Most know our 90% focus these days is on the future of work, a change accelerated by COVID-19. A new study by the World Economic Forum below lists the top 10 jobs needed, and you will see the common denominator is entrepreneurship. Why then, is not entrepreneurship MANDATED in every K12, college, and university in the world? At least my community college specialty is leading the way with re-skilling adults and expansive entrepreneurship for-credit and not-for-credit curriculums through NACCE.com, National Association for Community College Entrepreneurship.
After years of growing income inequality, concerns about technology-driven displacement of jobs, and rising societal discord globally, the combined health and economic shocks of 2020 have put economies into freefall, disrupted labour markets and fully revealed the inadequacies of our social contracts. Millions of individuals globally have lost their livelihoods and millions more are at risk from the global recession, structural change to the economy and further automation. Additionally, the pandemic an
the subsequent recession have impacted most those communities which were already at a disadvantage.
We find ourselves at a defining moment: the decisions and choices we make today will determine the course of entire generations’
lives and livelihoods. We have the tools at our disposal. The bounty of technological innovation which defines our current era can be leveraged to unleash human potential. We have the means to reskill and upskill individuals in unprecedented numbers, to deploy precision safety nets which protect displaced workers from destitution, and to create bespoke maps which orient displaced workers towards the jobs of tomorrow where they will be able to thrive.
However, the efforts to support those affected by the current crisis lag behind the speed of disruption. It is now urgent to enact a Global Reset towards a socio-economic system that is more fair, sustainable and equitable, one where social mobility is reinvigorated, social cohesion restored, and economic prosperity is compatible with a healthy planet. If this opportunity is missed, we will face lost generations of adults and youth who will be raised into growing inequality, discord and lost potential.
The Future of Jobs Report provides the timely insights needed to orient labor markets and workers towards opportunity today and in the future of work. Now in its third edition, the report maps the jobs and skills of the future, tracking the pace of change and direction of travel.
This year we find that while technology-driven job creation is still expected to outpace job destruction over the next five years, the economic contraction is reducing the rate of growth in the jobs of tomorrow. There is a renewed urgency to take proactive measures to ease the transition of workers into more sustainable job opportunities. There is room for measured optimism in the data, but supporting workers will require global, regional and national public-private collaboration at an unprecedented scale and speed.
The COVID-19 pandemic-induced lockdowns and related global recession of 2020 have created a highly uncertain outlook for the labor market and accelerated the arrival of the future of work. The Future of Jobs Report 2020 aims to shed light on: 1) the pandemic-related disruptions thus far in 2020, contextualized within a longer history of economic cycles, and 2) the expected outlook for technology adoption jobs and skills in the next five years. Despite the currently high degree of uncertainty, the report uses a unique combination of qualitative and quantitative intelligence to expand the knowledge base about the future of jobs and skills. It aggregates the views of business leaders—chief executives, chief strategy officers and chief human resources officers–on the frontlines of decision-making regarding human capital with the latest data from public and private sources to create a clearer picture of both the current situation and the future outlook for jobs and skills. The report also provides in-depth information for 15 industry sectors and 26 advanced and emerging countries.
Automation, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for workers. In addition to the current disruption from the pandemic-induced lockdowns and economic contraction, technological adoption by companies will transform tasks, jobs and skills by 2025. Forty- three percent of businesses surveyed indicate that they are set to reduce their workforce due to technology integration, 41% plan to expand their use of contractors for task-specialized work, and 34% plan to expand their workforce due to technology integration. By 2025, the time spent on current tasks at work by humans and machines will be equal. A significant share of companies also expect to make changes to locations, their value chains, and the size of their workforce due to factors beyond technology in the next five years.
Skills gaps continue to be high as in- demand skills across jobs change in the next five years. The top skills and skill groups which employers see as rising in prominence in the lead up to 2025 include groups such as critical thinking and analysis as well as problem-solving, and skills in self-management such as active learning, resilience, stress tolerance and flexibility. On average, companies estimate that around 40% of workers will require reskilling of six months or less and 94% of business leaders report that they expect employees to pick up new skills on the job, a sharp uptake from 65% in 2018.
The future of work has already arrived for a large majority of the online white-collar workforce. Eighty-four percent of employers are set to rapidly digitalize working processes, including a significant expansion of remote work—with the potential to move 44% of their workforce to operate remotely. To address concerns about productivity and well-being, about one-third of all employers expect to also take steps to create a sense of community, connection and belonging among employees through digital tools, and to tackle the well-being challenges posed by the shift to remote work.
In the absence of proactive efforts, inequality is likely to be exacerbated by the dual impact of technology and the pandemic recession. Jobs held by lower wage workers, women and younger workers were more deeply impacted in the first phase of the economic contraction. Comparing the impact of the Global Financial Crisis of 2008 on individuals with lower education levels to the impact of the COVID-19 crisis, the impact today is far more significant and more likely to deepen existing inequalities. The window of opportunity to reskill and upskill workers has become shorter in the newly constrained labour market. This applies to workers who are likely to stay in their roles as well as those who risk losing their roles due to rising recession-related unemployment and can no longer expect to retrain at work. For those workers set to remain in their roles, the share of core skills that will change in the next five years is 40%, and 50% of all employees will need reskilling (up 4%).
The public sector needs to provide stronger support for reskilling and upskilling for at-risk or displaced workers. Currently, only 21% of businesses report being able to make use of public funds to support their employees through reskilling and upskilling. The public sector will need to create incentives for investments in the markets and jobs of tomorrow; provide stronger safety nets
for displaced workers in the midst of job transitions; and to decisively tackle long- delayed improvements to education and training systems. Additionally, it will be important for governments to consider the longer-term labor market implications of maintaining, withdrawing or partly continuing the strong COVID-19 crisis support they are providing to support wages and maintain jobs in most advanced economies.
Courtesy of WEF, World Economic Forum October 2020 Report
Full PDF Report on https://www.weforum.org/reports