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The World Economic Forum has released its latest Future of Jobs report, which estimates that the global job market will witness a 23% churn over the next five years, with 69 million new jobs expected to be created and 83 million eliminated by 2027. The Indian job market is estimated to witness a 22% churn, with the top emerging roles coming from AI, machine learning, and data segments.
Driving Job Growth
The WEF report identifies the green transition, ESG standards, and the localization of supply chains as leading drivers of job growth globally. Advancing technology adoption and increasing digitization will cause significant labor market churn, with an overall net positive in job creation.
Skills in Demand
The fastest-growing roles are being driven by technology and digitalization. Big data ranks at the top among technologies seen to create jobs. The employment of data analysts and scientists, big data specialists, AI machine learning specialists, and cybersecurity professionals is expected to grow on average by 30% by 2027. Top roles for industry transformation in India would be AI and machine learning specialists, and data analysts and scientists.
The fastest-declining roles are also being driven by technology and digitalization, with clerical or secretarial roles, including bank tellers, cashiers, and data entry clerks, expected to decline the fastest.
Impact of Artificial Intelligence
Artificial intelligence, a key driver of potential algorithmic displacement, is expected to be adopted by nearly 75% of surveyed companies and is expected to lead to high churn – with 50% of organizations expecting it to create job growth and 25% anticipating it to result in job losses.
Skills in Agriculture and Education
The largest absolute gains in jobs will come from education and agriculture. Jobs in the education industry are expected to grow by about 10%, leading to 3 million additional jobs for vocational education teachers and university and higher education teachers. Jobs for agricultural professionals, especially agricultural equipment operators, graders and sorters, are expected to see a 15-30% increase, leading to an additional 4 million jobs.
Challenges and Opportunities
The report found that technology continues to pose both challenges and opportunities to labor markets, but employers expect most technologies to contribute positively to job creation. However, six in 10 workers will require training before 2027, but only half of the employees are seen to have access to adequate training opportunities today.
Government and Business Investment
According to Saadia Zahidi, Managing Director of the World Economic Forum, "Governments and businesses must invest in supporting the shift to the jobs of the future through the education, reskilling, and social support structures that can ensure individuals are at the heart of the future of work."
Responding to the cost-of-living crisis, 36% of companies recognize that offering higher wages could help them attract talent. Yet, companies are planning to mix both investment and displacement to make their workforce more productive and cost-effective. Four in five surveyed companies plan to invest in learning and training on the job as well as automating processes in the next five years.