Almost a quarter (23%) of jobs are expected to change by 2027, with 69 million (10.2%) new jobs created and 83 million (12.3%) jobs lost.
The Future of Jobs Report 2023 suggests a net loss of 14 million jobs in the job market, or 2% of current jobs.
Macro trends such as the green transition, ESG criteria and supply chain localization are key drivers of job growth while economic challenges such as high inflation, slowing economic growth and supply shortages pose the greatest threats . Higher adoption of technology and increased digitization will significantly change the labor market and create net jobs across the board.
Here are the 10 fastest growing jobs: Expert in artificial intelligence (AI) and machine learning (ML). Sustainability Professional; Business Intelligence Analyst; Information Security Analyst; Fintech Engineer; Data Analyst and Scientist; Robotics Engineer; Big Data Specialist;
“For people around the world, the past three years have been filled with upheaval and uncertainty in their lives and livelihoods due to Covid-19, geopolitical and economic changes, rapid advances in AI and other technologies. There is now a risk of greater uncertainty,” said Saadia Zahidi, MD, World Economic Forum. “The good news is that there are clear ways to ensure resilience. We need to invest in helping them transition to the jobs of the future.”
From “Robot Revolution” to Algorithmic Armageddon?
Technology will continue to bring both challenges and opportunities to the labor market, but employers expect most technologies to contribute positively to job creation.
The fastest growing roles are driven by technology and digitization. Big data ranks top among the technologies seen to create jobs, with 65% of her survey respondents expecting job growth in related roles. Employment of data analysts and scientists, big data specialists, AI machine learning specialists, and cybersecurity professionals is expected to grow by an average of 30% by 2027.
42% of surveyed companies will prioritize training employees to take advantage of AI and big data in the next five years, followed by analytical thinking (48%) and creative thinking (43%). I expect.
Digital commerce will lead to the largest absolute increase in employment. Nearly two million new digitally-enabled roles are expected, including e-commerce specialists, digital transformation specialists, and digital marketing and strategy specialists.
At the same time, there are also roles that are disappearing most rapidly due to technology and digitization, with clerical or secretarial roles such as bank tellers, cashiers and data entry workers expected to decline the fastest.
The Future of Jobs Report 2023 suggests that today’s tasks are viewed as less automated than they were three years ago when the report was last published. Nearly a third (34%) of tasks are now automated, just 1% higher than the 2020 figure. Companies surveyed have lowered their expectations for further automation to 42% of tasks by 2027, compared to the 2020 estimate of 47% of tasks by 2025.
However, while the expectation that machines will replace manual labor and manual labor is dwindling, we expect that in the future, all the characteristics that give humans a comparative advantage, such as reasoning, communication, and coordination, will become more automated. It has been.
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. His 50% of organizations expect an increase in employment, and 25% of organizations expect an increase in employment. unemployment.
The rise of green, educational and agricultural jobs
Investments in environmental transition and climate change mitigation, and growing consumer awareness of sustainability issues are driving industry transformation and creating new opportunities in the labor market.
The strongest net job creation effect is expected to come from investments that help businesses transition to the environment, with more than half of respondents expecting this. As countries seek more renewable energy sources, the demand for roles such as renewable energy engineers, solar installations and systems engineers will increase.
The investment will also fuel the growth of more general sustainability roles, such as sustainability professionals and environmentalists, expected to grow by 33% and 34% respectively, adding about one million jobs. Equivalent.
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 jobs for vocational teachers, college and higher education teachers projected to increase by 3 million jobs for him. Employment of agricultural professionals, especially agricultural machine operators, graders and sorters, is expected to increase by 15% to 30% of his, adding 4 million jobs.
In fact, one Recruit Holdings company found that while demand for social jobs such as health and education has risen sharply during the pandemic, these job openings are harder than others to fill. .
“At Recruit, we believe AI and technology must continue to be employed to help job seekers and employers navigate near-term macroeconomic headwinds and longer-term labor market challenges.” Recruit Director of Holdings. “In many sectors, we expect labor shortages to persist for years to come, especially as populations age. It is imperative to identify new ways to simplify
Reskilling Revolution Increases Urgency
Firms report that skills gaps and an inability to attract talent are the main barriers to transformation, underscoring the need for training and reskilling across industries. 6 out of 10 workers will need to receive her training by 2027, yet only half of them currently have access to adequate training opportunities.
At the same time, the report estimates that, on average, 44% of individual workers’ skills need to be updated.
Here are the top 10 skills for 2023: Analytical thinking. creative thinking; resilience, flexibility and agility. motivation and self-awareness; curiosity and lifelong learning. technical literacy; reliability and attention to detail; empathy and active listening; leadership and social influence; and quality control.
The gap between employee skills and future business needs places a burden on companies and governments to enable learning and reskilling opportunities. According to 45% of companies surveyed, government funding for skills training helps them retain talent.
For example, as additional research conducted by LinkedIn for this year’s report shows, green jobs have continued to grow over the past four years, but there has been a lack of reskilling for green skills. And skill up is not catching up.
Sue Duke, Head of Global Public Policy at LinkedIn, said: “However, LinkedIn data clearly shows that while there is strong demand for talent with green skills, they are not developing them fast enough to meet climate goals.
“Everybody has an opportunity to help turn this situation around. We can and should do more.”
In response to the cost of living crisis, 36% of businesses recognize that offering higher wages can help attract talent. But companies plan to combine both investments and layoffs to make their employees more productive and cost effective.
Four out of five companies surveyed plan to invest in on-the-job learning and training and process automation over the next five years. Within one year of investing in skills training, two-thirds of companies see a return on their investment in the form of enhanced cross-role mobility, increased employee satisfaction and increased employee productivity. is expected to be obtained.
Strong cognitive skills are increasingly valued by employers, reflecting the growing importance of complex problem-solving in the workplace. Analytical and creative thinking will be the most important skills for workers in 2023, and this is expected to continue for the next five years. Tech literacy, especially AI and big data, will become more important and companies’ skills strategies will focus on this over the next five years.
Faster retraining is needed and possible. “Our research found that individuals without a degree can acquire critical skills in a similar amount of time as individuals with a degree. It highlights the potential for innovative approaches to address skills gaps and talent shortages,” says Jeff Maggioncalda. , CEO of Coursera. “However, joint action from the public and private sectors will be needed to provide the large-scale, affordable and flexible reskilling pathways needed to transition unemployed workers to the jobs of the future. increase.”
Randstad CEO Sander van ‘t Noordende added: The acceleration of digitization, AI, and automation presents enormous opportunities for the global workforce, but employers, governments, and other organizations must prepare for the upcoming disruptions.
“By collectively providing more skilled resources, more efficiently connecting talent to jobs, and advocating for a well-regulated labor market, we are committed to building a more professional and equitable future of work.” We can protect and prepare our workers.”
