According to the latest Future of Jobs report by the World Economic Forum, the job market churn is expected to be at 23%, with 69 million new jobs to be created and 83 million will be eliminated among the 673 million jobs corresponding to the dataset, a net decrease of 14 million jobs, or 2% of current employment by 2027. As per the estimation, 803 companies were surveyed for the report.
“Almost a quarter of jobs (23%) are expected to change in the next five years through growth of 10.2% and decline of 12.3%,” said WEF.
In India, it is said that 61% of companies proposing broader applications of ESG standards will drive job growth, followed by the surge in the adoption rate of new technologies with 59% and broadening digital access with 55%.
The report mentioned that the top job roles for industry transformation in India would be Artificial Intelligence and machine learning specialists, data analysts, and scientists. The manufacturing and oil and gas sectors have the top level of green skill intensity globally, with India, US and Finland topping the list for the oil and gas sector.
Regarding populated economies like India and China, they are more confident than the global average compared with their viewpoints on talent availability while hiring. At the same time, India realised that job growth was slower for social jobs than non-social jobs among the seven countries. Moreover, 97% of respondents in India mentioned that the organisation managed the preferred source of funding for training as against the global average of 87%.
As per the report by WEF, the macro trends such as green transition, ESG standards and localisation of supply chains are the lead drivers of job growth around the globe. But, at the same time, it also faces threats like economic challenges such as high inflation, slow economic growth and supply shortages.
An increase in technology adoption and digitisation will result in significant labour market churn with an overall net positive in job creation.
