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The Future of Jobs Report 2018 Summary

The World Economic Forum report finds that while automation may displace some 75 million jobs globally by 2022, 133 million new roles may emerge as tasks are redistributed between humans and machines, resulting in a net increase of 58 million jobs. However, these new jobs will require different skills. Machines are projected to perform 42% of workplace tasks by 2022 compared to 29% currently, reducing the share of tasks performed by humans from 71% to 58%. Both companies and workers will need to invest in retraining to ensure workers can take on new roles as jobs evolve, in order to realize potential productivity gains.

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236 views4 pages

The Future of Jobs Report 2018 Summary

The World Economic Forum report finds that while automation may displace some 75 million jobs globally by 2022, 133 million new roles may emerge as tasks are redistributed between humans and machines, resulting in a net increase of 58 million jobs. However, these new jobs will require different skills. Machines are projected to perform 42% of workplace tasks by 2022 compared to 29% currently, reducing the share of tasks performed by humans from 71% to 58%. Both companies and workers will need to invest in retraining to ensure workers can take on new roles as jobs evolve, in order to realize potential productivity gains.

Uploaded by

muhammad usama
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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The Future of Jobs Report 2018:

Summary:
The report consist of :

 How the employment market will change from 2018 to 2022,


 Why technology and human capital are critical aspects of the emerging labor dynamic,
and
 What employers and employees can do to manage the transition effectively.

Global business and political leaders, along with workers, face challenges and opportunities in
the Fourth Industrial Revolution. Technological innovation is massively altering the traditional
employer and employee relationship, with both positive and negative consequences. Artificial
intelligence, virtual reality, robotics and machine learning have the potential to unleash
productivity gains that could spur global economic growth and deliver accelerating wealth and
prosperity across nations. These upbeat outcomes are by no means guaranteed; rather, they
depend on stakeholders participating in strategic and tactical programs designed to enhance the
interconnectivity of human talent and technical progress.

“The emerging contours of the new world of work in the Fourth Industrial Revolution are rapidly
becoming a lived reality for millions of workers and companies around the world.”

Large-scale deployments in the areas of Internet access, artificial intelligence, big data and cloud
infrastructure will define the 2018–2022 period. Companies will incorporate these technologies
at an increasing clip, with investments of $8 trillion in just the United States in the 2020s and
2030s. Businesses are also scrambling into the robotics space, with leaders addressing the
prospect of automated equipment enhancing worker output.

“Our analysis finds that increased demand for new roles will offset the decreasing demand for
others.”

While almost half of employers polled in a recent survey predict that automation will cause job
losses in their enterprises by 2022, gains in employment resulting from new skills and positions
created through innovation will likely mitigate these losses. Machines will increasingly take over
existing jobs, with humans’ share of “total task hours” falling from 71% in 2018 to 58% in 2022.
Forecasters posit that global job losses due to automation could reach 75 million, but 133 million
new projected positions would more than compensate for the decrease. Because these incipient
occupations will be highly specialized, individuals must learn and adopt new skills.

“For workers, there is an unquestionable need to take personal responsibility for one’s own
lifelong learning and career development.”

And that is where a disconnect begins to form, as some 54% of current employees will need
retraining and “upskilling.” In addition to technical proficiencies, individuals will have to
develop their creative, critical and strategic thinking, as well as their emotional intelligence.
Some workers will find themselves displaced, so public policy must provide a safety net of
financial and educational support – such as a “universal lifelong learning fund” – to help in their
transition.

 Technological innovation is massively altering the traditional employer and employee


relationship, with both positive and negative consequences.
 Artificial intelligence, virtual reality, robotics and machine learning have the potential to
unleash productivity gains, which could spur global economic growth and prosperity.
 Large-scale deployments in the areas of Internet access, artificial intelligence, big data
and cloud infrastructure will define the 2018–2022 period.
 Forecasters posit that global job losses due to automation could reach 75 million, but 133
million new positions could more than compensate for the decrease.
 Machines will increasingly take over existing jobs, with humans’ share of “total task
hours” falling from 71% in 2018 to 58% in 2022.
Summary:
Machines will overtake humans in terms of performing more tasks at the workplace by 2025 —
but there could still be 58 million net new jobs created in the next five years, the World
Economic Forum (WEF) said in a report on Monday.

Developments in automation technologies and artificial intelligence could see 75 million jobs
displaced, according to the WEF report “The Future of Jobs 2018. ” However, another 133
million new roles may emerge as companies shake up their division of labor between humans
and machines, translating to 58 million net new jobs being created by 2022, it said.

At the same time, there would be “significant shifts” in the quality, location and format of new
roles, according to the WEF report, which suggested that full-time, permanent employment may
potentially fall.

Some companies could choose to use temporary workers, freelancers and specialist contractors,
while others may automate many of the tasks.

New skill sets for employees will be needed as labor between machines and humans continue to
evolve, the report pointed out.

Machines are expected to perform about 42 percent of all current tasks in the workplace by 2022,
compared to only 29 percent now, according to firms surveyed by WEF. Humans are expected to
work an average of 58 percent of task hours by 2022, up from the current task hours of 71
percent.

Artificial intelligence and its impact on jobs has become a hot topic of debate and many experts
have predicted that machines will ultimately replace millions of jobs in the next decade. Still, the
conventional wisdom among many business executives is that AI will also create new jobs.

An analysis from global audit firm PwC also made similar predictions. It said that AI, robotics
and other forms of “smart automation” technologies could boost productivity and create better
products and services. While some jobs will be displaced or “fundamentally changed in nature,”
new jobs will also be created and the long term net effect should be positive for the economy as a
whole.

The WEF report was based on a survey of human resources officers, strategy executives and
CEOs from more than 300 global companies in a wide range of industries. Respondents
represented more than 15 million employees and 20 developed and emerging economies that
collectively represent some 70 percent of the global economy.
The outlook for job creation remains positive even though nearly half of all companies expect
their full-time workforce to shrink over the next several years, the WEF report. That is due to the
fact that firms now have a better understanding of how technology creates new business
opportunities.

While automation could give companies a productivity boost, they need to invest in their
employees in order to stay competitive, according to Saadia Zahidi, head of the Centre for the
New Economy and Society at the World Economic Forum.

“There is both a moral and economic imperative to do so,” Zahidi said in a statement. “Without
proactive approaches, businesses and workers may lose out on the economic potential of the
Fourth Industrial Revolution.”

The Fourth Industrial Revolution basically refers to the ways new technologies will
alter the way people live, work and relate to one another.

Companies, governments and employees need to work together to tackle skills shortages that
occur due to automation, according to WEF.

Ultimately, if companies can effectively manage upgrading the skills of existing workers and
splitting tasks between employees and machines, they would create the opportunity for higher
productivity growth, the WEF said.

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