According to a recent study by the World Economic Forum (WEF), India’s job market is estimated to grow by 22% over the next five years. According to the report, the top roles will emerge from artificial intelligence (AI), machine learning, and data segments.
According to a recent study by the World Economic Forum (WEF), India’s job market is estimated to grow by 22% over the next five years. According to the report, the top roles will emerge from artificial intelligence (AI), machine learning, and data segments.
The WEF says in its latest Future of Jobs report that the world is expected to create 69 million new jobs over the next five years. The study estimates that about 83 million people will be displaced by 2027.
The WEF says in its latest Future of Jobs report that the world is expected to create 69 million new jobs over the next five years. The study estimates that about 83 million people will be displaced by 2027.
The WEF said that “almost a quarter (23%) of employment is expected to change over the next five years (globally) through a growth of 10.2% and a decline of 12.3%.”
The WEF said that “almost a quarter (23%) of employment is expected to change over the next five years (globally) through a growth of 10.2% and a decline of 12.3%.”
The survey covers 803 companies employing more than 11.3 million workers in 27 industrial clusters and 45 economies in all regions of the world.
The survey covers 803 companies employing more than 11.3 million workers in 27 industrial clusters and 45 economies in all regions of the world.
For India, 61% of businesses believe wider application of ESG (environmental, social and governance) criteria will drive job growth, followed by increased adoption of new technologies (59%) and digital access. The report estimates that the expansion (55%) will continue. ).
For India, 61% of businesses believe wider application of ESG (environmental, social and governance) criteria will drive job growth, followed by increased adoption of new technologies (59%) and digital access. The report estimates that the expansion (55%) will continue. ).
He added that the key roles for industry transformation in India are AI (artificial intelligence) and machine learning experts, as well as data analysts and scientists.
He added that the key roles for industry transformation in India are AI (artificial intelligence) and machine learning experts, as well as data analysts and scientists.
The report also found that the manufacturing and oil and gas sectors have the highest levels of green skills intensity globally, with India, the United States and Finland topping the list for the oil and gas sector. .
The report also found that the manufacturing and oil and gas sectors have the highest levels of green skills intensity globally, with India, the United States and Finland topping the list for the oil and gas sector. .
In addition, highly populated economies such as India and China were more positive than the global average when compared to national views on talent availability at recruitment.
In addition, highly populated economies such as India and China were more positive than the global average when compared to national views on talent availability at recruitment.
India, on the other hand, was among the seven countries with slower employment growth in social work than in non-social work.
India, on the other hand, was among the seven countries with slower employment growth in social work than in non-social work.
In India, 97% of respondents said their preferred source of funding for training was ‘funded by an organization’, compared to the global average of 87%.
In India, 97% of respondents said their preferred source of funding for training was ‘funded by an organization’, compared to the global average of 87%.
The WEF believes that macro trends such as green transitions, ESG standards and supply chain localization are among the biggest threats to the global economy as economic challenges such as high inflation, slowing economic growth and supply shortages pose the greatest threats. said to be a major factor in the increase in employment.
The WEF believes that macro trends such as green transitions, ESG standards and supply chain localization are among the biggest threats to the global economy as economic challenges such as high inflation, slowing economic growth and supply shortages pose the greatest threats. said to be a major factor in the increase in employment.
He added that increased adoption of technology and increased digitization would lead to significant labor market disruptions and overall positive job creation.
He added that increased adoption of technology and increased digitization would lead to significant labor market disruptions and overall positive job creation.
And while expectations for the replacement of physical and manual labor by machines are dwindling, reasoning, communication, and coordination – all traits that give humans a comparative advantage – are expected to become more automated in the future.
And while expectations for the replacement of physical and manual labor by machines are dwindling, reasoning, communication, and coordination – all traits that give humans a comparative advantage – are expected to become more automated in the future.
A key driver of potential algorithmic replacement, artificial intelligence is expected to be adopted by nearly 75% of the companies surveyed and is expected to lead to high turnover. lead to unemployment.
A key driver of potential algorithmic replacement, artificial intelligence is expected to be adopted by nearly 75% of the companies surveyed and is expected to lead to high turnover. lead to unemployment.
However, the largest absolute increases in employment will come from education and agriculture. According to the report, employment in the education industry is expected to increase by about 10%, with employment of vocational teachers, college and higher education teachers increasing by 3 million.
However, the largest absolute increases in employment will come from education and agriculture. According to the report, employment in the education industry is expected to increase by about 10%, with employment of vocational teachers, college and higher education teachers increasing by 3 million.
Jobs for agricultural professionals, especially agricultural machine operators, graders and sorters, are expected to increase by 15-30%, with an additional 4 million jobs.
Jobs for agricultural professionals, especially agricultural machine operators, graders and sorters, are expected to increase by 15-30%, with an additional 4 million jobs.
Globally, 6 in 10 workers will need to be trained by 2027, yet only half of workers currently have access to adequate training opportunities.
Globally, 6 in 10 workers will need to be trained by 2027, yet only half of workers currently have access to adequate training opportunities.
