Digitisation across the world is happening rapidly. This digital revolution, and the drive to “go green” among other factors are reshaping the global world of work at an unprecedented rate
In the next five years, almost a quarter of jobs (23%) are expected to change through growth of 10.2% and decline of 12.3%, according to the World Economic Forum's (WEF) Future of Jobs Report 2023
As per the WEF report, In the next five years, employers anticipate 69 million new jobs to be created and 83 million eliminated - a net decrease of 14 million jobs, or 2% of current employment
Artificial Intelligence (AI) and smart technologies are making roles like bank teller, cashier and data entry clerk obsolete – these roles could see the fastest rate of decline in the near term, according to the World Economic Forum (WEF)
Advancing technology adoption and increasing digitization will cause significant labour market churn, with an overall net positive in job creation. More than three-quarters of the 803 companies surveyed for the WEF report are looking to adopt big data, cloud computing and AI technologies in the coming five years
The WEF report shows that macrotrends, including the green transition, ESG standards, and localization of supply chains, are the leading drivers of job growth, with economic challenges including high inflation, slower economic growth, and supply shortages posing the greatest threat
Autonomous and electric vehicle specialists are in hot demand, topping the list of most in-demand jobs for 2023, with more than 40% growth expected in the coming five years. Close behind, AI and machine learning specialists could see only slightly less job growth, followed by environmental protection professionals
Sustainability specialists, fintech engineers and several analyst roles, including business, information security, and data together with data scientists, are each set to see a more than 30% growth rate
While the digital revolution is a catalyst for some of the fastest-growing occupations, many non-technological roles are expected to see the biggest increases in the total number of jobs created, said the WEF report
Heavy truck and bus drivers, vocational education teachers, and mechanics and machinery repairer look set to see around 2 million new jobs each between 2023-2027, which are among the fastest absolute growth rates of any occupation, the WEF report stated
A look at the fast-growing vs fastest declining jobs, according to WEF Future of Jobs Report 2023
To compensate for expected job losses, global efforts to decarbonize are giving rise to a wealth of green jobs across sectors and industries. A green-recovery scenario could generate a net employment gain of 9 million new jobs each year, according to International Energy Agency data