14 Million Jobs Could Disappear In the Next 5 Years: WEF Report

AI and ML specialists, along with data analysts and scientists, are expected to have the most significant roles in driving industry transformation in India. Additionally, analytical thinking and AI are the primary focuses for reskilling. According to a survey by WEF, companies anticipate that, in the next five years, 39% of talent will decline, while 34% will improve in the talent outlook for 2027.

The (WEF) World Economic Forum’s Future of Jobs Report states that approximately 25% of jobs worldwide will undergo alterations within the next five years.

According to the report, there will be an estimated 69 million new job opportunities by 2027, but there will also be 83 million jobs that will be eliminated. The main factor contributing to job growth will be the green transition and the localization of supply chains.

Additionally, the adoption of technology and improved digital access will result in a net increase in job opportunities, but the gains will be offset by greater losses. It’s worth noting that the greatest risks to jobs will be from slower economic growth, supply shortages, and inflation, rather than technology, indicating that the immediate job losses will be driven by other factors.

Impact of Macroeconomic Developments on Job Creation

A recent report by MeitY highlighted the urgent need for a specialized adjudicatory mechanism for online civil and criminal offences due to limitations in the current IT Act. The report also noted that job creation is being stifled by an impending growth slump and a slower rate of skill development to meet employers’ requirements, even though employers report labour shortages.

Job Creation in the Digital Era

The rise of Artificial Intelligence and the digital revolution has led to the automation of many jobs, but it has also created new opportunities. Digital commerce is expected to benefit the most in terms of job creation, with around two million new digitally enabled jobs expected to be created in the sector. Sustainability and environmental protection professionals are also expected to see growth, translating to approximately one million jobs. Additionally, the education and agriculture sectors are expected to see significant job growth, with up to three million additional jobs for vocational education teachers and university and higher education teachers, and an additional four million jobs for agricultural professionals.

Upskilling and Reskilling for Job Losses

As automation continues to impact the workforce, upskilling and reskilling are becoming increasingly important. According to the WEF report, 44 percent of workers’ skills need to be updated for continued employment. Governments and businesses must invest in supporting the shift to the jobs of the future through education, reskilling, and social support structures.

Talent Outlook in India

Indian employers are optimistic about job creation, with 61 percent of companies believing that broader applications of ESG standards will drive job growth. Employers in India are increasingly valuing strong cognitive skills as AI and machine learning spread, and top roles for industry transformation will be played by AI and ML specialists, data analysts, and scientists. However, the biggest obstacles to change are a lack of personnel and skills shortages. Six out of ten workers will need training before 2027, but only half currently have access to sufficient training opportunities.

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