· Employers are expected to create 69 million new jobs and eliminate 83 million roles, resulting in a loss of 14 million jobs, World Economic Forum’s Future of Jobs Report 2023 said.
· The report highlighted an “increasing urgency for re-skilling revolution” while estimating that 44% of an individual worker’s skills will need to be updated for sustained employability.
· With 22% job changes expected in India by employer companies compared with the global average of 23%.
· In India the top roles for industry transformation will be played by AI and ML specialists, besides data analysts and scientists.
· 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.
Employers are expected to create 69 million new jobs in the next five years and eliminate 83 million roles, resulting in a loss of 14 million jobs, World Economic Forum’s Future of Jobs Report 2023 said.
While green transition and localization of supply chains will lead to job growth in the 2023-2027 period, the labor market churn caused by technology and increased digital access per se will be “a net positive in jobs gained”, the report said, relying on a survey of 803 companies. This indicates that, contrary to widespread perception, the immediate job losses will be due to factors other than technology.
The WEF report, highlighted an “increasing urgency for re-skilling revolution”, while estimating that 44% of an individual worker’s skills will need to be updated for sustained employability. Among sectors, digital commerce will lead to the largest absolute gains in jobs, with around two million new digitally enabled roles expected. Absolute gains in jobs will be high in education and agriculture as well.
The job churn in India is seen to be largely in line with the global trend, with 22% job changes expected in the country by employer companies compared with the global average of 23%. Corporate India is sanguine about its ability to create or sustain jobs. According to the WEF report, 61% of Indian companies think broader applications of ESG standards will drive job growth, followed by increased adoption of new technologies (59%) and broadening digital access (55%).
Importantly, while the fastest-growing job segments are that of artificial intelligence (AI) & machine learning (ML) specialists, sustainability specialists, business intelligence analysts, and information security specialists, the businesses surveyed called for giving the highest priority to addressing the skill deficit in analytical and creative thinking. In India, too, the top roles for industry transformation will be played by AI and ML specialists, besides data analysts and scientists.
Significantly, the potential employers reported that skills gaps and an inability to attract talent are the key barriers to transformation. 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.
WEF managing director Saadia Zahidi said: “The good news is that there is a clear way forward to ensure resilience. Governments and businesses must invest in supporting the shift to the jobs of the future through the education, re-skilling, and social support structures that can ensure individuals are at the heart of the future of work.”
(With inputs from agencies)
