Future of work by 2027
A contribution by Suchi Shinde and Prof. Dr. Markus Hesse
It is projected that approximately 14 million jobs could be at risk of being lost due to various factors. As industries continue to evolve, new skills and job opportunities emerge to meet the changing demands of the market. Let’s take a closer look at the top 10 new skills and top 10 jobs that are expected to be in high demand in the coming years.
14 million jobs to be eliminated
According to the World Economic Forum, the global labor market is undergoing constant reshaping due to the digital revolution, de-carbonization efforts, and other geopolitical and social changes. In the next five years, 23% of jobs are expected to change, with a growth of 10.2% and a decline of 12.3%, according to the World Economic Forum’s Future of Jobs Report 2023. This will result in a net decrease of 14 million jobs, or 2% of current employment, with 69 million new jobs anticipated to be created and 83 million eliminated.
Businesses anticipate that 44% of core worker skills will be disrupted by 2027 due to technology outpacing training programs.
Future Top 10 Relevant Skills
According to the World Economic Forum’s Future of Jobs 2023 report, analytical thinking, creative thinking and AI and big data will be top in-demand skills by 2027. Businesses predict that analytical thinking jobs will grow by 72% over the next five years, as reasoning and decision-making are among the least automated tasks. Jobs that need Creative thinking skills are expected to grow by 73% during this period. Technology literacy is the third-fastest growing skill, followed by curiosity and lifelong learning, resilience, flexibility, and agility.
In the coming five years, technology adoption will continue to be a critical factor in driving business transformation. According to a survey of organizations, over 85% of them have identified the increased adoption of new and emerging technologies, as well as expanding digital access, as the most significant trends that are likely to facilitate transformation within their organization.
Leadership and social influence and curiosity and lifelong learning are among other skills expected to see growing demand. In addition, an analysis of 228 million job ads revealed that the fastest-growing, highest-demand emerging skill sets are Artificial intelligence (AI)/machine learning (ML), cloud computing, product management, and social media.
Workers might want to consider the following top 10 skills, which employers say are rising in importance over the next five years: creative thinking, analytical thinking, technological literacy, curiosity and lifelong learning, resilience, flexibility, agility, and systems thinking.
Future Top 10 Relevant Jobs
According to the macroeconomic trends identified (by the World Economic Forum in Future of Jobs Report 2023), businesses anticipate that the most significant impacts on job creation and destruction will be driven by environmental, technological, and economic factors. Among these trends, investments aimed at enabling businesses to transition to green practices, the more widespread adoption of environmental, social, and governance (ESG) standards, and a shift towards more localized supply chains are expected to have the most positive net effect on job creation.
The rise of sustainability and technology has increased digital and sustainability-based roles, while traditional jobs are expected to decline. Online banking has led to a 40% expected decrease in bank teller jobs, the fastest decline of any profession. Automation, sensor technologies, and online services are also reducing the need for postal service clerks, cashiers, ticket office clerks, and data entry staff, with each occupation expected to decrease by over one-third in the next five years.
Data clerks, administrative and executive secretaries, and accounting, bookkeeping, and patrol clerks are anticipated to face the highest absolute job losses, accounting for over half of the projected job loss.
Rightsourcing advocates future-ready skills and strategies to its customers. We have been delving into Metaverse for the last couple of years and only lately have we seen its acceptability rising in the post-Covid era. Metaverse needs 90% of the future skills that are on the rise currently. We have already implemented parts of Industrial Metaverse Sales and thus contributed to the success of our customers. Feel free to contact Rightsourcing Subject Matter Experts to discuss this further.