The increase in the speed of digitization will upset the labor market

DNHN - This is also stated in the report "The Future of Work" published by the World Economic Forum (WEF) based on a survey of more than 800 businesses.

According to the World Economic Forum's (WEF) "Future of Jobs" report, approximately 69 million jobs will be created by 2027, while 83 million jobs will be lost, resulting in a 2% net decline in the current labor market. This survey is based on information from approximately 800 companies employing more than 11 million people and uses information from 673 million jobs.

The labor market in that era will be chaotic due to several factors, with the energy transition being the primary job creator, while slower economic growth and high inflation will result in losses.

The report states, "The adoption of advanced technology and the acceleration of digitalization will significantly disrupt the labor market." The jobs that will decline the most rapidly are those that can be automated, such as bank tellers, cashiers, etc.

According to WEF, a large number of businesses will require new personnel to deploy and manage AI tools. The average growth rate for jobs related to data analysts, scientists, machine learning specialists, and cybersecurity specialists is projected to be 30% by 2027.

Simultaneously, the prevalence of AI will put many positions at risk, as robots will sometimes replace humans. The WEF predicts that by 2027, nearly 26 million administrative and record-keeping jobs will be eliminated. Likewise, data entry workers and executive secretaries are among the most affected professions.

Despite the prevalence of tools such as ChatGPT, automation was relatively slow at the beginning of the decade. WEF survey respondents estimate that 34% of business-related tasks are currently performed by machines.

Additionally, the report concludes that technology and digitization are the two driving forces behind job creation and job loss.

Potential employers cite skill gaps and the inability to attract talent as significant obstacles to the transition. By 2027, six out of ten workers will require training, but only half of the workers currently have access to adequate training opportunities.

Saadia Zahidi, executive director of the World Economic Forum, stated, "The good news is that there is a clear direction to ensure resilience. Governments and businesses must invest in education, retraining, and social support that places individuals at the center of the future of work to facilitate the transition to jobs of the future.

As the global pandemic rages, the WEF predicted in its Job Outlook 2020 that by 2025, humans and machines will spend an equal amount of time performing current workplace tasks.

Minh Anh (t/h)