PanamaTimes

Monday, May 20, 2024

WEF: Experts call for reskilling of global workforce as job losses threaten to outpace growth

WEF: Experts call for reskilling of global workforce as job losses threaten to outpace growth

Experts on Tuesday called for urgent reskilling and upskilling of the global workforce, warning that major changes to the world of work in the next few years will see job losses outpace growth.
Economists, ministers and policymakers gathered in Geneva, Switzerland, on the first day of the World Economic Forum’s “Growth Summit: Jobs and Opportunities for All” to discuss the state of the job market and future opportunities and challenges ahead.

During the event, Saadia Zahidi, managing director at the WEF, argued that looking at macro-trends such as advancement of technology, green transition and shifting supply chain, over the next few years “about a quarter of the jobs that currently exist will be disrupted in some form of the other.”

She said that although some jobs would be lost and others added, the picture “seems manageable, provided that we focus on the reskilling and upskilling of workers. The future of jobs may be disruptive, but it need not be dystopian.”

According to a new report released on Sunday by WEF, within the next five years 23 percent of jobs will be disrupted, with an estimated 83 million roles disappearing and only 69 million emerging, equal to a net decrease of 14 million jobs, or 2 percent of current employment.

The “Future of Jobs 2023” report suggests that while certain sectors such as green transition and localization of supply chains will create new jobs, economic challenges — such as high inflation, slower economic growth and supply shortages — represent the greatest threat.

WEF’s report predicts that the fastest-growing jobs in the next five years will be in artificial intelligence and machine learning while the largest is expected in education, agriculture and digital commerce.

These jobs include technology specialists, sustainability specialists, business intelligence analysts and information security specialists.

But as Kirsten Salyer, head of editorial strategy and thought leadership at WEF pointed out during one of the panels, “the report found that one of the greatest barrier to business transformation is the skill gap.”

Over the past few months, the rapid advancement of generative AI technology has been seen as a threat to the labor market, particularly in the service sector.

However, in reality, the report indicates how technological advancement represents both a challenge and an opportunity and, ultimately, an overall net positive in job creation.

“AI is going to change every job, how we do it, in the service sector, but will not eliminate many jobs,” argued Richard Baldwin, professor of international economics at the Graduate Institute of International and Development Studies in Geneva.

“It is essentially ‘wisdom in a can’ giving more power to all workers, but especially those average workers. I think it would be uplifting for the middle class but would be extremely disruptive in the sense that every job will change.”

“What I say on Twitter all the time is: AI will not take your job, it is somebody using AI that will take your job. So you better learn how to use AI,” Baldwin said.

Human capital development, including reskilling, upskilling and transforming the educational sector to ensure resilience, was one of the central topics of discussion at the WEF summit on Tuesday.

Zahidi was among those who stressed the importance of a better framework to support the transition to the jobs of the future, saying that “governments and businesses must invest in supporting the shift . . . through the education, reskilling and social support structures that can ensure individuals are at the heart of the future of work.”

UAE Minister of Education Ahmad Belhoul Al-Falasi also reiterated the importance of strengthening collaboration between the different entities to better prepare the workforce for the future labor market.

He argued that while it was difficult to predict what skills would be required by the labor market in the future, the focus should be on preparing people to be lifelong learners, highly adaptable, and aware that their jobs will drastically change.

Al-Falasi talked about how his country was moving toward “instilling that capacity of self-learning much earlier in the process.”

“You want to push that responsibility more to the students by allowing them to take choices at an early age and allowing them to self-learn at a younger age,” he said.

Al-Falasi said that the proliferation of digital technology has made it easier to provide digital learning content.

Many of the discussions also turned to the importance of ensuring jobs that dignify and protect the rights of workers.

Younes Sekkouri, Morocco’s minister of economic inclusion, small business, employment and skills, stressed the importance of considering not only skills but also the added value that jobs brought to people.

He said that talent retention would be a key challenge for policymakers and businesses to address, particularly in developing countries.

The WEF is an international non-governmental organization committed to improving the state of the world through public-private cooperation.

Each year, the WEF hosts two major events: the Annual Meeting and the Growth Summit, where global leaders from business, government and civil society convene to discuss some of the world’s most pressing issues.

The 2023 Growth Summit brings together experts from diverse sectors to discuss three core themes: Enabling resilient growth, developing human capital, and accelerating economic equity.
Comments

Oh ya 1 year ago
Yes kids your gender studies degree is not going to cut it in the real world. So payoff ypur student loans you took to get it and get a real job

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
El Salvador's Bitcoin Holdings Reach $350 Million
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+
Changpeng Zhao Sentenced to Four Months in Jail
Biden Administration to Relax Marijuana Regulations
101-Year-Old Woman Mistaken for a Baby by American Airlines: Comical Mix-Up during Flight Check-in
King Charles and Camilla enjoying the Inuit voice singing performance in Canada.
New Study: Vaping May Lower Fertility in Women Trying to Get Pregnant
U.S. DOJ Seeks Three-Year Sentence for Binance Founder Changpeng Zhao
Headlines - Thursday, 23 April 2024
Illinois Woman Wins $45M Lawsuit Against Johnson & Johnson and Kenvue for Mesothelioma Linked to Baby Powder
Panama's lates news for Friday, April 19
Creative menu of a Pizza restaurant..
You can be a very successful player, but a player with character is another level!
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.
Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.
I will never get enough of his videos and the pure joy and beauty of these women!!
Scientists at the University of Maryland have developed an "invisibility cloak", for AI using adversarial patterns on a sweater, making the wearer nearly undetectable to standard object detection methods.
Lamborghini Bids Farewell to Its Best-Selling Sports Car: The Huracán
Sam Bankman-Fried Appeals 25-Year Prison Sentence for $8bn FTX Fraud
OJ Simpson, ex-NFL star who was acquitted of murder, dies aged 76
British Backpacker Imprisoned in Notorious Bolivian Prison: Family Raises Funds for Legal Fight and Essentials
Argentina: Venezuela Cuts Power to Embassy after Opposition Meeting
El Salvador Offers 5,000 Passports to Skilled Foreign Workers: Tax-Free Relocation and Citizenship
Panama Papers Trial Begins: Founders of Mossack Fonseca Face Money-Laundering Charges
75 Becomes the New 65: Retiring in Your 60s Unrealistic as Life Expectancy Increases and Costs Rise
Total Solar Eclipse of 2021: 32 Million Witness the Mystical, $1.5bn Spectacle Sweep Across North America
New shopping experience…
New world, new reality, let’s get used to it
UK Company Passes Milestone in Developing Space-Based Solar Power, Aiming to Power a Million Homes and Provide Constant Energy
Mexico Breaks Diplomatic Ties with Ecuador after Police Storm Embassy, Arrest Former Vice President
Monty Python were so ahead of their time
If there's a will, there's a way!
Rules about how to dress are important, but not so much if you have a lot of money.
Body Armor Firm Showcases Stab-Proof Vest in Demo on CEO
Mexico Cuts Diplomatic Ties with Ecuador After Embassy Stormed in Quito
Here is a tattoo idea, for engineers
Zoraya Ter Beek, a 28-year-old woman from the Netherlands, will undergo euthanasia in May due to severe mental health challenges
Here's a video featuring Fidel Castro, where he discusses his stance against war and his commitment to preserving life, positions that have put him at odds with the USA:
Woman reaches behind and steals gun from a security guard and shoots three people while getting detained in Chile
Take a walk around the safe and thriving downtown San Salvador.
Joe Biden criticised by Trump campaign for declaring Transgender Day of Visibility on Easter Sunday
Macron says France will help Brazil develop nuclear-powered submarines
A video demonstrating women's self defense class in 1930
×