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January, 2024

World Economic Forum's future of jobs: Media, entertainment, sport set for high churn as 4m new ecom, digital marketing specialist jobs forecast

The World Economic Forum’s [WEF] bi-annual Future of Jobs Report has highlighted the fastest-growing and fastest-declining roles in the job market, mostly driven by AI. Indeed, AI and Machine Learning Specialists lead the list of fast-growing jobs along with heavy machinery operators and sustainability, e-comm and digital marketing specialists. Analytical and creative thinking have emerged as the “most important skills for workers” that companies are seeking.

“The fastest-growing roles relative to their size today are driven by technology, digitalisation and sustainability. The majority of the fastest growing roles are technology-related roles. AI and Machine Learning Specialists top the list of fast-growing jobs, followed by Sustainability Specialists, Business Intelligence Analysts and Information Security Analysts,” the report states.

On the other end of the spectrum, traditional roles are seeing a significant downturn. “The majority of fastest declining roles are clerical or secretarial roles, with Bank Tellers and Related Clerks, Postal Service Clerks, Cashiers and Ticket Clerks, and Data Entry Clerks expected to decline fastest,” the report reveals.

The report also anticipates large-scale job growth in sectors such as education, agriculture, and digital commerce and trade. However, administrative roles and traditional security, factory, and commerce roles are expected to see the largest losses.

Analytical and creative thinking are identified as the most important skills for workers in 2023. “Analytical thinking and creative thinking remain the most important skills for workers in 2023. Analytical thinking is considered a core skill by more companies than any other skill and constitutes, on average, 9% of the core skills reported by companies. Creative thinking, another cognitive skill, ranks second, ahead of three self-efficacy skills – resilience, flexibility and agility; motivation and self-awareness; and curiosity and lifelong learning – in recognition of the importance of workers ability to adapt to disrupted workplaces,” the report notes.

The report also highlights the expected disruption in the labour market, with employers anticipating a structural labour market churn of 23% of jobs in the next five years. “Employers estimate that 44% 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,” the report concludes.

The Future of Jobs Survey brings together the perspective of 803 companies – collectively employing more than 11.3 million workers – across 27 industry clusters and 45 economies from all world regions.