The Fourth Industrial Revolution, which includes developments in previously disjointed fields such as artificial intelligence and machine learning, robotics, nanotechnology, 3-D printing, and genetics and biotechnology, will cause widespread disruption not only to business models but also to labour markets over the next five years, with enormous change predicted in the skill sets needed to thrive in the new landscape. This is the finding of a new report, The Future of Jobs, published today by the World Economic Forum.
1. Executive Summary: Jobs
Disruptive changes to business models will have a profound impact on the employment landscape over the coming years. Many of the major drivers of transformation currently affecting global industries are expected to have a significant impact on jobs, ranging from significant job creation to job displacement, and from heightened labour productivity to widening skills gaps. In many industries and countries, the most in-demand occupations or specialities did not exist 10 or even five years ago, and the pace of change is set to accelerate. By one popular estimate, 65% of children entering primary school today will ultimately end up working in completely new job types that don’t yet exist. In such a rapidly evolving employment landscape, the ability to anticipate and prepare for future skills requirements, job content and the aggregate effect on employment is increasingly critical for businesses, governments and individuals in order to fully seize the opportunities presented by these trends—and to mitigate undesirable outcomes. The World Economic Forum’s Future of Jobs Report seeks to understand the current and future impact of key disruptions on employment levels, skill sets and recruitment patterns in different industries and countries. It does so by asking the Chief Human Resources Officers (CHROs) of today’s largest employers to imagine how jobs in their industry will change up to the year 2020.
2. Executive Summary: Gender Gap
Technological, socio-economic, geopolitical and demographic developments and the interactions between them will generate new categories of jobs and occupations while partly or wholly displacing others. In addition, as whole industries adjust and new ones are born, many current occupations will undergo a fundamental transformation. As the Fourth Industrial Revolution takes hold in different industries and job families, it will affect female and male workers in distinct ways. By their very nature, many of the major drivers of transformation currently affecting global industries have the potential to enable the narrowing of industry gender gaps that continue to be widespread in most industries today, aggravating hiring processes and future workforce planning due to a more restricted talent pool. As industries prepare to adapt to disruptive change, tackling gender gaps could also unlock new opportunities for growth. The Future of Jobs Report seeks to understand the current and future impact of key disruptions on recruitment patterns and gender gaps in different industries and countries. It does so by asking the Chief Human Resources Officers (CHROs) of today’s largest employers to imagine how jobs in their industry and women’s participation in the workforce will change up to the year 2020.