You could be without a job by 2025
Technology – machines automating labor, physical and mental –will result in an estimated job loss for 85 million individuals. This isclaimed by a report by WEF
The 'Future of Jobs Report 2020', however, noted that 97million new roles may emerge that are more adapted to the new division oflabour between humans, machines, and algorithms.
"Although the number of jobs destroyed will besurpassed by the number of 'jobs of tomorrow' created, in contrast to previousyears, job creation is slowing while job destruction accelerates," itsaid.
Employers expect that by 2025, increasingly redundant roleswill decline from 15.4 per cent of the workforce to 9 per cent, and thatemerging professions will grow from 7.8 per cent to 13.5 per cent of the totalemployee base of company respondents, the report said.
"Based on these figures, we estimate that by 2025, 85million jobs may be displaced by a shift in the division of labour betweenhumans and machines, while 97 million new roles may emerge that are moreadapted to the new division of labour between humans, machines, andalgorithms," it added.
It observed that automation, in tandem with the COVID-19recession, is creating a 'double-disruption' scenario for workers. In additionto the current disruption from the pandemic-induced lockdowns and economiccontraction, technological adoption by companies will transform tasks, jobs andskills by 2025.
Around 43 per cent per cent of businesses surveyed indicatethat they are set to reduce their workforce due to technology integration, 41per cent plan to expand their use of contractors for task-specialised work, and34 per cent plan to expand their workforce due to technology integration.
"By 2025, the time spent on current tasks at work byhumans and machines will be equal. A significant share of companies also expectto make changes to locations, their value chains, and the size of theirworkforce due to factors beyond technology in the next five years," itsaid.
The report underlines that in spite of what the currentscenario is letting on, the leaders are aware of and appreciate the value of individuals.Still, the march of technology, or in general economic cycles are unstoppablejuggernauts and the people would be better off formulating an action plan tokeep them relevant and employed in the rapidly changing environment.