employees.
•Create new training programs. To achieve success with new technology, it’s crucial to train new and tenured employees properly. A good training program can make a huge difference in ensuring your team masters new changes.
•Having an adaptable vision. New technology and work styles can shake up a company’s vision or goals, but only if that vision is unadaptable. Instead of fighting changes that arrive, find ways to integrate them into current goals.
•Valuing your employees and AI. Discarding all human employees or refusing to implement AI can both have disastrous consequences. Instead, employers should look for opportunities where humans and AI work most efficiently together.12
Worldwide Trends
The World Economic Forum Future of Jobs Survey has come to similar conclusions when examining economic and job trends globally. Specifically, the survey found:
•Economic, health and geopolitical trends have created divergent outcomes for labor markets globally in 2023. Real wages are declining because of an ongoing cost-of-living crisis, and changing worker expectations and concerns about the quality of work are becoming more prominent issues globally.
•Technology adoption will remain a key driver of business transformation in the next five years. Over 85 percent of organizations surveyed identify increased adoption of new and frontier technologies and broadening digital access as the trends most likely to drive transformation in their organization.
•The largest job creation and destruction effects come from environmental, technology and economic trends. Among the macrotrends 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.
•Within technology adoption, big data, cloud computing and AI feature highly on likelihood of adoption. More than 75 percent of companies are looking to adopt these technologies in the next five years.
•The impact of most technologies on jobs is expected to be a net positive over the next five years. Big data analytics, climate change and environmental management technologies, and encryption and cybersecurity are expected to be the biggest drivers of job growth.
•Employers anticipate a structural labor market churn of 23 percent of jobs in the next five years. This can be interpreted as an aggregate measure of disruption, constituting a mixture of emerging jobs added and declining jobs eliminated.
•The human-machine frontier has shifted, with businesses introducing automation into their operations at a slower pace than previously anticipated. Task automation in 2027 is expected to vary from 35 percent of reasoning and decision-making to 65 percent of information and data processing.
•The combination of macrotrends and technology adoption will drive specific areas of job growth and decline. The fastest-growing roles relative to their size today are driven by technology, digitalization, and sustainability. Analytical thinking and creative thinking remain the most important skills for workers in 2023.
•Employers estimate that 44 percent of workers’ skills will be disrupted in the next five years. Cognitive skills are reported to be growing in importance most quickly, reflecting the increasing importance of complex problem-solving in the workplace. Technology literacy is the third-fastest growing core skill.
•Six in 10 workers will require training before 2027, but only half of workers are seen to have access to adequate training opportunities today. The highest priority for skills training from 2023-2027 is analytical thinking, which is set to account for 10 percent of training initiatives, on average. The second priority for workforce development is to promote creative thinking, which will be the subject of 8 percent of upskilling initiatives. Training workers to