India's job market is expected to see a 22% turnover rate over the next five years, with the top new roles coming from the AI, machine learning and data sectors, a new study revealed on Monday.
According to the World Economic Forum's latest Future of Jobs report, global job market turnover is estimated at 23%, with 69 million new jobs created and 83 million eliminated by 2027. It is expected that
“Nearly a quarter (23%) of employment is expected to change over the next five years, through 10.2% growth and 12.3% decline (globally),” the WEF said.
Employers expect 69 million new jobs to be created and 83 million jobs to be eliminated, out of the 673 million jobs covered in the dataset, according to estimates from the 803 companies surveyed for the report. This would translate into a net reduction of 14 million jobs, or 2% of current employment. employment.
Regarding India, 61% of companies believe that broader application of ESG (environmental, social and governance) standards will drive job growth, followed by increased adoption of new technologies (59%) and expanded digital access (55%). %) followed. .
The key role in transforming the industry in India will be AI (artificial intelligence) and machine learning experts, data analysts and scientists, it added.
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The report also found that the manufacturing and oil and gas sectors have the highest levels of green skills intensity globally, with India, the US and Finland topping the oil and gas sector list. .
Additionally, countries with large populations such as India and China were more positive than the global average when comparing their views on recruiting talent.
Meanwhile, India is among the seven countries with slower employment growth in social employment compared to non-social employment.
In India, 97 per cent of respondents said their preferred source of funding for training was 'organizational funding'. In comparison, the global average is 87 percent.
The WEF says macro trends such as the green transition, ESG standards and supply chain localization are the key drivers of global employment growth, while economic challenges such as high inflation, slowing economic growth and supply shortages pose the biggest threat. He said that.
He added that advances in technology adoption and increased digitization will lead to significant labor market fluidity, with an overall net positive in job creation.
“For people around the world, the past three years have been fraught with risks of further uncertainty due to COVID-19, geopolitical and economic changes, and rapid advances in AI and other technologies. It has been full of upheaval and uncertainty for their lives and livelihoods,” said Saadia Zahidi, Managing Director of the World Economic Forum.
“The good news is that there is a clear path forward to ensure resilience. We need to invest in supporting the transition into the 'future of work', she added.
The study covered 803 companies in 27 industry clusters and 45 economies in all regions of the world, employing a total of more than 11.3 million workers.
The WEF said technology continues to pose both challenges and opportunities for the labor market, but employers expect most technologies to contribute positively to job creation.
The fastest growing roles are being driven by technology and digitalization. Big data ranks among the top technologies considered to create jobs. Employment of data analysts and scientists, big data specialists, AI machine learning specialists, and cybersecurity experts is expected to increase by an average of 30 percent by 2027.
At the same time, the fastest declining roles are also driven by technology and digitization, with clerical and secretarial roles such as bank tellers, cashiers and data entry clerks expected to decline the fastest.
And while expectations for machines to replace physical and physical tasks are decreasing, all relatively advantageous traits for humans, such as reasoning, communication, and coordination, are expected to become more automated in the future. I am.
Artificial intelligence, a major driver of potential algorithmic replacement, is expected to be implemented in nearly 75% of surveyed companies and result in high turnover rates. 50% of organizations expect to increase employment and 25% expect to increase employment. It leads to job losses.
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However, the absolute biggest gains in employment will come from education and agriculture. Employment in the education industry is expected to grow by about 10%, the report said, adding an additional 3 million jobs for vocational education teachers and university and higher education teachers.
Employment of agricultural professionals, particularly farm equipment operators, graders and graders, is expected to increase by 15-30%, creating an additional 4 million jobs.
Globally, six in 10 employees will need training by 2027, yet only half of employees are expected to have access to appropriate training opportunities today.
At the same time, the report estimates that, on average, 44% of an individual worker's skills need to be updated.
In response to the cost of living crisis, 36% of businesses recognize that offering higher wages could help them attract talent. However, companies are planning a combination of both investments and layoffs to increase employee productivity and cost efficiency.
Four out of five companies surveyed plan to invest in on-the-job learning and training and process automation over the next five years.
