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According to the World Economic Forum (WEF), the world will shed a staggering number of jobs by 2027.
Over the next half decade, the expected net number of jobs lost will be 14 million, the WEF said in its The Future of Jobs Report 2023. According to the report, that represents a drop of about 2% “among the 673 million jobs that match the dataset used.”
The figure comes from companies who say they expect more jobs to be shed than created, with the former expecting 83 million and the latter 69 million, according to the WEF.
A group of people work in a modern boardroom using the latest technology. (iStock / iStock)
In the report, many surveyed companies cited “investments facilitating corporate green transitions, the wider adoption of ESG standards, and localization of supply chains” as some key trends affecting job growth. Over 50% also said that continued adoption of new technologies and digital access would support net job growth over the next five years, according to the survey.
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Over 80% of the companies surveyed indicated that by 2027 they would be “likely” or “very likely” to integrate digital platforms, education and workforce development technologies or big data analytics. This was followed by ‘Internet of Things and connected devices’, cloud computing and encryption, and cybersecurity and e-commerce, which over 75% of companies plan to do, according to the report.
Just under three quarters, 74.9%, said they would likely adopt artificial intelligence. A net 25.6% of companies indicated that AI would facilitate job creation.
Artificial intelligence graphic. (Portal/Dado Ruvic/Illustration) (Portal / Dado Ruvic / Illustration / Portal photos)
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Here are the five jobs that will grow the most through 2027, according to the WEF survey:
- AI and machine learning specialists.
- Sustainability specialists.
- Business Intelligence Analysts.
- Information security analysts.
- FinTech Engineers.
About the same proportion of organizations said “enhanced geopolitical divisions” would create jobs as those who said they would crowd out, the WEF said. This was also the case with the effects of the COVID-19 pandemic.
For job cuts, the report found that “slower economic growth, supply shortages and rising input costs and rising consumer living costs” are the strongest drivers.
Interior of an office building with motion blur (iStock / iStock)
In the US, for example, CPI inflation rose 0.1% mom and 5% yoy in March.
Here are the five roles that should see the most shifts, according to the WEF poll:
- Bank employees and related employees.
- postal worker.
- cashier and ticket counter.
- data collector.
- administrative and executive secretaries.
According to the survey, more than half of global workers will keep their “core skills” unchanged over the next five years, while 44% will change them. Many will require some form of additional workforce training, she also noted.
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Taking into account the new and lost jobs, the WEF estimated the general “structural brain drain” forecast by companies at 23%.
Over 800 companies from various industries around the world took part in the survey.