Key Findings of the "Future of Jobs Report 2023"
The Future of Jobs 2023 is a report by the World Economic Forum that presents the results of a study on the development of the labour market by country, region, sector and skill over the next five years.
Link to the full report
Link to the full report
Jobs will be transformed over the next 5 years by three key factors
Investing in green businesses, implementing ESG standards and localizing supply chains will create jobs. In more than half of companies, technological advances will create new jobs, but in 20% of companies, it will lead to job losses.
- Environmental and Social Standards (ESG)
- New technologies
- Slower economic growth
Investing in green businesses, implementing ESG standards and localizing supply chains will create jobs. In more than half of companies, technological advances will create new jobs, but in 20% of companies, it will lead to job losses.
Employers predict structural changes in 23% of jobs in the labor market in the next 5 years
Job creation and reduction are expected in supply chains and transportation, media, entertainment and sports, manufacturing, as well as retail and wholesale trade.
Out of the 673 million jobs mentioned in the report, respondents anticipate an increase of 69 million jobs and a reduction of 83 million jobs, resulting in a net decrease of 14 million jobs, or 2% of current employment.
Job creation and reduction are expected in supply chains and transportation, media, entertainment and sports, manufacturing, as well as retail and wholesale trade.
Out of the 673 million jobs mentioned in the report, respondents anticipate an increase of 69 million jobs and a reduction of 83 million jobs, resulting in a net decrease of 14 million jobs, or 2% of current employment.
Businesses are adopting automation more slowly than expected
Today, machines perform 34% of business tasks, while humans perform 66%. This is only 1% more than in 2020.
Respondents have revised their expectations regarding automation and now predict that 43% of business tasks will be automated by 2027.
The tasks that are expected to be automated in 2027 are decision-making (35%) and information and data processing (65%).
AI will be implemented in almost 75% of companies, which will lead to high turnover:
50% of organizations expect job growth, while 25% expect job cuts.
Today, machines perform 34% of business tasks, while humans perform 66%. This is only 1% more than in 2020.
Respondents have revised their expectations regarding automation and now predict that 43% of business tasks will be automated by 2027.
The tasks that are expected to be automated in 2027 are decision-making (35%) and information and data processing (65%).
AI will be implemented in almost 75% of companies, which will lead to high turnover:
50% of organizations expect job growth, while 25% expect job cuts.
Organizations are confident in developing their current workforce, but are less optimistic about workforce availability in the next 5 years
The key obstacles to industry transformation are skill gaps and the inability to attract talent.
To address this, 48% of companies prioritize improving talent development and promotion processes, rather than offering higher salaries (36%) and effective retraining and upskilling (34%).
The key obstacles to industry transformation are skill gaps and the inability to attract talent.
To address this, 48% of companies prioritize improving talent development and promotion processes, rather than offering higher salaries (36%) and effective retraining and upskilling (34%).
Analytical and creative thinking are the most important skills for workers in 2023
Next in importance is the ability to adapt to changes in the workplace. Technological literacy ranks higher than reliability and attention to detail.
Among the top 10 skills, empathy and active listening, leadership, and quality control also stand out.
Next in importance is the ability to adapt to changes in the workplace. Technological literacy ranks higher than reliability and attention to detail.
Among the top 10 skills, empathy and active listening, leadership, and quality control also stand out.
44% of employees' skills will change in the next 5 years
Creative thinking is becoming increasingly important, as well as technical literacy. Self-efficacy is valued more than teamwork. Curiosity, resilience and motivation are the most important socio-emotional skills.
Systems thinking, AI, human resource management and customer service orientation round out the top ten growing skills in importance. Some companies believe that the importance of reading, writing, mathematics, global citizenship, sensory skills and manual dexterity for employees is declining.
Creative thinking is becoming increasingly important, as well as technical literacy. Self-efficacy is valued more than teamwork. Curiosity, resilience and motivation are the most important socio-emotional skills.
Systems thinking, AI, human resource management and customer service orientation round out the top ten growing skills in importance. Some companies believe that the importance of reading, writing, mathematics, global citizenship, sensory skills and manual dexterity for employees is declining.
6 out of 10 workers will need training by 2027
6 in 10 workers will need training by 2027, but only half of workers have access to adequate training opportunities today.
In 2023-2027, the top two priorities for skills training are analytical thinking (accounting for 10% of training initiatives) and creative thinking development (8%).
6 in 10 workers will need training by 2027, but only half of workers have access to adequate training opportunities today.
In 2023-2027, the top two priorities for skills training are analytical thinking (accounting for 10% of training initiatives) and creative thinking development (8%).
2/3 of companies expect a return on investment in training within a year
2/3 of companies expect a return on investment in training within a year through increased mobility between roles, employee satisfaction and increased productivity.
2/3 of companies expect a return on investment in training within a year through increased mobility between roles, employee satisfaction and increased productivity.
Macro trends and technologies determine job growth and job cuts
Fast-growing roles include AI, sustainability, business analysts, information security, and renewable energy engineers.
Clerical and secretarial roles will be the fastest to decline.
Fast-growing roles include AI, sustainability, business analysts, information security, and renewable energy engineers.
Clerical and secretarial roles will be the fastest to decline.
As part of inclusive programs, most companies will give priority to women, young people under 25, and people with disabilities.
As part of their inclusion programs (Diversity, Equity and Inclusion, DEI), most companies will prioritize women (79%), young people under 25 (68%), and people with disabilities (51%).
A minority of companies will prioritize representatives of minority religious, ethnic, or racial groups (39%), workers over 55 (36%), LGBTQI+ people (35%), and workers from socially vulnerable groups (33%).
As part of their inclusion programs (Diversity, Equity and Inclusion, DEI), most companies will prioritize women (79%), young people under 25 (68%), and people with disabilities (51%).
A minority of companies will prioritize representatives of minority religious, ethnic, or racial groups (39%), workers over 55 (36%), LGBTQI+ people (35%), and workers from socially vulnerable groups (33%).
