The World Economic Forum report, The Future of Jobs 2023, is an insightful barometer of the trends facing the global labour market.
While the report’s prediction of a surge in technology focused and led jobs is no surprise, it’s conjecture that only 50% of all employees will have access to adequate training is concerning, and indicates either a reticence to invest in L&D or a lack of focus on it, while showing the importance of it in enabling organisations to stay at the forefront of their industries with appropriately skilled people.
The report emphasises that analytical thinking, creative thinking, and proficiency in AI and big data will be the most sought-after skills by 2027. While the significance of these latter two skills comes as no surprise — indeed, they have been in high demand for several years — the ascent of AI and data-related professions is unquestionably influencing the job market's dynamics. Despite the persistent notion of robots taking over jobs, the estimates paint a contrasting picture. The prognosis indicates an overall net positive when it comes to job creation. However, the jobs of the future may look quite distinct from those we know today.
According to the report, which draws on insights from a survey of 803 companies, 69 million jobs are expected to emerge over the next five years. These job opportunities will be primarily driven by the proliferation of new technologies, the emphasis on ESG (Environmental, Social, and Governance) standards, the localisation of supply chains, and the transition towards sustainable practices.
It comes as no surprise that occupations like autonomous and electric vehicle specialists, AI and machine learning professionals, as well as environmental protection and sustainability experts, will be in high demand. A similar trend is expected for various analyst roles. However, we should not overlook traditional sectors such as aged and disability care, logistics, and childcare, which continue to experience growing demand and a shortage of skilled professionals.
What fuels this evolving landscape? Two driving forces stand out: technological advancements and evolving human priorities. Climate change and environmental considerations, combined with the rapid emergence of new technologies, are the primary catalysts reshaping the demand for certain jobs.
The report also places significant emphasis on "soft" or transferable skills that employers have consistently recognized as highly valuable over the past decade or even longer. These skills include resilience, agility, curiosity, and adaptability. Creativity ranks high on the list of in-demand skills—it is projected to surpass analytical thinking in demand over the next five years. Similarly, social influence is emerging as a highly valuable skill. Additionally, the report introduces a few new skills to the list of those in demand, including talent management and systems thinking.
In an era marked by talent shortages, retaining and equipping existing employees with the contemporary and relevant skills is paramount. This underscores the importance of robust and forward-looking talent development programs. This places immense pressure on employers. If they aspire to keep their organisations at the forefront of their industries, prioritising the training of their workforce has become more imperative than ever.
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