18 May 2023
The World Economic Forum has recently released its fourth edition of the Future of Jobs Report, which explores how jobs and skills will evolve over the next five years. The report analyzes employer expectations to provide new insights on how socio-economic and technology trends will shape the workplace of the future.
Here are the key takeaways:
- The future of work will be characterized by significant changes in the demand and supply of skills, as well as by divergent outcomes for labor markets globally.
- Technology adoption will remain a key driver of business transformation, with new and frontier technologies such as artificial intelligence, cloud computing and robotics becoming more widely used.
- Environmental, social and governance standards will also become more important for organisations, as well as consumer expectations around social and environmental issues.
- The green transition will create new jobs and require reskilling efforts in sectors such as renewable energy and circular economy
Talent availability and skills gaps
- The inability to attract talent and skills gaps are the top two barriers to industry transformation, according to the survey
- Organizations are confident that they can develop their current workforce, but they are less hopeful about finding enough talent in the next five years
- Analytical thinking and creative thinking are the most important skills for workers in 2023.
- Cognitive skills are growing in importance most quickly, reflecting the increasing importance of complex problem-solving in the workplace.
- The highest priority for skills training from 2023-2027 is analytical thinking, followed by creative thinking and AI and big data.
- The skills that companies report to be increasing in importance the fastest are not always reflected in corporate upskilling strategies.
By the numbers:
- 44% of core skills required for existing jobs will change by 2027, according to the report.
- 69 million new jobs could be created by 2027 due to new technologies and the green transition
- 23% of jobs are expected to undergo significant changes in the next five years due to technology and digitization.
- 85% of organisations surveyed identify increased adoption of new technologies as the trend most likely to drive transformation in their organisation.
How to prepare for the future of work as a leader:
- Invest in reskilling and upskilling your workforce to adapt to new technologies and labor market demands.
- Foster a culture of learning and innovation in your organisation by encouraging curiosity, experimentation, feedback, collaboration, and recognition.
- Align your strategy with ESG standards and consumer expectations by setting goals, measuring impact, communicating progress, and engaging stakeholders.
- Embrace the opportunities of the green transition by identifying the potential growth areas for your organisation, investing in green technologies and practices, and reskilling your workers for green jobs.
The future of work is already here, and it is changing rapidly. Leaders and decision-makers need to prepare themselves and their organizations for these changes and ensure that they are ready to thrive in the future of work.
To learn more about these recommendations and how AIMS International can help you implement them through our talent acquisition and talent management programs, contact your local AIMS partner today.
Source: World Economic Forum, The Future of Jobs Report 2023