As per new study, over the period of next five years, the Indian job market is estimated to witness 22% churn.
This can be attributed to the top emerging roles coming from AI, machine learning and data segments.
Same will hold good on the global level as well.
In the latest Future of Jobs report, the World Economic Forum said that the global market churn is also estimated to be at 23% as 69 million new jobs are expected to be created whereas 83 million are expected to be eliminated by 2027.
The Forum said that “Almost a quarter of jobs (23 per cent) are expected to change in the next five years through growth of 10.2 per cent and decline of 12.3 per cent (globally)”.
The survey covered 803 companies – collectively employing more than 11.3 million workers – in 27 industry clusters and 45 economies from all world regions.
As per the estimates of the survey, employers anticipate that there shall be an overall decrease of 2 per cent of current employment.
An Overall Decrease in Jobs, Creation of New Types of Jobs
This companies anticipate 69 million new jobs to be created and 83 million eliminated among the 673 million jobs corresponding to the dataset, a net decrease of 14 million jobs or 2% of current employment.
From the Indian point of view, 61 per cent of companies think broader applications of ESG (environment, social and governance) standards will drive job growth, followed by increased adoption of new technologies (59 per cent) and broadening digital access (55 per cent).
It added that the top roles for the industry transformation in India would be AI (artificial intelligence) and machine learning specialists, and data analysts and scientists.
With India, the US and Finland featuring at the top of the list for the oil and gas sector, it has been mentioned in the report that the manufacturing and oil and gas sectors have the highest level of green skill intensity globally.
WEF Findings on Talent, Job Creation, New Technologies
Also, when it comes to the comparison between the populous economies on the basis of talent availability viewpoint, than more populous economies such as India and China were more positive than the global average.
India, on other hand, also featured in the list amongst the seven countries where job growth was slower for social jobs than non-social jobs.
As against the global 87%, In India, 97% of respondents said that the preferred source of funding for training was ‘funded by organisation’.
WEF said that while the greatest threat going forward remain to be including high inflation, slower economic growth and supply shortages, WEF said that macro trends, including the green transition, ESG standards and localisation of supply chains are the leading drivers of job growth globally.
It added that the with an overall net positive in job creation, the advancing technology adoption and increasing digitisation will cause significant labour market churn.
Saadia Zahidi, Managing Director, World Economic Forum said that “For people around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-19, geopolitical and economic shifts, and the rapid advancement of AI and other technologies now risks adding more uncertainty”.
Speaking of technology as double edged sword, the forum said that it poses challenges as well as opportunities to the labour markets, but on a bird’s eye view the overall effect would be positive job creation.
The fastest-growing roles are being driven by technology and digitalisation. Big data ranks at the top among technologies seen to create jobs.
By 2027, the employment of data analysts and scientists, big data specialists, AI machine learning specialists and cybersecurity professionals is expected to grow on average by 30 per cent by 2027.
On the other hand of spectrum, the fastest declining roles shall also be driven by technology and digitalisation. These include clerical or secretarial roles, including bank tellers, cashiers and data entry clerks expected to decline fastest.
Also a key driver in the potential algorithmic displacement shall be the AI, as it is expected to be adopted by nearly 75 per cent of surveyed companies and is expected to lead to high churn – with 50 per cent of organisations expecting it to create job growth and 25 per cent anticipating it to result in job losses.
