Jobs of The Future Report Key Takeaways | World Economic Forum

How will the jobs of the future looks like in 2030, or even 2050?

With the technological advancement and Covid-19, how will these events affect you and your career future?

In just 9 minutes, we’ll learn the key takeaways from the 163 pages, “The Future of Jobs Report” by World Economic Forum.

Covid-19 pandemic have impacted millions of Americans and people around the world.

So, if you find yourself asking,

“What’s my career future?”

This might just be the most important article you’ll read to understand the future job outlook of your industry.

Fourth Industrial Revolution is upon us, but are you ready for the jobs that will be in demand in the next 10 years.

Civilian unemployment rate in America, Bureau of Labor Statistics 2000 - 2020

Civilian unemployment rate in America, Bureau of Labor Statistics 2000 – 2020

In April 2020, we’ve hit a all time high of 14.7% unemployment rate. 23,078,000 Americans have lost their job and are suffering from the effects from the Covid-19 pandemic.

As time goes, our industry evolves as well. And Covid-19 might just be the black swan event that will accelerate the changes.

Employment by industry in America, Bureau of Labor Statistics 2000 - 2020

Employment by industry in America, Bureau of Labor Statistics 2000 – 2020

Expect rapid changes in post Covid-19 pandemic era.

Let’s peek into the future on technology adoption, jobs and skills in the next five, ten or even thirty years.

If you are concern about your career future. Read on!

Technology Will Advance

Technology advancement in the last 10 years is undebatable fast. But in the future of jobs, you will rely even more on technology. Changes will happen especially in these particular fields:

  • Cloud Computing
  • Big Data
  • E-Commerce

Business leaders and employees alike have to follow the trends established in the previous years to prepare for the future.

Potential future technology includes:

  • Encryption
  • Non-Humanoid Robots
  • Artificial Intelligence

Automation

With black swan even such as Covid-19, automation become one of the highest priority in many industry.

Reducing the human factor from the work environment whom is prone to sickness and errors, technological adoption by companies will transform task, jobs and skills by 2025.

  • 43% of the companies are set to reduce their low-skilled workforce in the next 5 to 10 years.
  • 41% will use contractors for specialized works.
  • 34% will expand their high-skill workforce due to technology integration.

What it mean for you?

You need to prepare for the future jobs in demand by upskilling and upgrading your current set of skills.

Just doing you job well might not be enough to ensure you will have a job in the future.

Many high achievers at HQHIRE use Udemy and Fiver Learn to learn new skills everyday so they can be relevant to the future job market.

Fewer Jobs

Research have shown, the number of jobs destroyed in the next decade will exceed the number of jobs created:

  • Many jobs will be lost in the next few years. In fact, 9% to 15.4% of the jobs you’ll find right now will be lost as part of the history.
  • New professions of the future will be created, these new jobs needed in the future will grow from 7.8% to 13.5%.

The report estimated, 85 million jobs will be affected, many of which are labor intensive, blue collar jobs.

While 97 million new roles will be taken by humans, machines and algorithms.

What it mean for you?

You will have to “compete” with machines and algorithm for jobs. In order to be relevant to the industry, you have to learn new skills which you never thought you will need.

Many of these new future ready skills are IT related such as:

ReSkilling

Most employees need to be reskilled. To be relevant to the future job market, you need to learn skills that can help with:

  • Critical thinking
  • Analysis
  • Problem-solving
  • Self-management
  • Active learning
  • Be resilience
  • Improve stress tolerance
  • Enhance flexibility and adaptability

On average, 40% of the workers have to be reskilled, with 94% of all business leaders will expect their employees to pick up new skills on the job.

digitalize working

Work from home? Making money online? The future of work is already here and digitalization is already shaping how we do our work.

  • Accelerated by Covid-19, 84% of employers are rapidly digitalizing the working process to move their workforce to operate remotely.
  • 1/3 of all employers aims to create sense of community amount employees though digital tools while transitioning to remote work.

With the raise of companies that offer work from home such as Google, Facebook, Amazon and Snapchat. You will be seeing more part-time or remote working opportunities in the future.

Deepening Inequality

Inequality between highly skilled workers and low skilled labors will widen. This is due to the dual impact of technological advancement and pandemic recession.

Affected group:

  • Lower wage workers who are not skilled with the changing economy.
  • Women in some countries.
  • Younger workers with less experience.

Economic contraction will impact workers even more, if there is absence of proactive effort to reduce the impact of the inequality by the local government or social enterprise.

Online Learning/ Training

Online learning and training will be one of the main ways to ensure your current skills will stay relevant to the job market. This is also the main way that employers will use to help reskill their workers.

The current research shows:

  • 4 time increase in individuals like you seeking online learning through your own initiatives.
  • 5 times increase in employer supported online learning and training.
  • 9 times increase in online learning through government programmes

The three main areas where online training is provided are:

  1. Data analysis.
  2. Computer science.
  3. Information technology.

Key Takeaway?

The future of jobs will be very different than the past 10 years. The previous revolutions in history can give us a sneak peek into what will be happening in the future of jobs.

  • First RevolutionIndustrial Revolution is where new manufacturing processes are created in Europe and the United States, changing how our forefathers live their lives. It occurs during the period from 1760 to 1840.
  • Second RevolutionTechnological Revolution is a period in which one or more technologies is replaced by another. Rapid standardization and industrialization from the late 1900s into the early 2000s. An era of accelerated technological progress that cause an abrupt change in society.
  • Third RevolutionEnergy and Economy Revolution is the rise of electronics, telecommunications and computers. With new technologies, the third industrial revolution opened the doors to electric cars, biotechnology and space expeditions (Moon and Mars Landing).
  • Forth RevolutionInternet Revolution is the current era that we are living. In the current revolution, we develop virtual reality worlds such as AR and VR, allowing us to bend the laws of physics.

With each revolution, there are massive changes in the job market, but at the same time, many opportunities arise.

Does the future of jobs surprise you? Are you prepared for the future employment? And which are the key takeaway that interest you most?

Let us know in the comments below!

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