World Economic Forum: How AI will impact the future of work

The World Economic Forum's latest Future of Jobs Report for 2023 sheds light on the impact of artificial intelligence on the global labor market. Managing Director Saadia Zahidi provided insights on the report's findings, indicating that approximately 83 million jobs are at risk of being eliminated, while 69 million new jobs are expected to be created, resulting in a net loss in overall job numbers. Despite this, there are promising prospects for job creation in various sectors such as the green transition, technology, education, and agriculture. The report emphasizes that AI and technology are set to play a significant role in shaping the future job landscape, with more than half of companies anticipating job growth due to AI implementation. Investments in AI and big data skills are on the rise as businesses aim to enhance workforce capabilities across different skill levels. This projected growth extends to multiple industries including education, agriculture, and communication, indicating a positive outlook amidst job disruptions in administrative and lower-skilled roles. One of the key highlights of the report is the potential job creation in the green transition sector, which could benefit regions rich in resources like Africa. Additionally, the agriculture industry is poised for growth, driven by the adoption of technology to boost productivity and skill levels. Education is also identified as a sector with high demand, expected to generate millions of new jobs globally. However, concerns arise regarding the automation of tasks involving reasoning, communication, and coordination, traditionally seen as human strengths. While AI advancements may replicate some human abilities, there is an opportunity for individuals to upskill and provide higher value-added services alongside technology. Collaboration between governments, businesses, and individuals is crucial to navigate the evolving job market and ensure that smart decisions are made to empower workers. The report also touches on the importance of digital education and upskilling initiatives to address skills disruption and equip individuals for future job opportunities. Online platforms like Coursera are highlighted as valuable resources for individuals to enhance their skills, regardless of their educational background. Employers are encouraged to rethink traditional hiring criteria and prioritize short-term reskilling programs to meet the demands of evolving job roles. In conclusion, while AI's impact on the labor market may lead to job disruptions in certain sectors, there is a collective effort needed to harness the potential for job growth and skill development. By embracing technological advancements and investing in education and upskilling initiatives, individuals and businesses can adapt to the changing job landscape and thrive in the era of AI.