According to the World Economic Forum(WEF), a quarter of the jobs in the world are set to be largely impacted by Artificial Intelligence(AI) in the next five years. The job market is also expected to suffer a 2% loss of the existing labor force as a result of AI and other economic developments like the green transition.
The Future of Jobs
The WEF compiled a report named the “Future of Jobs” which examined how influential business and labor developments would affect employment between now and 2027. It consolidated viewpoints from 803 multinational companies that jointly employ more than 11 million people in 45 countries across 27 industrial clusters.
Based on this report, 23% of jobs will experience disruption, with some being destroyed and others being created. In five years, the report notes that there would be 14 million fewer employment opportunities overall as 83 million roles are predicted to be rendered irrelevant and only 69 million will arise.
Emerging trends such as AI, digitization, renewable energy, and supply chain reshoring are all rapidly expanding in a way that will cause a significant shift in the global labor market.
As such, the WEF forecasts a “new era of turbulence,” since many workers won’t have the necessary skills to keep up with the changes. In this new environment, those with experience in technology, data analytics, or cybersecurity are set to benefit.
As generative AI tools like ChatGPT have gained popularity, worries about how technological development would affect occupations have intensified. Based on the research, it seems that technology is one of the key factors behind the anticipated job losses.
The report stated that administrative roles and traditional security, factory, and commerce roles would suffer the biggest job loss. Additionally, the fastest-declining roles are clerical or secretarial roles including bank tellers and cashiers.
“Surveyed organizations predict 26 million fewer jobs by 2027 in Record-Keeping and Administrative roles, including Cashiers and Ticket Clerks; Data Entry, Accounting, Bookkeeping and Payroll Clerks; and Administrative and Executive Secretaries, driven mainly by digitalization and automation,” WEF said.
However, generally, the impact of most technologies on jobs is expected to be positive. The education, agriculture, health, digital commerce, and trade sectors are anticipated to experience large-scale growth in jobs.
“ Big data analytics, climate change and environmental management technologies, and encryption and cybersecurity are expected to be the biggest drivers of job growth,” the report reads.
75% of World Companies Set to Embrace AI by 2027
According to the data and statistics presented by the WEF, 75% of the firms surveyed indicated that they planned to embrace AI technology over the next five years, demonstrating how businesses are prepared to move quickly in response to the rapid improvements in artificial intelligence demonstrated by chatbots like ChatGPT.
Additionally, 42% of companies plan on prioritizing training employees to use AI and big data in the coming years. 50% of the organizations believe AI will create job growth while 25% expect it to result in job losses.
Aside from technical skills like data analytics, analytical thinking, and creative thinking are perceived to be the most important skills by 48% and 43% respectively. The report also stated self-efficacy skills such as resilience, motivation and self-awareness, and curiosity and lifelong learning as crucial for workers to survive the disrupted workspaces.
While technology is expected to be very disruptive, it only comes sixth on the list of factors that could create and or destroy jobs.
The two primary factors driving job creation, according to WEF, are companies being greener and adopting higher environmental, social, and governance standards, whereas those fueling employment losses are slower economic development, supply shortages and the rising cost of inputs, and the rising cost of living for consumers.
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