22nd March 2024

The Future of Jobs Report 2023 explores how jobs and skills will evolve over the next five years. This fourth edition of the series continues the analysis of employer expectations to provide new insights on how socio-economic and technology trends will shape the workplace of the future.

Although it's 2024, we have analyzed the "The Future of Jobs Report 2023" to present the key findings below:

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Future of Jobs Survey: Key Takeaways

Uneven Labor Market Recovery: High-income countries face tight labor markets, while low- and middle-income ones see higher unemployment than pre-pandemic levels.

Technology Adoption Drives Change: Technology adoption, ESG standards, and rising living costs are key business transformation drivers.

Job Creation and Destruction: Green transition, technological advancement, and supply chain localization will create jobs. Slow economic growth, rising costs, and geopolitics will cause job losses.

Big Data, Cloud, AI Lead Technology Adoption: Big data, cloud computing, and AI are the most likely adopted technologies. Digital platforms and e-commerce follow closely.

Technology Impact on Jobs: Most technologies will create a net positive effect on jobs. However, humanoid robots are expected to displace workers.

Labor Market Churn: Businesses anticipate a 23% structural labor market churn, meaning significant job creation and destruction.

Automation Pace Slows: Automation is slower than previously anticipated. Task automation will vary from 35% (reasoning) to 65% (data processing) by 2027.

Shifting Skills Focus: While physical job displacement is less expected, skills like reasoning and communication are becoming more automatable.

Fastest Growing Jobs: AI/Machine Learning Specialists, Sustainability Specialists, Business Intelligence Analysts, and Renewable Energy Engineers.

Fastest Declining Jobs: Bank Tellers, Postal Clerks, Cashiers, and Data Entry Clerks.

Large-Scale Job Growth: Education, Agriculture, and Digital Commerce sectors will see significant job growth.

Large-Scale Job Losses: Administrative, Security, Factory, and Commerce roles are expected to shrink.

Top Skills: Analytical thinking, creative thinking, self-efficacy skills (resilience, flexibility), and dependability.

Upskilling Needs: 44% of worker skills will need updating by 2027. Analytical thinking, creative thinking, and technology literacy are top upskilling priorities.

Skills Gap: 6 in 10 workers will need training, but only half have access to adequate opportunities.

Corporate Upskilling Strategies: Companies prioritize AI/Big Data and Leadership skills more highly than reflected in their current workforce needs.

Workforce Development: Companies see reskilling and upskilling as less effective than improving talent progression for talent acquisition.

DE&I Priorities: Companies prioritize women, youth, and people with disabilities for diversity, equity, and inclusion initiatives.

Government Intervention: Businesses see funding for skills training as the most effective government intervention to connect talent with jobs.

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