Robots, new working ways to cost 5 million jobs over next five years, Davos study says

DAVOS, Switzerland – Disruptive labour market changes, such as the rise of robots and artificial intelligence, can lead to an internet lack of 5.A million jobs within the next five years in 15 leading countries, based on an analysis published in Davos on Monday.

The projection by the World Economic Forum (WEF), which is holding its annual meeting within the Swiss ski resort now, assumes a total loss of 7.A million jobs, offset by a gain of 2 million new positions.

The 15 economies covered by the survey take into account approximately 65 per cent of the world’s total workforce.

Related

The world’s 62 richest people are in possession of more wealth compared to poorest 3.5 billion combinedSoon you’ll be able to take a position such as the very wealthy, with the rewards – and risksHow the Liberal 'revenue neutral' tax plan could cost billions and push top talent south

The assessment highlights the difficulties posed by modern technologies which are automating and making redundant multiple human tasks, from manufacturing to healthcare.

Four from ten young people believe machines can do their jobs within a decade, an another survey published on Monday found.

Nearly half of young workers surveyed in Western countries said the amount didn’t prepare them to do their jobs.



The skills gap is especially pronounced in Europe, based on a poll of 9,000 16- to 25-year-olds in nine from the world’s biggest nations commissioned by Indian business and software services firm Infosys.

Almost 80 percent globally said they had to understand new skills not taught them in class which rapid technology change – the threat of being overtaken by robots or smart systems – required constant learning of fresh skills to pay.

With the International Labour Organization, area of the United Nations, already forecasting an increase in global unemployment of 11 million by 2020, the size of the extra job losses is sobering.

Two-thirds of the projected losses are expected to fall in the office and administrative sectors as smart machines dominate more routine tasks, according to latest findings, which are based on a global survey of personnel and strategy executives.

The WEF has made “the fourth industrial revolution” – a subject covering robotics, nanotechnology, 3D printing and biotechnology – the official theme of the year’s Davos meeting, which runs from Jan. 20 to 23.

The “Future of Jobs” report figured jobs could be displaced in each and every industry, although the impact would vary considerably, with the biggest negative losses apt to be in healthcare, reflecting an upswing of telemedicine, accompanied by energy and financial services.

At the same time, however, you will see a growing interest in certain skilled workers, including data analysts and specialist sales representatives.

Women will be the biggest losers his or her tasks are often concentrated in low-growth or declining areas for example sales, office and administrative roles, the report said.

While men might find approximately one job gained for every three lost within the next 5 years, women face a lot more than five jobs lost for each one gained.
? Thomson Reuters 2016