The Jobs Of Tomorrow

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With millions of jobs lost, robots on the rise, and white-collar workers toiling largely at home, COVID 19 appears to have ushered in a new normal in the global workplace. Many of these developments stem from failed policy responses to mega trends already in motion long before the pandemic struck. At least for the last two decades, shifting demographics and technological upheaval have been upending labor markets, to make something worse inequality, jobs increasingly precarious and deepening insecurity. 

In addition, a deadly virus has simply accelerated the pace of change, with devastating consequences - especially for developing economies, which are expected to lose at least $220 billion in income. So, the politicians must pursue a dramatic course correction than previously considered. Some jobs will disappear and others will emerge as the world faces a dual disruption. This year, following are the five things which we need to know to shed light on the effect of pandemic related disruptions placed in broader context of long term technology trends. 

1. Workforce is automating faster than expected, displacing 85 million jobs in the next five years. Automation in tandem with the COVID 19 recession, is creating a double disruption scenario for workers. Companies' adoption of technology will transform tasks, jobs and skills by 2025. Five years from now, employers will divide work between humans and machines almost equally. 

2. Robots revolution will create 97 million new jobs. The emerging professions reflect the greater demand for green economy- roles at the forefront of Data and AI economy, and new roles in engineering, cloud computing and product development.  

3. Analytical thinking, creativity and flexibility will be among the most sought-  after skills. Employers see critical thinking, analysis and problem solving as growing in importance in the coming years. Newly emerging this year are skills in self-management such as active learning, resilience, stress tolerance and flexibility. 

4. Most competitive businesses will focus on upgrading their workers' skills. For workers set to remain in their roles over the next five years, about half will need retraining for their core skills. Public sector must provide incentives for investment in the markets and jobs of tomorrow, offer stronger safety nets for displaced workers during job transitions and tackle long-delayed improvements of education and training systems. 

5. Remote work is to stay. About 84% of employers are set to rapidly digitalize work processes, including a significant expansion of remote working. Most companies will automate as the pandemic underscores the vulnerabilities of a human workforce ad geographically dispersed global supply chains.

Although these programs can seem inefficient in good times, they provide the necessary space to react quickly in uncertain times.


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