The Future of Jobs Report | World Economic Forum

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Trends, Technology and Transformation of the Labor Market

In 2023, global labor markets have experienced divergent outcomes due to economic, health and geopolitical trends. The fourth edition of the survey has achieved its broadest coverage to date, encompassing a wide range of topics, geographies and sectors. Looking ahead, technology adoption will continue to be a significant driver of business transformation over the next five years.

Moreover, environmental, technology and economic trends have had the most substantial impact on job creation and destruction. Among technology adoption, it is noteworthy that big data, cloud computing and AI are highly likely to be embraced. Despite concerns about the impact of technology on jobs, it is anticipated that most technologies will have a net positive effect on employment in the coming years.

Furthermore, employers foresee a structural churn in the labour market, with 23% of jobs expected to undergo significant changes in the next five years. However, the pace of automation adoption has been slower than initially anticipated, as businesses cautiously introduce automation into their operations.

The combination of macroeconomic trends and technology adoption will shape specific areas of job growth and decline. Roles driven by technology, digitalization and sustainability are expected to experience the fastest growth relative to their current size. Conversely, roles reliant on technology and digitalization will face the fastest decline. It is worth noting that job growth is anticipated in education, agriculture, and digital commerce and trade, while administrative and traditional security, factory, and commerce roles will see the largest losses.

In terms of skills, analytical thinking and creative thinking remain crucial for workers in 2023. Employers estimate that 44% of workers’ skills will be disrupted within the next five years. However, despite this recognition, only half of the workforce currently has access to adequate training opportunities. It is essential to address this gap, as 6 in 10 workers will require training by 2027.

Interestingly, the skills that companies perceive as increasingly important do not always align with their upskilling strategies. While respondents express confidence in developing their existing workforce, they are less optimistic about talent availability in the coming years. As a result, companies plan to invest in learning, on-the-job training, and process automation as the most common workforce strategies to achieve their business goals.

Furthermore, Diversity, Equity & Inclusion (DE&I) programs are a priority for the majority of companies, with 79% prioritizing women, 68% focusing on youth under 25, and 51% targeting individuals with disabilities. Additionally, 45% of businesses view funding for skills training as an effective intervention for governments seeking to connect talent to employment.

In summary, the labor market in 2023 is shaped by a combination of macroeconomic trends and technology adoption. Moreover, technology-driven roles will experience significant growth, while administrative and traditional roles will decline. Employers recognize the importance of analytical and creative thinking skills, and they are aware of the need for upskilling their workforce. DE&I programs and funding for skills training are seen as effective strategies to bridge the talent gap and promote inclusive growth.

👉 Check out the report here: bit.ly/3Dd6MLT

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