According to a new report released on Monday, the Indian labour market is expected to see a 22% turnover over the next five years, with the top developing occupations coming from the AI, machine learning, and data areas.
According to the World Economic Forum’s most recent Future of Jobs research, there will be 69 million new jobs generated and 83 million jobs lost globally by 2027, representing a 23% churn in the labour market.
The WEF said that “nearly a quarter of jobs (23%) are expected to change in the next five years through growth of 10.2% and decline of 12.3% (globally)”.
Employers predict 69 million new jobs to be created and 83 million to be deleted among the 673 million jobs matching to the dataset, a net drop of 14 million jobs, or 2% of present employment, according to the projections of the 803 organisations questioned for the research.
According to the report, 61% of businesses believe that expanding the use of ESG (environment, social, and governance) standards would result in an increase in employment growth in India. This is followed by increasing use of new technologies (59%) and expanded internet access (55%) among other factors.
AI (artificial intelligence) and machine learning experts, as well as data analysts and scientists, will be the top positions for industrial transformation in India, it was claimed.
The manufacturing and oil and gas industries have the greatest worldwide levels of green skill intensity, according to the survey, with India, the US, and Finland topping the list for the oil and gas industry.
Additionally, when compared to the global average, countries’ perspectives on the availability of talent when hiring were more favourable in more populous economies like India and China.
However, India was one of the seven nations where the growth of social jobs lagged behind that of non-social jobs.
Compared to the worldwide average of 87%, 97% of respondents in India said that “funded by organisation” was their preferred source of money for training.
The green transition, ESG standards, and localization of supply chains, according to the WEF, are the main factors driving employment creation worldwide. Economic problems, such as rising inflation, weaker economic development, and supply shortages, are considered to be the biggest danger.
It noted that as technology adoption advances and the digital economy becomes more prevalent, there will be tremendous labour market turbulence and overall employment growth.
The rapid advancement of AI and other technologies now runs the risk of adding more uncertainty, according to Saadia Zahidi, Managing Director of the World Economic Forum. “For people around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-19, geopolitical and economic shifts,” she said.
“The good news is that ensuring resilience has a clear path ahead. Through education, reskilling, and social support systems that can guarantee people are at the centre of the future of work, governments and businesses must invest in assisting the shift to the jobs of the future, she continued.
The poll included 803 businesses, which combined employ more than 11.3 million people across 45 economies from around the globe and 27 sector clusters.
According to the WEF, technological advancements continue to provide labour markets with both possibilities and problems, although businesses anticipate that most innovations will help to create new jobs.
Technology and digitalization are driving the occupations that are expanding the quickest. Big data is considered to be the technology most likely to lead to employment growth. By 2027, there will be an average 30% increase in the number of data scientists, analysts, big data experts, AI machine learning experts, and cybersecurity professionals employed.
As a result of technology and digitalization, clerical and secretarial jobs, such as bank tellers, cashiers, and data entry clerks, are likely to see the quickest job loss.
Additionally, while there is less expectation that machines will replace humans in physically demanding jobs, traits like reasoning, communicating, and coordination are expected to become more automatable in the future.
Nearly 75% of surveyed companies anticipate adopting artificial intelligence, which is a major factor in potential algorithmic displacement and is predicted to cause high churn, with 50% of organisations anticipating job growth and 25% anticipating job losses.
However, agriculture and education will create the most new jobs in absolute terms. According to the study, the number of positions in the education sector is predicted to increase by 10%, creating 3 million more jobs for university and higher education professors as well as instructors of vocational education.
There will be an extra 4 million employment for agricultural professionals, particularly for machine operators, graders, and sorters, which is a 15–30% rise.
Before 2027, six out of ten workers will need training globally, but only half of workers currently have access to sufficient training opportunities.
At the same time, the survey predicts that 44% of a worker’s abilities would need to be updated on average.
36 percent of businesses realise that paying greater salaries might help them recruit talent in response to the cost-of-living challenge. However, in order to increase the productivity and efficiency of their workforce, businesses intend to combine both investment and displacement.
In the next five years, four out of five polled businesses want to invest in both process automation and learning and training on the job.
