According to the World Economic Forum’s 2020 Jobs Report, the current situation we are experiencing due to COVID-19 has accelerated the future of jobs and stipulates that new jobs will emerge that will require new skills and protections for workers.

The global economic recession is deepening inequalities in global labour markets and reversing the employment gains made since the global financial crisis a decade ago. Emerging technologies continue to reshape labour markets and these trends have only accelerated with the onset of a new recession.

Millions of workers around the world face great uncertainty in their jobs. International Labour Organization (ILO) data has shown that during the first half of 2020, real unemployment figures jumped to an average of 6.6 per cent, with an estimated loss of working hours equivalent to 495 million jobs in the second quarter of 2020. The OECD predicts that unemployment rates could double by the end of the year.

The Future of Jobs 2020 maps out the jobs and skills of the future, keeping pace with the changes and the direction of travel. Here are some of the key findings:

  1. COVID-19 has had a lasting effect. It is putting pressure on companies to embrace telework, to accelerate digitalisation and automation.
  2. Automation continues to grow. The Report predicts that by 2025, the hours of work performed by machines and by people will be the same.
  3. New jobs will emerge. The Report also predicts that by 2025, 97 million new jobs will emerge and that those in greatest demand will be those related to Data Analysis, Robotic Engineering, Artificial Intelligence and Machine Learning Specialists, Software Developers, among others.
  4. The most demanded skills will be a mix between “Hard Skills” and “Soft Skills”. The most demanded skills of the future will include working with people, problem solving and self-management skills such as stamina, stress tolerance and flexibility. This increase in required self-management skills is evident as workers face a range of pressures to adapt to new, more digital forms of work.
  5. Human capital is increasingly important. The Employment 2020 Report is a call to action to accelerate the retraining revolution in all economies. It highlights the growing urgency of supporting displaced and at-risk workers as they move towards the “jobs of tomorrow”.

 

Link to the article: https://www.weforum.org/agenda/2020/10/5-thing-to-know-about-the-future-of-jobs/