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Covid 19 caused labor market to change faster than expected,says World Economic Forum report

Covid 19 caused labor market to change faster than expected,says World Economic Forum report

Covid -19 has caused labor market to change faster than expected and it accelerated arrival of future of work,says a report published by World Economic Forum (WEF) featured.

Jobs such as data entry and administrative support will drastically decrease in coming years as more than 80 per cent of business executives are planning to digitalize their work processes and adapting to newer technologies, says the report titled 'Future of Work 2020'.

"Accelerating automation and the fallout from the Covid-19 recession has deepened existing inequalities across labor market and reversed gains in employment made since the global financial crisis in 2007-08…Businesses ,government and workers must plan to urgently work together to implement a new visionfor the global workforce" said Saadia Zahidi, Managing Director of WEF

The report observed that by 2025,automation in work force and new division of labor between humans and machines expected to cause displacement of 85 million jobs.On the other hand, robot revolution will cause 97 million new jobs.

The report emphasized on need of support for communities at risk from government and businesses.Report sensed a new urgency of reskilling revolution an predicted a surge in areas such as green economy jobs, data and artificial intelligence economy,engineering, cloud computing and product development.

Nearly 50 per centof workers who set to remain in their roles for next five years will be needed reskilling in their core skills, the report cautioned.

Research indicate that this demand of 'new skills' is coupled with increase tendency of candidates choosing job in data and artificial intelligence fields.

The report counted 10 top skills of 2025 stressing on qualities of Problem solving,Self-management, Working with people and Technology use. Analytical thinking and innovation, Active learning and learning strategies,Complex problem solving, Critical thinking and analysis, Leadership and social influence and technology design and programming reckoned in these top skills.

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TAGS:COVID19Biz UpdatesWorld Economic Forum
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