DUBAI, UAE — Technology will play a critical role in shaping the future of employment, according to a latest report released by the World Economic Forum in Geneva.
While it is undeniable that advancements in technology will lead to the automation of many jobs, it is important to note that new opportunities will also emerge, requiring specialized training and expertise, the report added.
Industries such as data science, artificial intelligence (AI), and robotics will experience a surge in demand as businesses seek qualified candidates to navigate the evolving landscape.
Moreover, positions that necessitate a combination of emotional intelligence (EQ), cultural intelligence (CQ), and critical thinking skills will also be in high demand. Therefore, individuals must continually enhance their skill sets and adapt to the ever-changing labor market to gain a competitive edge in the job market of the future.
According to the Future of Jobs Report 2023, approximately 25 percent of all jobs will be affected by artificial intelligence technologies, digitization, and other economic developments such as the shift to green energy and the re-shoring of supply chains over the next five years.
The study predicted significant disruptions in the labor market but also identifies big data analytics, management technologies, and cybersecurity as the primary drivers of employment growth during the same period.
The report projected that 10.2 percent of jobs will expand while 12.3 percent will shrink over the next five years. It anticipates a net loss of 14 million jobs, accounting for 2 percent of the current workforce, due to the creation of 69 million new positions and the removal of 83 million jobs.
One example of the impact of artificial intelligence highlighted in the study is ChatGPT, an AI model designed to mimic human thought and problem-solving. It is expected to have a significant influence by automating various tasks that require critical thinking, interpersonal skills, and coordination.
The research suggested that up to 26 million jobs in administrative and clerical sectors, including cashiers, ticket distributors, data entry clerks, and accountants, could be replaced by AI technology, as 75 percent of surveyed businesses plan to adopt AI within the next five years.
The World Economic Forum’s research, which encompassed more than 800 businesses across 45 economies, indicates that slower economic growth, supply shortages, and inflation pose greater threats to employment prospects than artificial intelligence. The report highlights the importance of investments in greening firms, increasing the adoption of Environmental, Social, and Governance (ESG) standards, and reorganizing global supply chains to create new markets and economic opportunities.
As the sustainability and technical revolutions progress, traditional roles such as bank tellers and clerks are expected to decline by 40 percent, outpacing the decline in any other occupation. The rise of online banking and the closure of physical bank branches contribute to this trend. Similarly, occupations in the postal service, ticket booths, and data input will decrease by over a third due to automation, sensor technologies, and online services.
Up to 26 million jobs in administrative and clerical sectors, including cashiers, ticket distributors, data entry clerks, and accountants, could be replaced by AI technology.
The Future of Jobs Report 2023
The report identifies administrative and executive secretaries, accounting, bookkeeping, and patrol clerks as the industries that will experience the most significant job losses, totaling 8 million jobs over the next five years.
While many jobs will be eliminated, new occupations will emerge to fill the void. The report highlights several growing fields:
- Software Developers: Their role in developing innovative tools for process automation makes them highly sought after.
- Customer Specialists: These professionals, often known as “Customer Success Analysts,” ensure customer satisfaction and support during product or service usage.
- Digital Creators: With a growing impact on online media, digital influencers play a vital role in content creation and dissemination.
- Consultants for Creators: These advisors assist artists in managing their professional development and securing deals
- Online Teachers: With the rise of online education, teachers who embrace the benefits of the virtual classroom and its ability to reach a broader audience will play an essential role in shaping future careers.
- Big Data Analysts: With the abundance of data generated and shared by systems, these professionals employ data science techniques to extract insights that impact a company’s current and future operations. Their analytical skills will be in high demand.
- Environmental Engineers: As the environment undergoes significant changes, the role of environmental engineers becomes crucial. These professionals bridge the gap between technology and ecological systems, developing innovative environmental management systems and solutions.
- Medical Engineers: Healthcare facilities have witnessed technological advancements, including cutting-edge machines used in diagnostics, treatment, and routine medical tasks. The field of hospital engineering is growing, requiring skilled professionals who can integrate technology with healthcare systems effectively.
These emerging roles reflect the evolving job market, driven by advancements in technology and the need to address pressing global challenges. By adapting to these changes and acquiring the necessary skills, individuals can position themselves for success in the job market of the future.