I Read the World Economic Forum Future of Jobs Report 2023 And Wasnt Impressed : Chris

I Read the World Economic Forum Future of Jobs Report 2023 And Wasn’t Impressed
by: Chris
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The Future of Jobs Survey 2023 comprises responses from 803 companies across 27 industries and 45 economies, employing over 11.3 million workers. Key findings from the report are:

  1. Technology Adoption and ESG Standards as Drivers: 85% of surveyed organizations foresee technology adoption and broadening digital access as the main transformation drivers in the next five years. Businesses also anticipate a significant impact from the broader application of Environmental, Social, and Governance (ESG) standards.
  2. Job Creation and Destruction: The strongest net job-creation effect is predicted to come from investments facilitating businesses’ green transition, application of ESG standards, and localizing supply chains. However, slower economic growth, supply shortages, and rising cost of living are anticipated to be the primary causes of net job destruction.
  3. Big Data, Cloud Computing, and AI: Over 75% of companies plan to adopt these technologies in the next five years. Digital platforms and e-commerce are also likely to be integrated into 86% and 75% of companies’ operations, respectively.
  4. Positive Impact of Technology on Jobs: Most technologies are expected to be net job creators in the next five years, with significant job growth expected from big data analytics, climate change and environmental management technologies, and encryption and cybersecurity.
  5. Labor Market Churn and Slow Automation Pace: Employers predict a labor market churn of 23% of jobs in the next five years. The pace of automation is slower than expected in 2020, with companies estimating that only 34% of all business-related tasks are currently performed by machines.
  6. Fastest-Growing and Declining Roles: AI and Machine Learning Specialists, Sustainability Specialists, Business Intelligence Analysts, and Information Security Analysts are the fastest-growing roles, driven by technology, digitalization, and sustainability. The fastest-declining roles are clerical or secretarial, led by Bank Tellers, Postal Service Clerks, Cashiers, and Data Entry Clerks.
  7. Critical Skills for Workers: Analytical thinking and creative thinking continue to be the most important skills. Companies also emphasize resilience, flexibility and agility; motivation and self-awareness; and curiosity and lifelong learning.
  8. Training and Upskilling: Six in 10 workers will require reskilling by 2027. The top priorities for skills training include analytical thinking, creative thinking, and AI and big data. However, only half of the workers currently have access to adequate training opportunities.
  9. Workforce Development Strategies: Businesses identify skills gaps and an inability to attract talent as the main barriers to industry transformation. Improving talent progression and promotion processes, offering higher wages, and providing effective reskilling and upskilling are identified as key strategies to increase talent availability.

The data source and report are available at the World Economic Forum website here.

Let’s have a look at the most interesting graphs and charts from the report.

First, these are the “jobs on the rise” according to a LinkedIn collaboration with the WEF report:

You can see that “Technology and IT” is the third fastest-growing category with multiple adjacent IT-related categories such as “Cyber Security” and “Insights and Analytics” being in the top 10 as well.

Fortunately, we’re still in a rosy industry 🚀 as tech nerds and coders. If you want to boost your tech skills on a continuous daily schedule, join the free “Finxter Tech News” email program by downloading the cheat sheet below:

For instance, I’ve written an article on the income potential of security engineers which is between $75,732 and $144,874 in the US:

Similarly, data scientists can earn between $97,294 and $135,924 in the US (source):

The report has many detailed graphs and figures, but most of them I found too generic.

For instance, hot skills such as “creative thinking”, “Motivation and self-awareness”, or “Lifelong learning” are cited as being top:

This sounds cute, but it seems a bit self-evident: everybody trivially agrees that creative thinking is essential. The report is mainly based on self-reported answers to a questionnaire, and the formulation of these questions and multiple-choice options will bias the outcome.

Why should anybody disagree with the importance of “creative thinking”?

Other skills such as “Programming” are more specific, and that’s why not all companies trivially agree with those being “Core skills”.

In fact, they are not even on the same level as programming requires creative thinking, but creative thinking doesn’t require programming.

So what’s the point of stating the obvious?

Instead of spending more of your precious time on obvious fluff, why not look into something more specific and exciting? 👇😅

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July 07, 2023 at 06:09PM
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