Future of Jobs 2023
The World Economic Forum’s Future of Jobs Report 2023 discusses the impact of economic, health, and geopolitical trends on labor markets globally. While high-income countries experience tight labor markets, low and lower-middle-income countries continue to face higher unemployment. Labor market outcomes are also diverging, with workers who have only basic education and women experiencing lower employment levels. The report finds that technology adoption will remain a key driver of business transformation over the next five years, with increased adoption of new and frontier technologies and broadening digital access being the trends most likely to drive transformation in organizations. The largest job creation and destruction effects come from environmental, technology, and economic trends.
Among the macrotrends listed, businesses predict that investments facilitating the green transition of businesses, the broader application of ESG standards, and supply chains becoming more localized will be the strongest net job creators. Employers anticipate a structural labor market churn of 23% of jobs in the next five years, with substantial proportions of companies forecasting job displacement. The report also highlights the impact of digitalization on commerce and trade, with digital platforms and apps being the technologies most likely to be adopted by organizations.
Some key findings in the report re job prospects:
The largest job creation and destruction effects come from environmental, technology and economic trends
The fastest-growing roles are driven by technology, digitalization and sustainability eg. AI and Machine Learning Specialists top the list of fast-growing jobs, followed by Sustainability Specialists, Business Intelligence Analysts and Information Security Analysts. Renewable Energy Engineers, and Solar Energy Installation and System Engineers are relatively fast-growing roles, as economies shift towards renewable energy
Large-scale job growth is expected in education, agriculture and digital commerce and trade
The fastest-declining roles are driven by technology and digitalization eg. clerical or secretarial roles, with Bank Tellers and Related Clerks, Postal Service Clerks, Cashiers and Ticket Clerks, and Data Entry Clerks expected to decline fastest
The World Economic Forum’s 2023 Future of Jobs report can be found here.
