Highlights
- In less than seven years, by 2025, machines are projected to overtake humans in workplace task hours in 12 key industry sectors, according to a ‘Future of Jobs’ report by the World Economic Forum (WEF).
- Globally, almost half of all companies expect automation to cut their full-time workforce in the next four years; however, new jobs will still lead to a net gain in employment opportunities if sufficient reskilling is done.
- In India, 54% of employees in these sectors will need reskilling by 2022, the WEF said in the report released.
‘Significant shift’
- Technological changes such as high-speed mobile Internet and cloud technology, artificial intelligence, robots and automation are expected to drive a “significant shift on the frontier between humans and machines when it comes to existing work tasks between 2018 and 2022.”
- In 2018, humans performed an average of 71% of total task hours across the 12 industries spanning manufacturing, services and high tech.
- By 2025, that will drop to just 48%, according to the WEF. Machines will perform the remaining 52%.
- The WEF, therefore, identified the reskilling and upskilling of employees as an urgent imperative.
Additional Info:
The World Economic Forum
- The World Economic Forum is the International Organization for Public-Private Cooperation.
- The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
- It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland.
- It is independent, impartial and not tied to any special interests.
- The foundation produces a series of research reports and engages its members in sector-specific initiatives.
- Global Information Technology Report, Travel and Tourism Competitiveness Report. Global Competitiveness Report (GCR) are released by WEF
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