be disrupted in the next five years. Skills like analytical thinking and creative thinking have high demands in the corporate world, the report points out. Companies prefer candidates with expert-level analytical and creative thinking, followed by cognitive skills.
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Workers’ Training & Skilling
Six in 10 workers will require training before 2027, for talent progression, reskilling and upskilling processes. Companies are looking forward to train their workers in analytical thinking (48% of companies prioritize analytical) and creative thinking (43%) than AI and big data training (42%).
Moreover, providing sufficient talent progression and promotion processes remain as key element to enhance workers’ talent, which 48% of companies say, followed by offering higher wages (36%) and offering effective reskilling and upskilling (34%). Means, Companies in mission of making talented employees, believes levelling up the workers to a responsible leadership position might be the most effective among others.
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This may further lead to creation of new job roles such as on-job training and coaching, internal training roles, and automating processes.
A majority of companies will prioritize women (79%), youth under 25 (68%) and those with disabilities (51%) as part of their DEI (Diversity, Equity and Inclusion) programs.
Most affected Job Roles
While it was anticipated that advanced machines would replace humans in the industrial sector for work, the next five years will see jobs that require reasoning, communicating and coordinating as the ones with higher replacement chances by technology.
The largest losses in jobs are expected in administrative roles and in traditional security, factory and commerce roles. Surveyed organizations predict 26 million fewer jobs by 2027 in Record-keeping and administrative roles, including Cashiers, and ticket clerks. Data entry, accounting, bookkeeping and payroll clerks and administrative and executive secretaries are expected to be driven mainly by digitalization and automation.
With these on the table to consider, it’s utterly vital to modify the educational aspects of individuals and students, that would make oneself to parallelly progress along with the evolution of technology and world. Think of what will be predominant in the future, and prepare yourself to acquire the skills that’s needed.
Read more about: 7 Futuristic Jobs You will be Doing
Overview of the report reveals that companies wants employees to be creative, analytical and be willingly accepting responsibility, to outperform intelligent AIs. Being creative means frequently providing thoughts of ‘making new things’, and analytical means ‘interpreting data logically’ which is just math.
Have a thought on this, before you think of moving your career forward or when you kickstart your career.
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