Million Jobs to be Affected Due to Disruptions in Work Market: Global Report

Technological developments like automation and artificial intelligence are expected to have an impact on the labour market and result in substantial changes to the kinds of skills that are in demand. While some jobs may become obsolete, there may also be new opportunities, especially in technology and innovation fields. Individuals and organisations can keep informed about these trends and adapt to the changing work market by developing new skills and remaining current with technology breakthroughs. To ensure that the advantages of technological advancement are distributed more fairly throughout society, governments and policymakers may also need to take action to support workers who are affected by these developments.

Will the global labour market be disrupted during the next five years?

The global labour market will be significantly disrupted during the next five years as the economy deteriorates and companies increasingly use artificial intelligence (AI) technology. According to CNN, the World Economic Forum gathered the data through surveys of more than 800 businesses, which resulted in research.

According to IANS' article, which quoted CNN, the WEF, which annually holds a meeting of world leaders in Davos, Switzerland, discovered that companies anticipate eliminating 83 million roles and creating 69 million new employees by 2027. This will cause a net loss of 14 million jobs or 2% of the present labour force.

There will be instability in the labour market

There will be instability in the labour market during that time due to many variables. By switching to renewable energy sources, many jobs will be generated, whereas inadequate economic growth and high inflation would result in losses.

Does this call for new beginnings in the AI world?

Meanwhile, artificial intelligence's hasty adoption will result in good and bad things. Companies will require new staff to manage and use AI tools.

The expected increase in Jobs for the coming years

By 2027, the average number of jobs for data scientists, analysts, machine learning professionals, and cybersecurity experts is expected to increase by 30%. In addition, the IANS analysis noted that as robots increasingly replace people in various situations, the growth of artificial intelligence may jeopardise numerous roles.

By 2027, the WEF estimated there might be 26 million fewer employees in administration and record-keeping. According to CNN, the highest losses are anticipated for executive secretaries and data entry clerks. Despite the recent buzz surrounding tools like ChatGPT, automation has only recently begun to take off.