The Future of Jobs Report 2023 explores the evolution of jobs and skills over the next five years. It highlights the divergent outcomes in labour markets globally, with high-income countries experiencing tight labour markets while low- and lower-middle-income countries face higher unemployment rates. The report emphasizes the challenges faced by workers with only basic education and women in terms of employment levels. It also addresses the declining real wages due to the cost-of-living crisis and the growing concerns about the quality of work. The report predicts that technology adoption and the application of environmental, social, and governance standards will drive business transformation in the coming years. Additionally, it discusses the impact of macroeconomic trends, such as the rising cost of living and slow economic growth. The report identifies the key drivers of job creation and destruction, including investments in the green transition, technology adoption, and economic factors. It also highlights the importance of analytical thinking and creative thinking as core skills for workers, along with the growing importance of cognitive skills and technology literacy. The report emphasizes the need for training and upskilling initiatives, particularly in analytical thinking and creative thinking. It outlines the barriers to industry transformation, including skills gaps and talent availability, and suggests strategies such as investing in learning and on-the-job training. The report concludes with a focus on diversity, equity, and inclusion programs, with companies prioritizing women, youth, and individuals with disabilities. Lastly, it highlights the importance of government funding for skills training as an effective intervention to connect talent to employment.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Future of Jobs Report 2023 | Analysis of jobs and skills evolution | More focus on technology and sustainability skills | Economic, health, and geopolitical trends |
| Divergent labor markets globally | Higher unemployment in low-income countries | Continued disparities in labor-market outcomes | Economic, health, and geopolitical trends |
| Real wages declining, changing worker expectations | Decreased wages and concerns about work quality | Increased focus on fair wages and better work conditions | Cost-of-living crisis and worker concerns |
| Technology adoption as a driver of business transformation | Increased adoption of new technologies and digital access | Greater integration of technology and ESG standards | Technological advancement and environmental concerns |
| Job creation and destruction from environmental, tech, and economic trends | Job growth in green transition and localized supply chains | Job displacement offset by growth in certain sectors | Environmental, technological, and economic trends |
| Adoption of big data, cloud computing, and AI | Increased adoption of advanced technologies | Greater use of digital platforms and e-commerce | Advancements in technology and digitalization |
| Impact of technologies on jobs | Net positive impact on most jobs | Labor-market disruption and displacement in certain sectors | Advancements in technology and changing job demands |
| Expected job growth and decline in various industries | Growth in technology, education, agriculture, and digital commerce | Decline in administrative and traditional roles | Economic shifts and technological advancements |
| Importance of analytical and creative thinking skills | Analytical thinking and creative thinking remain crucial | Increased focus on cognitive and self-efficacy skills | Importance of problem-solving and adaptability |
| Expected disruption of workers’ skills | Cognitive skills growing in importance | Focus on creative thinking and technology literacy | Increasing complexity of problem-solving and technological advancements |
| Need for training and access to training opportunities | Majority of workers require training | Limited access to training opportunities | Importance of upskilling and reskilling initiatives |
| Skills prioritized for training | Analytical thinking and creative thinking | Focus on AI, big data, and leadership skills | Evolving workplace demands and technology integration |
| Barriers to industry transformation | Skills gaps and talent availability | Improving talent progression and promotion processes | Need for better talent management and reskilling |
| Workforce strategies for business goals | Learning, on-the-job training, and automation | Focus on workforce development and automation | Importance of continuous learning and efficiency |
| Diversity, equity, and inclusion (DEI) programs | Prioritizing women, youth, and disabled individuals | Focus on diverse backgrounds and age groups | Push for inclusivity and equal opportunities |
| Funding for skills training as an effective intervention | Skills training funding as a government intervention | Importance of government support for skills development | Addressing skills gaps and connecting talent to employment |