WEF survey says world will shed 14 million jobs by 2027

The world will see an eye-popping number of jobs around the world shed by 2027, according to the World Economic Forum (WEF).

Over the next half-decade, the total expected net number of jobs that will go away will be 14 million, the WEF said its “The Future of Jobs Report 2023” showed. That, according to the report, will represent a drop of roughly 2% “among the 673 million jobs corresponding to the dataset” it used.

The figure comes from companies saying they foresee more jobs getting done away than added, with the former coming in at an expected 83 million and the latter at 69 million, according to the WEF.

In the report, many companies surveyed cited “investments that facilitate the green transition of businesses, the broader application of ESG standards and supply chains becoming more localized” as some major trends playing into job growth. Over 50% also said further uptake of new technologies and digital access would aid net job growth for the next five years, according to the survey.

GLOBAL RECESSION LIKELY, SAY 63% OF CHIEF ECONOMISTS IN WEF SURVEY

Over 80% of surveyed companies reported being “likely” or “highly likely” to incorporate digital platforms, education and workforce development technologies or big data analytics by 2027. Those were followed by “internet of things and connected devices,” cloud computing, encryption and cybersecurity, and e-commerce, all of which over 75% of companies indicated they were planning to adopt, according to the report. 

Just under three quarters, 74.9%, said they’d likely bring on artificial intelligence. A net 25.6% of companies said AI would facilitate job creation. 

THESE JOBS ARE SAFE FROM THE AI REVOLUTION – FOR NOW

Here are the five jobs the WEF survey identified as having the most expected growth by 2027:

• AI and Machine Learning Specialists.
• Sustainability Specialists.
• Business Intelligence Analysts.
• Information Security Analysts.
• FinTech Engineers.

Roughly the same share of organizations said “increased geopolitical divisions” would create jobs as those that said it would displace them, the WEF said. Such was the case with COVID-19 pandemic impacts, as well.

For job elimination, the report found “slower economic growth, supply shortages and the rising cost of inputs, and the rising costs of living for consumers” to be the strongest factors.

In the U.S., inflation measured by the consumer price index went up 0.1% month-over-month and 5% year-over-year in March, for example. 

Here are the five roles the WEF survey said were projected to have the most displacement:

• Bank Tellers and Related Clerks.
• Postal Service Clerks.
• Cashiers and Ticket Clerks.
• Data Entry Clerks.
• Administrative and Executive Secretaries.

More than half of global workers will have their “core skills” remain unchanged in the coming five years, while 44% will see them shift, according to the survey. Many will need some form of additional workforce training, it also found. 

Considering jobs added and jobs lost, the WEF pegged the overall “structural labour market churn” projected by companies in the five-year timeframe to come in at 23%.

The survey involved over 800 companies across various industries around the world.