The Future of Jobs Report of 2020
The Future of Jobs Report 2020 by World Economic Forum estimate that by 2025, 85 million jobs may be displaced by a shift in the division of labour between humans and machines, while 97 million new roles may emerge that are more adapted to the new division of labour between humans, machines and algorithms. – Skills gaps continue to be high as in-demand skills across jobs change in the next five years. The top skills and skill groups that employers see as rising in prominence in the lead up to 2025 include critical thinking and analysis, problem-solving, and self-management skills such as active learning, resilience, stress tolerance, and flexibility. On average, companies estimate that around 40% of workers will require reskilling of six months or less, and 94% of business leaders report that they expect employees to pick up new skills on the job, a sharp uptake from 65% in 2018.
The report’s key findings include:
- The pace of technology adoption is expected to remain unabated and may accelerate in some areas.
- Automation, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for workers.
- Although the number of jobs destroyed will be surpassed by the number of ‘jobs of tomorrow’ created, in contrast to previous years, job creation is slowing while job destruction accelerates.
- Skills gaps continue to be high as indemand skills across jobs change in the next five years
- The future of work has already arrived for a large majority of the online white-collar workforce
- In the absence of proactive efforts, inequality is likely to be exacerbated by the dual impact of technology and the pandemic recession.
- Online learning and training is on the rise but looks different for those in employment Executive Summary The Future of Jobs 6 and those who are unemployed.
- – The window of opportunity to reskill and upskill workers has become shorter in the newly constrained labour market.
- Despite the current economic downturn, the large majority of employers recognize the value of human capital investment.
- Companies need to invest in better metrics of human and social capital through adoption of environmental, social and governance (ESG) metrics and matched with renewed measures of human capital accounting.
- The public sector needs to provide stronger support for reskilling and upskilling for at-risk or displaced workers.
Check out the full report here: