The Future of Jobs: WEF Report 2023

As the WEF (World Economic Forum) reports that a quarter of jobs are set to change over the next five years amidst a ‘new era of turbulence’ according to their recent survey of over 800 employers, we take a look at the key takeaways from the report.

Nearly one in four jobs globally are set to change over the next five years due to growing trends, namely artificial intelligence, the transition to green energy and digitalisation
These changes are set to see the creation of 69 million new jobs by 2027, with the loss of 83 million positions in turn
Administrative, clerical and record-keeping roles are amongst those predicted to see the biggest reduction in workforce as companies foresee adoption of new AI technologies over the coming years
Though AI is cited as one of the drivers of this shift, the report states that slow economic growth, supply shortages and inflation currently remain a bigger threat to jobs
In terms of areas of employment growth, WEF predict areas driven by technology and digitalisation such as data analytics, management technologies and cybersecurity will all see an increase in roles during the next five years, as well as roles in the sustainability space
The report also discussed the most important skills workers should develop in order to remain competitive in the job market. These currently remain analytical and creative thinking - all skills which can not be easily automated or replaced by machinery. As professionals discuss these predictions on platforms such as LinkedIn, much has been said regarding the requirement of the Government and employers to proactively invest in education and support systems for younger generations to acquire the new set of skills to ensure future employability
Meanwhile, the report highlights the attitudes towards work which will be important to adopt as an employee in the market, which include self-efficacy, resilience, self-awareness and the ability to work with others
The increase in efficiency and productivity enabled by new technology will likely result in economic growth and the creation of new businesses and industries