3 Takeaways from the World Economic Forum Report on The Future of Jobs

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What does the future of employment look like? The good news is that we won’t have to wait much longer to find out.

The World Economic Forum (WEF) published a paper titled “The Future of Jobs.” The WEF polled more than 300 of the world’s largest firms to compile this research, which looks forward to the likely workplace changes over the next several years. Take a look at the main takeaways below:

  1. The division of work will change significantly.

According to the WEF research, people account for 71% of total labor hours across all sectors. That implies robots and algorithms currently account for 29%. There is no one category of work that is now dominated by machines. We’ll witness a significant change in these ratios in the following several years.

By 2022, automation will have increased to the point that it will account for 42% of all work time, with humans accounting for just 58%. The capabilities of AI and automation will have advanced to the point where they can handle more complex activities that now need human judgment and thinking. Administrative, communicative, coordinating, managerial, and advisory responsibilities (all now reserved for humans) will be among the many possible assignments.

In 2025, people will only account for 48% of all working hours.

  1. Job growth will continue to be favorable.

The percentage of employment at big companies worldwide that will be rendered obsolete by automation will decrease from 31% to 21% in 2022. We could be on the verge of this change, but it won’t be as horrible as it seems now.

A similar increase, from 16% to 27%, is predicted for today’s emerging professions over the next decade. Examples include engineering, software development, e-commerce, data analysis, and many more related fields. As you may have seen, all of these functions depend on and benefit from technological advancements. However, the news is equally excellent for those who need to be more technically savvy.

Unlike their more technological counterparts, roles that rely on human qualities and contact, such as those in sales and marketing, training and development, and customer service, will survive and thrive in the coming years. The World Economic Forum estimated that 75 million jobs might be lost due to automation-driven change. At the same time, though, 133 million more jobs will be created.

  1. New sorts of work will drive demand for new skills.

Similar to the division of labor we described before, the skills necessary to execute the bulk of jobs will change. By 2022, 58% of the core skills necessary to execute a position will stay the same. Therefore, practically all employees may anticipate a change in their day-to-day responsibilities, affecting 42 percent of their time.

So, what are the most in-demand abilities you should begin developing immediately? As previously stated, technological abilities such as design and development will be in high demand. The IT industry is just a small fraction of the 2022 skills gap.

Critical thinking, persuasion, negotiation, and adaptability are all human qualities that will be as vital as ever. The World Economic Forum predicts that leadership, social influence, and emotional intelligence will all be in high demand.

The roles we play in society will undergo dramatic shifts in less than four years. The study from the World Economic Forum is quite helpful in understanding what to anticipate and how to adjust properly. The future of labor is quickly approaching. Are you prepared?