According to the 4th edition of World Economic Forum’s (WEF) bi-annual survey report Future of Jobs Report 2023 Insight Report May 2023, the Indian job market is expected to expand by 22% over the next five years with top job creation from the artificial intelligence (AI), machine learning, and data segments.
- Globally, the job market is estimated to expand at 23%, with 69 million new jobs expected to be created over the next 5 years.
- The study also estimates that about 83 million will be eliminated by 2027.
Key Findings regarding India:
i.As per the report’s estimation, India’s job growth will be driven by 61% of broader applications of ESG (Environment, Social and Governance) standards followed by increased adoption of new technologies (59%), broadening digital access (55%), Climate-change induced investments into adapting operations (53%), etc.
ii.India figured among the seven countries where job growth was slower for social jobs than non-social jobs.
iii.In India, 97% of respondents said that the preferred source of funding for training was ‘funded by organisation’ as against the global average of 87%.
Global Scenario:
i.The survey report included 803 companies, which combined employ more than 11.3 million people across 45 economies from across the globe and 27 sector clusters.
ii.Almost a quarter of jobs (23%) are expected to change in the next 5 years globally through growth of 10.2% and a decline of 12.3%.
iii.Globally, six in 10 workers will require training before 2027, but currently, only half of the employees are seen to have access to adequate training opportunities.
- Employers estimate that 44% of workers’ skills will be disrupted in the next five years.
iv.Globally manufacturing and oil and gas sectors have the highest level of green skill intensity.
- India, the United States and Finland feature at the top of the list for Oil and Gas.
v.India and China were more positive than the global average when compared with countries’ viewpoints on talent availability while hiring.
vi.Brazil, United Arab Emirates and India are among the seven countries where job growth was slower for social jobs than non-social jobs.
vii.Within technology adoption, big data, cloud computing and AI feature highly on the likelihood of adoption. E-commerce and digital trade are expected to be adopted by 75% of businesses.
viii.Organizations estimate that currently 34% of all business-related tasks are performed by machines, with the remaining 66% performed by humans. 42% of business tasks are predicted to be automated by 2027.
ix.Jobs in the Education industry are expected to grow by about 10%, leading to 3 million additional jobs. Jobs for agricultural professionals, especially Agricultural Equipment Operators, are expected to see an increase of around 30%, leading to an additional 3 million jobs.
About World Economic Forum(WEF):
Founder & Executive Chairman – Professor Klaus Schwab ;
Managing Director (MD) – Saadia Zahidi
Headquarters – Cologny, GenevaCanton, Switzerland
Establishment – 1971
