Data-related jobs will be the biggest labor market winner by 2022, and also the biggest loser due to greater automation and the evolution of machines.
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Data-related jobs will be the biggest labor market winner by 2022, and also the biggest loser according to a new global jobs report. AI and Machine Learning Specialists will also be in high demand due to greater automation and the evolution of machines.
“The Future of Jobs 2018” report, released this week by the World Economic Forum, examined the seismic shift facing the global workforce over the next four years as technology accelerates the need for workers with new skill sets.
The report determined that changes in the global job market will result in 58 million net new jobs. While 75 million jobs around the world will be eliminated due to changes in technology, these losses will be more than made up for by 133 million new jobs that new technology will create.
Of the top ten roles to emerge by 2022 the most notable are: Data Analysts and Scientists (#1); AI and Machine Learning Specialists (#2); Software and Applications Developers and Analysts (#4); and Big Data Specialists (#6).
Meanwhile, among the top ten declining roles are: Data Entry Clerks (#1); Accounting, Bookkeeping and Payroll Clerks (#2); and Assembly and Factory Workers (#4).
The report says that while all industries face sizable skills gaps, the Information & Communication Technology sector will have major reskilling needs in order to fill emerging job needs.
According to the report, the biggest technological drivers of change in global labor markets will be: artificial intelligence; widespread adoption of big data analytics; cloud technology; and ubiquitous high-speed mobile internet.
Skills gap needs to be addressed for new jobs
As in any jobs forecast that predicts major workforce disruptions, most concerning are the twin challenges of skills gaps and redundant workers.
Skills gaps occur when there is a surplus of jobs left vacant because unemployed workers do not have the training to move into new higher-skilled positions. Meanwhile, mass unemployment due to major shifts in the job market can drag down economies due to lost productivity and greater reliance on government assistance programs.
The WEF says that both businesses and governments have critical roles to play in helping workers adapt to changes in the job market so that new roles are filled promptly and mass unemployment is avoided.
“It is critical that business take an active role in supporting their existing workforces through reskilling and upskilling, that individuals take a proactive approach to their own lifelong learning, and that governments create an enabling environment to facilitate this workforce transformation,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum in a news release. “This is the key challenge of our time.”
The report highlighted the special role that businesses must play in order to adapt to these dramatic changes facing the global jobs market.
“Companies need to complement their automation plans with comprehensive augmentation strategies. For businesses to remain dynamic, differentiated and competitive in an age of machines, they must, in fact, invest in their human capital,” said Saadia Zahidi, WEF’s Head of the Centre for the New Economy and Society in a news release.“Without proactive approaches, businesses and workers may lose out on the economic potential of the Fourth Industrial Revolution.”
Top 10 Emerging Roles by 2022:
- Data Analysts and Scientists
- AI and Machine Learning Specialists
- General and Operations Managers
- Software and Applications Developers and Analysts
- Sales and Marketing Professionals
- Big Data Specialists
- Digital Transformation Specialists
- New Technology Specialists
- Organizational Development Specialists
- Information Technology Services
Top 10 Declining Roles by 2022:
- Data Entry Clerks
- Accounting, Bookkeeping and Payroll Clerks
- Administrative and Executive Secretaries
- Assembly and Factory Workers
- Client Information and Customer Service Workers
- Business Services and Administration Managers
- Accountants and Auditors
- Material-Recording and Stock-Keeping Clerks
- General and Operations Managers
- Postal Service Clerks