Future of Jobs According to the World Economic Forum

Future of Jobs According to the World Economic Forum

  • Dec 28, 2020
  • InternMart Team

 

The dynamic nature of businesses play a huge role in impacting the economy. We are already witnessing major changes in the employment landscape globally, as some industries boom and others are on the path to perish. These changes will revolutionize every sector we know of, as well as our jobs and the way we live our lives. For example, think about how much the world had changed since the advent of the sharing economy, and companies like Airbnb and Uber. Many more changes are heading our way, and it’s important to know about similar drivers of changefor the future. The World Economic Forum, an international think tank of world leaders and businesspeople, presents an annual report titled 'Future of Jobs.' Here are some of the employment trends highlighted in this report.

Job Trends Emphasized by the World Economic Forum :- Experts believe that we are currently in the 'Fourth Industrial Revolution.' Many sectors, like artificial intelligence, robotics, nanotechnology, and machine learning, have emerged during the past decade and are expanding at an exponential rate.. These changes are mainly due to the Drivers of Change outlined by the WEF, including:

1. Automation, Artificial Intelligence(AI) & Machine Learning (ML):-  AIhas several advantages when it comes to productivity, as they are more accurate and speedy when completing tasks, and ML reduces the need for human intervention. But these technologies have ramifications far beyond their immediate technological impact. Some rote work tasks, like those in manufacturing,agriculture, and transportation, can be easily automated. This means workers in these fields may be laid off from certain positions, and will need to find new ways to differentiatethemselves from theinew competition. Also, AI and machine learning are opening up new avenues in the technology sector due to their many uses.

2. The Internet of Things (IoT)- The IoT involves connecting various devices over the Internet with the help of sensors or WiFi/4G/5G connections, allowing enormous amounts of data to be transmitted. As with AI, IoT will lead to some disruptions in employment, but it will also generate numerous jobs and opportunities for industry.

Changes to the Workplace Environment- Thanks to a boom in technology and the COVID-19 pandemic, we will witness a transition in our work environments. With the influx of the internet and easy communication, a series of workplace innovations have taken place. Some examples include remote working, teleconferencing, and an increase in co-working spaces. Many companies now use a smaller number of fixed employees, and are increasing the number of contractual workers and consultants.This added flexibility means changes to our work-life integration in the future, with experts suggesting that remote workwill be our new normal even after the pandemic. 

Differences in Demographics between Developed and Developing Nations- Developing countries in general have a younger population cared to developed countries. This difference in demographics will have interesting ramifications as more workers enter the workforce, and the WEF believes this can cause a shift in the global distribution of talent. Apart from technological changes, socio-economic and demographic changes will lead to a shift in the future of employment. An increase in the young and the middle-class population globally will cause shifts in the consumer population. 

Constraints Caused by Natural Resource Depletion- Environmental concerns have been at the forefront of international economic policy for many years, with climate change a looming threat. According to the WEF, ansurge in economic development and population will contribute to the over-exploitation of natural resources. This depletion of resources will continue to force manufacturers to search for more sustainable and eco-friendly methods of production, which we believe will lead to sustainability innovation. AI & ML, the IoT, the shift to remote work, demographic differences, and the shift to renewable energy due to resource depletion—these are some of the factors the World Economic Forumbelieves holdgreat power. They are forces that can truly drive changes in job creation. However, these changes mean that individuals, organizations, societies, and governments will need to proactively adapt.

However, industries such as Manufacturing and Production are expected to decline. As we explained above, manual and monotonous roles can be easily automated which can lead to job displacement in these sectors. The biggest decline in employment will be in Office and Administrative roles.

On a more positive note, employment growth is expected in the Engineering and Computer Science sectors. Rapid digitalization will increase potential in these fields. Also, companies in almost every industry will recruit specialists to aid in Big Data analysis, AI, Machine Learning. Data analysts will be in demand in the financial and investment sector.

However, the biggest need of the hour is to upskill and brace our selves for the influx of technology in our workplace. To learn more about the top skills to become future-ready, read our article here.

To know about in-demand job profiles in the computer industry, read our article here.

InternMart offers high school internships from various industries so that your child can make informed decisions about their future. Browse internships in computer science and get future-ready!

 

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