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    14 Million Jobs Will Be Slashed Globally By 2027 Owing To AI And ESG Standards: WEF

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    The World Economic Forum (WEF) has warned that the use of artificial intelligence (AI), the transition to green energy, environmental, social, and governance (ESG) standards, and slower economic growth will substantially alter the employment landscape over the next five years.

    According to the World Economic Forum’s “The Future of Jobs Report 2023,” over 69 million new jobs will be created and 83 million will be destroyed by 2027, resulting in a loss of 14 million jobs, or 2% of the current labor force. This represents a 23% change in employment.

    In order to comprehend how macro and technological trends affect jobs and skills, as well as the “workforce transformation strategies” companies plan to implement between now and 2027, 803 companies employing more than 11.3 million people across 45 economies and 27 industries were surveyed for the report.

    By 2027, there will likely be approximately 26 million fewer people employed in clerical or secretarial occupations, such as bank tellers, cashiers, and ticket clerks, data entry clerks, postal service clerks, administrative and executive secretaries.

    A number of tech-related disciplines, including AI and machine learning, sustainability, business intelligence, information security, and fintech engineering, are expected to experience employment growth.

    Education (10%, resulting in 3 million additional jobs), agriculture (30%, resulting in 3 million additional jobs), and digital commerce and trade (4 million additional jobs) are, according to the analysis, the three industries that would likely experience the most job growth overall.

    The World Economic Forum identifies trends as the “leading drivers of job growth,” whereas economic challenges such as persistently high inflation, sluggish economic growth, and supply shortages pose “the greatest threat” to job formation. In the investment decision-making process, businesses use ESG guidelines to measure sustainable and ethical impacts.

    “The largest job creation and destruction effects come from environmental, technology, and economic trends. Among the macro trends listed, businesses predict the strongest net job-creation effect to be driven by investments that facilitate the green transition of businesses, the broader application of ESG standards, and supply chains becoming more localized, albeit with job growth offset by partial job displacement in each case,” according to the report.

    Consistently, Republican senators have warned businesses against adopting ESG regulations because doing so could reduce investment returns and impede economic development, which could have a negative impact on the economy as a whole.

    “Climate change adaptation and the demographic dividend in developing and emerging economies also rate high as net job creators,” the WEF report adds. “Technological advancement through increased adoption of new and frontier technologies and increased digital access are expected to drive job growth in more than half of surveyed companies, offset by expected job displacement in one-fifth of companies,” the report goes on to say.

    The rising cost of living for consumers is another factor cited in the report that will likely pose the greatest threat to the employment market over the next five years and lead to a significant loss of jobs.

    According to the WEF, the COVID-19 epidemic, expanding geopolitical differences, and demographic dividends in developing and emerging economies are less influential on corporate evolution elsewhere.

    The most recent study was published shortly after Goldman Sachs economists predicted that two-thirds of American jobs could be primarily automated by artificial intelligence (AI), which has become increasingly popular in recent years despite concerns about its potential negative effects on society and humanity.

    However, economists also noted that its application in industry and society could increase the global GDP by nearly $7 trillion due to, among other factors, enhanced manufacturing and productivity.

    In the next five years, approximately 75 percent of the companies surveyed intend to implement AI, big data, and cloud computing, which 50 percent anticipate will result in employment growth and 25 percent anticipate will result in job losses.

    The survey also revealed that businesses believe machines perform approximately 34% of all business-related duties, with humans performing the remaining 66%.

    More on this story via The Republic Brief:

    According to Sander Noordende, who is the CEO of the staffing agency, Randstad, “The latest findings in the Future of Jobs Report renew calls for action from all labor market stakeholders.” CONTINUE READING…

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