The Future of Jobs Report 2020: Highlights

Introduction:

The third edition of The Future of Jobs Report has been recently released by the World Economic Forum. The objectives of the Future of Jobs Report 2020 is to:

• Map the jobs with their required skillsets for the future
• Clarify the disruptions caused in the job market because of Covid-19 pandemic
• Anticipate outlook for technology adoption, jobs and skills for the next five years.

Key findings:

The Future of Jobs report provides a clear cut view of the job market of both the present situation and also for the future, using various qualitative and quantitative techniques. The views of various business leaders, data from public and private sources are used to prepare the report. The report provides detailed information about 15 industry sectors and 26 developing and advanced economies. Some of the key findings of the report are:

• The pace of technology adoption is going to stay and may intensify in some areas. The preference for cloud computing, big data and e-commerce by business leaders is expected to be high in the future also, just like previous years. The interest for encryption, artificial intelligence and non – humanoid robots have gone up.
• Technological adoption will change task, jobs and skills by 2025. In fact, the time spent on current tasks by humans and machines is going to equal by 2025, as per the report.
• 43% of companies have planned to reduce the workforce because of technology integration.
• 85 million jobs may be displaced because of the division of work between men and machines, by 2025.
• 97 million new roles may also be created which are accustomed to the division of work between men, machines and algorithms.
• 94% of business leaders have opined that they expect their employees to learn new skills on the job and 40% of workers need to reskill themselves for six months.
• 2 out of 3 employers expect the results of reskilling within one year.
• 84% of the employers are on the verge of digitalizing their workplace, which also includes remote working opportunities.
• Companies should start using environmental, social and governance (ESG) metrics and match it with renewed measures of human capital accounting.
• Public sector should encourage upskilling and reskilling for at-risk and displaced workers.
• Data Analysts and Scientists, AI and Machine Learning Specialists & Big Data Specialists are the top three emerging jobs as per the survey.

India Specific Findings:

• According to the report, the total working-age population in India are 588,373,756.
• The Labour force participation is 55.5% and the vulnerable employment rate is 74%.
• The unemployment rate is 2.5%.
• 90.3% surveyed companies have provided remote working opportunities because of Covid-19 pandemic.
• 87.1 % of the workplace have been digitalized.
• AI and Machine Learning Specialists, Data Analysts and Scientists, and Information Security Analysts are the top three emerging roles having great demand in the future.
• 95% of employers expect their employees to pick up new skills in the job.
• 82% of the surveyed companies tend to automate their work.
• 98% of the surveyed companies are using cloud computing, followed by 95% in encryption and cybersecurity and 90% in the Internet of things and connected devices.
• Analytical thinking and innovation, Complex problem – solving & Active learning and learning strategies are the top three emerging skills that are identified to have great demand in an organization.
• 41.5% of surveyed companies provide internal training and development and 21.1% provide external online training to their employees.
• 20.8% of workers in the financial services industry are at the risk of displacement, which is the highest when compared to all other surveyed industries in India.

Questions:

Q.1 The Future of the Jobs Report 2020 is prepared by which organization?
a. International Labour Organization
b. World Economic Forum
c. World Bank
d. IMF
e. Asian Development Bank.

Answer: b

Explanation: The Future of the Jobs Report 2020 is prepared by the World Economic Forum. It provides a clear cut picture of the labour market scenario for the next five years.

Q.2 According to The Future of the Jobs Report 2020, how much million jobs will be displaced between human and machines by 2025?
a. 75 million
b. 80 million
c. 85 million
d. 70 million
e. 90 million

Answer: c

Explanation: The future of the Jobs Report 2020 has predicted that nearly 85 million jobs will be displaced between human and machines by 2025.

Q.3 What is the unemployment rate in India, as per the Future of Jobs report 2020?
a. 2.5%
b. 2.3%
c. 3.4%
d. 3.6%
e. None of the above.

Answer: a

Explanation: The unemployment rate is 2.5% in India, as per The Future of Jobs report 2020.