As per the World Economic Forum report released on May 1, the Indian labour market is expected to experience a 22% churn over the next five years, with the top rising occupations coming from the Artificial intelligence , machine learning, and data areas.
As per the World Economic Forum's latest future of Jobs research, there will be 69 million new jobs generated and 83 million jobs lost globally by 2027, representing a 23% churn in the labour market. "nearly a quarter of all jobs (23%) are expected to change over the next five years, with global growth of 10.2% and decline of 12.3%", it reported.
Employers anticipate 69 million new jobs to be created and 83 million to be deleted among the 673 million jobs matching to the dataset, a net drop of 14 million jobs, or 2% of current employment,as per the projections of the 803 organisations questioned for the report.
According to the report, growing use of new technologies (59%) and improved digital access (55%), as well as broader applications of ESG (environment, social, and governance) norms, will be the main factors driving job development in India.
Artificial intelligence and machine learning experts, as well as data analysts and scientists, will be the top positions for industry transformation in India, it was claimed. According to the survey, the manufacturing and oil and gas industries have the highest levels of green skill intensity worldwide, with India, the United States, and Finland topping the list for the industry.
Also, when compared to the global average, countries' perspectives on the availability of talent when hiring were more favourable in more populous economies like India and China. However, India was one of the seven nations where the growth of social jobs lagged behind that of non-social jobs. Compared to the global average of 87%, 97% of respondents in India indicated that "funded by organisation" was their preferred source of money for training.
The green transition, ESG standards, and localization of supply chains, according to the WEF, are the main factors driving employment creation globally. Economic problems, such as high inflation, weaker economic development, and supply shortages, are considered to be the biggest threat.
It noted that as technology adoption advances and the digital economy becomes more prevalent, there will be tremendous labour market turbulence and overall job growth. A dream and a nightmare for labourers in India and the global South, the AI boom
The rapid advancement of AI and other technologies now runs the risk of adding more uncertainty, according to Saadia Zahidi, Managing Director of the World Economic Forum. "For people around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-19, geopolitical and economic shifts," she said.
"The good news is that ensuring resilience has a clear path forward. Through education, reskilling, and social support systems that can guarantee people are at the centre of the future of work, governments and businesses must invest in assisting the shift to the jobs of the future, she continued.
The poll included 803 businesses from 45 economies throughout the globe and 27 industry clusters that combined employ more than 11.3 million people. According to the WEF, technological advancements continue to present labour markets with both possibilities and problems, although businesses anticipate that most innovations will help to create new jobs.
Technology and digitalization are driving the occupations that are expanding the fastest. Big data is considered to be the technology most likely to lead to job growth. By 2027, there will be an average 30% increase in the number of data scientists, analysts, big data experts, AI machine learning experts, and cybersecurity professionals employed.
As a result of technology and digitalization, clerical and secretarial jobs, such as bank tellers, cashiers, and data entry clerks, are likely to experience the fastest job loss. Besides, while there is less expectation that machines will replace humans in physically demanding jobs, traits like reasoning, communicating, and coordination are expected to become more automatable in the future.
Nearly 75% of surveyed companies expect to adopt artificial intelligence, a major factor in potential algorithmic displacement, and this is expected to result in high levels of churn, with 50% of organisations anticipating job growth and 25% anticipating job losses.
However, agriculture and education will create the most new jobs in absolute terms. According to the study, the number of positions in the education sector is predicted to increase by 10%, creating 3 million more jobs for university and higher education professors as well as teachers of vocational education.
There will be an additional 4 million employment for agricultural professionals, particularly for machine operators, graders, and sorters, which is a 15–30% rise. Before 2027, six out of ten workers will need training globally, but only half of workers currently have access to sufficient training opportunities.
At the same time, the report predicts that a worker's abilities will need to be updated on average by 44%. 36% of businesses acknowledge that paying greater wages could help them attract talent in response to the cost-of-living challenge. However, to increase their workforce's productivity and efficiency, businesses intend to combine investment and displacement.
In the coming five years, four out of five polled businesses intend to invest in both process automation and learning and training on the job.