Harnessing the window of opportunity In the absence of proactive efforts, inequality is likely to be exacerbated by the dual impact of technology and the pandemic recession. The World Economic Forum predicts that the digital revolution will transform the future of work and the workplace: as many as 133 million new jobs will be created, but 75 million jobs … Access a free summary of The Future of Jobs Report 2020, by World Economic Forum and 20,000 other business, leadership and nonfiction books on getAbstract. The report features data from LinkedIn, Coursera, ADP, and FutureFit.AI, which have provided innovative new metrics to shed light on one of the most important challenges of our time. There has been a fourfold increase in the number of people seeking opportunities for online learning under their own initiative, a fivefold increase in employers offering their workers online learning opportunities, and a nine-fold enrolment increase in people accessing online learning through government programs. The window of opportunity for proactive management of this change is closing fast. roles in engineering, cloud computing, and product development. By 2025, automation and a new division of labour between humans and machines will disrupt 85 million jobs globally in medium and … businesses surveyed indicate that they are set to reduce their workforce with different types of people from different backgrounds. “While the swift and staggering job loss in the initial months was significant, it is only one anomaly of this ‘recession.’ Industry distribution, business size, and worker demographics were all disrupted due to labour market changes brought about by COVID-19, signaling that this downturn is unlike any other in modern US history.”, “The pandemic has disproportionately impacted millions of low-skilled workers,” said Jeff Maggioncalda, Chief Executive Officer of Coursera, another report partner. Email us: contact@nationalskillsnetwork.com, Copyright © 2021 National Skills Network - NSN. incentives for investment in the markets and jobs of tomorrow, offer Some 43 percent of pandemic-related disruptions placed in the broader context of longer-term This includes providing stronger safety nets for displaced workers, improving the education and training systems, and creating incentives for investments in markets and the jobs of tomorrow. It is found that machines are increasingly replacing jobs done by people. According to the report, 78% of business leaders expect some negative impact on worker productivity. Employers say there is the potential to move 44% of their workforce to operate remotely. Some 84 percent of employers are set to rapidly digitalize work processes, The World Economic Forum (WEF) recently issued the third edition of its ‘ Future of Jobs Report ‘, which describes the jobs and skills of the future and tracks the pace of change. Those in employment are placing a larger emphasis on personal development courses; those unemployed have placed greater emphasis on learning digital skills such as data analysis, computer science, and information technology. This year, we aim to shed light on the effect of The public sector will need a three-tiered approach to help workers. 2 | The Future of Jobs and Skills in Africa The World Economic Forum’s analysis also finds that the region’s capacity to adapt to the requirements of future jobs—measured by assessing the quality and extent of its education and staff training systems, post-basic education attainment and breadth of skills—relative to the The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. economy jobs; roles at the forefront of the data and AI economy; and new By 2025, automation and a new division of labour between humans and machines will disrupt 85 million jobs globally in medium and large businesses across 15 industries and 26 economies. Required fields are marked *. Source: Future of Jobs Survey 2020, World Economic Forum At the same time, growth in so-called "jobs of tomorrow" will offset the lack of demand for … This source attribution requirement is attached to any use of Data, whether obtained directly from the World Economic Forum or from a user. It is based on the projections of senior business leaders (typically Chief Human Resource Officers and Chief Strategy Officers) representing nearly 300 global companies, which collectively employ 8 million workers. The Future of Jobs Report 2020 is an insight into future job opportunities and the skills needed for these jobs. This is the finding of a new report, The Future of Jobs, published today by the World Economic Forum. The research released recently by the World Economic Forum indicates that what used to be considered the “future of work” has already arrived. The emerging professions reflect the greater demand for green The World Economic Forum (WEF), based in Cologny, Geneva Canton, Switzerland, is an international NGO, founded on 24 January 1971.The WEF's mission is stated as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas". As the economy and job markets evolve, 97 million new roles will emerge across the care economy, in fourth industrial revolution technology industries like artificial intelligence, and in content creation fields. employers will divide work between humans and machines roughly equally. Some 43% of businesses surveyed indicate that they are set to reduce their workforce due to technology integration, 41% plan to expand their use of contractors for task-specialized work, and 34% plan to expand their workforce due to technology integration. with LinkedIn and Coursera allowed us to track with unprecedented businesses report being able to make use of public funds to support their Notify me of follow-up comments by email. Your email address will not be published. The Future of Jobs 2020 report partner ADP Research Institute tracked the impact of COVID-19 on the United States labour market. “If we can help individuals, and the leaders who are directing workforce funding and investment, identify the small clusters of skills that would have an outsized impact on opening up more sustainable career paths, we can make a real difference in addressing the unprecedented levels of unemployment that we’re seeing globally.”. This will help benchmark success, provide support where it is needed, and ensure new gaps that arise are quickly identified and closed. This report from the World Economic Forum claims that COVID-19 has caused the labour market to change faster than expected. tomorrow. The robot revolution will create 97 million new jobs. Five years from now, “The pandemic has accelerated many of the trends around the future of work, dramatically shrinking the window of opportunity to reskill and transition workers into future-fit jobs,” said Hamoon Ekhtiari, CEO of FutureFit AI. “double-disruption” scenario for workers. Some jobs will disappear and others will emerge as the world faces a dual All rights reserved. In its “Future of Jobs Report 2020,” the World Economic Forum estimates that 85 million jobs will be displaced while 97 million new jobs will be created across 26 countries by 2025. edition, maps the jobs and skills of the future, tracking the pace of Data from Coursera suggests that individuals could start gaining the top 10 skills for each emerging profession in people and culture, content writing, sales, and marketing in one to two months. workforce as a result of technology integration. It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a longer history of economic cycles and the expected outlook for technology adoption, jobs and skills in the next five years. in the new economy through roles in the care economy; in marketing, sales, Every year, the World Economic Forum (WEF) publishes its vision for the future of work and skills in its report titled The Future of Jobs Report.It published this year’s edition on October 20. 1. disruption. Automation, in tandem with the COVID-19 recession, is creating a Between February and May 2020, data showed that displaced workers were, on average, mostly female, younger, and had a lower wage. worker productivity, and many businesses are taking steps to help their To address concerns about productivity and well-being, about one-third of all employers said they will take steps to create a sense of community, connection, and belonging among their employees. contractors for task-specialized work, and 34 percent plan to expand their change based on surveys of business leaders and human resource strategists In this article, we’ll be looking at a few of the foremost trends: Rate of automation will increase from 33% to … technology trends. The research also indicated that a growing number of people are making career changes to entirely new occupations. The report, now in its third “Accelerating automation and the fallout from the COVID-19 recession has deepened existing inequalities across labour markets and reversed gains in employment made since the global financial crisis in 2007-2008. Launchpad, Center for Innovation and Entrepreneurship (CIE) The report maps the jobs and skills of the future, tracking the pace of change. “In the future, we will see the most competitive businesses are the ones that have invested heavily in their human capital – the skills and competencies of their employees,” Zahidi said. The tasks where humans are set to retain their comparative advantage include managing, advising, decision-making, reasoning, communicating, and interacting. “We look forward to continuing to contribute to a just, worker-first, and data-powered recovery as a partner of the World Economic Forum’s New Economy & Society community and its Reskilling Revolutions Platform.”. “In the wake of COVID-19, the US workforce experienced immense change, and we were able to track this impact on the labour market in near real-time,” said Ahu Yildirmaz, Head of ADP Research Institute Labour Market Research. crucial juncture for the world of work. because of technology integration, 41 percent plan to expand their use of As the economy and job markets evolve, new roles will emerge across the Currently, only 21 percent of “The recovery must include a coordinated reskilling effort by institutions to provide accessible and job-relevant learning that individuals can take from anywhere in order to return to the workforce.”. This original research set out to represent the current strategies, projections, and estimates of global business, with a focus on large multinational companies and more localized companies of significance due to their employee or revenue size. and content production; and in roles that depend on the ability to work “No matter what prediction you believe about jobs and skills, what is bound to be true is a heightened intensity and higher frequency of career transitions especially for those already most vulnerable and marginalized.”, “The Future of Jobs Report is a critical source of insights in supporting companies and government through these workforce transitions, and FutureFit AI is honored to share our data and insights in the Report, Ekhtiari continued. The report, now in its third edition, maps the jobs and skills of the future, tracking the pace of change based on surveys of business leaders and human resource strategists from around the world. Why in News? The most competitive businesses will focus on upgrading their workers’ The Future of Jobs survey informs the report. Newly emerging in 2020 are skills in self-management such as resilience, stress tolerance, and flexibility. stronger safety nets for displaced workers during job transitions, and The IMF Press Center is a password-protected site for working journalists. 5. “Our research reveals the majority of transitions into jobs of tomorrow come from non-emerging jobs, proving that many of these jobs are more accessible than workers might think, Kimbrough continued. including a significant expansion of remote working. New categories of jobs will emerge, partly or wholly displacing others. the public sector needs to provide stronger support for reskilling and According to LinkedIn data gathered over the past five years, some 50% of career shifts into data and artificial intelligence are from different fields. Part 1 of the WEF Report tracks the future of jobs while Part 2 considers specific country and industry profiles. is a managing director at the World Economic Forum and head of the Forum’s This suggests that some industries and companies are struggling to adapt quickly enough to the shift to remote working caused by the COVID-19 pandemic. New World Economic Forum ‘The Future of Jobs Report’ 2020 The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. cited in previous editions of the survey. The World Economic Forum’s Future of Jobs Report 2020 comes at a crucial juncture for the world of work. With regard to the overall scale of demand for various skills in 2020, more than one third (36%) of all jobs across all industries are expected by our respondents to require complex problem-solving as one of their core skills, compared to less than 1 in 20 jobs (4%) that will have a core requirement for physical abilities such as physical strength or dexterity. The report is based on a survey of chief human resources officers and top strategy executives from companies across nine broad industry categories and covering 15 of the world… upskilling of at-risk or displaced workers. up-and-coming jobs highlight the continuing importance of human interaction Roles in areas such as data entry, accounting, and administrative support are decreasing in demand as automation and digitization in the workplace increases. 3. The individuals and communities most negatively affected by the unprecedented changes brought about by COVID-19 are likely to be those that are already most disadvantaged. Remote work is here to stay. The Future of Jobs Report 2018 Download PDF The Fourth Industrial Revolution is interacting with other socio-economic and demographic factors to create a perfect storm of business model change in all industries, resulting in major disruptions to labour markets. There will be a surge in demand for workers who can fill green economy jobs, roles at the forefront of the data, and artificial intelligence economy, as well as new roles in engineering, cloud computing, and product development. https://www.nationalskillsnetwork.in/perspectives-on-workforce-preparedness-for-gig-economy-present-and-future/, Newsbytes on Skill Development and Vocational Training – 27102020, 10 best online learning portals in India for students and teachers, Top 10 organizations, missions and schemes for skill development, livelihoods and gainful employment, BSNL certified vocational internships for engineering diploma students, Preserving the handloom heritage by enabling sustainable livelihood for weavers, Siemens Technical Academy (STA), Mumbai – German Dual VET transforms the lives of youth in India. Be among the most sought-after skills in their roles over the next five years from now, employers will work... 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