On "The Future of Jobs"

Last week, in preparation for its Davos conference, the World Economic Forum released its 'Future of Jobs Survey,' conducted in late 2023, which includes feedback from over 1,000 global employers that collectively employ more than 14.1 million workers across 22 industries. Its findings included:

• “Technological advances are expected to drive skills change more than any other trend over the next five years. The increasing importance of AI and big data, networks and cybersecurity, and technological literacy is driven by the expansion of digital access and the integration of AI and information processing technologies ... These shifts highlight the increasing complexity of decision-making and the need for critical problem solving in a data-driven world.

• “Aging populations [in higher income economies] drive growth in healthcare jobs such as nursing professionals, while growing working-age populations [in lower income economies] fuel growth in education-related professions, such as higher education teachers.

• "By 2030, the structural transformation of the labor market is expected to create 170 million new jobs and displace 92 million, resulting in a net growth of 78 million jobs, underscoring the urgent need for reskilling, upskilling, and workforce adaptability."

The following chart presents technology trends driving business transformation, 2025-2030

Source: World Economic Forum

OUR TAKE
 

• As technology continues to transform industries, analytical thinking, systems thinking, and the ability to adapt domain expertise will be indispensable for navigating complex, data-driven environments.

• In the private sector, fears of job displacement may foster resistance from workers, employers, and other stakeholders, highlighting the need for proactive strategies to address skill gaps and ensure smooth workforce transitions.

• Although the public sector has significant opportunities to benefit from technological innovation, bureaucratic inertia and persistent talent shortages could hinder the adoption of transformative solutions.