World Economic Forum: Future of Jobs Report 2020 – IMF F&D
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Bibliographic details
- Authors: SAADIA ZAHIDI
- Published: December 1, 2020
Overview and context
- Author: SAADIA ZAHIDI, managing director at the World Economic Forum and head of the Forum’s Center for the New Economy and Society.
- Publication: F&D Magazine, "The Jobs of Tomorrow", December 2020.
- Report focus: Maps the jobs and skills of the future, tracking change based on surveys of business leaders and human resource strategists; places pandemic-related disruptions in context of longer-term technology trends.
Key findings (five things to know)
- 1. The workforce is automating faster than expected, displacing 85 million jobs in the next five years.
- Automation plus the COVID-19 recession create a “double-disruption” scenario for workers.
- 43 percent of businesses surveyed indicate they are set to reduce their workforce because of technology integration.
- 41 percent plan to expand their use of contractors for task-specialized work.
- 34 percent plan to expand their workforce as a result of technology integration.
- Five years from now, employers will divide work between humans and machines roughly equally.
- 2. The robot revolution will create 97 million new jobs.
- New roles will emerge across the care economy, in technology fields (such as artificial intelligence—AI), and in content creation careers (such as social media management and content writing).
- Emerging professions reflect greater demand for green economy jobs; roles at the forefront of the data and AI economy; and new roles in engineering, cloud computing, and product development.
- Growth in roles emphasizing human interaction: care economy; marketing, sales, and content production; roles requiring ability to work with different types of people from different backgrounds.
- 3. In 2025, analytical thinking, creativity, and flexibility will be among the most sought-after skills.
- Employers see critical thinking, analysis, and problem solving as growing in importance.
- Newly emerging skills this year include self-management skills: active learning, resilience, stress tolerance, and flexibility.
- Data partnerships with LinkedIn and Coursera enabled tracking with unprecedented granularity the types of specialized skills needed.
- 4. The most competitive businesses will focus on upgrading their workers’ skills.
- For workers remaining in their roles over the next five years, nearly half will need retraining for their core skills.
- Public sector support for reskilling and upskilling of at-risk or displaced workers is insufficient.
- Only 21 percent of businesses report being able to make use of public funds to support their employees through retraining initiatives.
- Policy needs highlighted: provide incentives for investment in markets and jobs of tomorrow; offer stronger safety nets for displaced workers during job transitions; tackle long-delayed improvements of education and training systems.
- 5. Remote work is here to stay.
- 84 percent of employers are set to rapidly digitalize work processes, including a significant expansion of remote working.
- Employers say there is the potential to move 44 percent of their workforce to operate remotely.
- 78 percent of business leaders expect some negative impact on worker productivity, and many businesses are taking steps to help their employees adapt.
Implications and policy recommendations (as stated)
- Public sector must:
- Provide stronger support for reskilling and upskilling of at-risk or displaced workers.
- Provide incentives for investment in the markets and jobs of tomorrow.
- Offer stronger safety nets for displaced workers during job transitions.
- Tackle long-delayed improvements of education and training systems.
- Businesses should prioritize:
- Upgrading workers’ skills and retraining nearly half of workers who will remain in roles over the next five years.
- Measures to help employees adapt to expanded remote working amid concerns about productivity.
World Economic Forum: Future of Jobs Report 2020 — as summarized by SAADIA ZAHIDI in F&D Magazine, December 2020.
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- Wef Future of Jobs Report 2020 Zahidi
- World Economic Forum: Future of Jobs Report 2020 – IMF F&D
- 未来的就业 - 金融与发展 - 国际货币基金组织季刊