The Future of Jobs: WEF Report Predicts 89 Million Job Losses by 2027

May 3, 2023 by
The Future of Jobs: WEF Report Predicts 89 Million Job Losses by 2027
DxTalks, Ibrahim Kazeem

In the coming years, technology will be a great determinant in the kind of jobs available.

The World Economic Forum (WEF) has released its annual Future of Jobs Report for 2023, revealing that 89 million jobs are expected to be lost over the next five years. Although 69 million new jobs will be created, it will still amount to a net loss of 2% of the current jobs available. As technology evolves, it will play a significant role in creating and destroying jobs.

According to the report, there are several jobs that businesses expect to grow over the next five years. These jobs include AI and machine learning specialists, sustainability specialists, business intelligence analysts, information security analysts, fintech engineers, data analysts and scientists, robotics engineers, big data specialists, agricultural equipment operators, and digital transformation specialists. These jobs are expected to increase available roles by at least 25% or more over current numbers.

On the other hand, there are jobs that businesses expect to decline over the next five years. These jobs include bank tellers and related clerks, postal service clerks, cashiers and ticket clerks, data entry clerks, administrative and executive secretaries. Others are material-recording and stock-keeping clerks, accounting, bookkeeping, payroll clerks, legislators and officials, statistical, finance, insurance clerks, and door-to-door sales workers.

Many of these vulnerable jobs are those that can be replaced by AI or automation, which are the exact technologies that are expected to see the most growth over the next five years especially with the recent success of several AI platforms like the well known Open AI backed chatGPT, Bing AI by Microsoft and Google backed Bard AI. 

For those entering the workforce soon, the WEF report also identifies the top “core” skills that businesses value most. The most valued skill is analytical thinking, followed by creative thinking, resilience, flexibility, and agility, motivation and self-awareness, and curiosity and lifelong learning.

While the report highlights the potential loss of jobs in specific industries, it also highlights opportunities for growth in others. This emphasizes the need for individuals to stay adaptable and continuously develop new skills. The demand for roles in sustainability, digital transformation, and AI highlights the need for individuals to develop specialized skills to remain competitive in the job market.

Additionally, the report identifies the importance of businesses investing in reskilling and upskilling programs to ensure their employees can adapt to the changing job market. These programs will be essential to helping individuals in declining industries transition to new careers and gain the skills necessary for emerging industries.

To read more about the report, click here

About DxTalks

DxTalks is an events, media, and consultancy firm specialized in the Digital Transformation, Technology, Blockchain and Web3 field focused on the MENA region.

The Future of Jobs: WEF Report Predicts 89 Million Job Losses by 2027
DxTalks, Ibrahim Kazeem May 3, 2023