According to a new report from the World Economic Forum, nearly one in four jobs are set to change over the next five years due to trends including artificial intelligence, digitisation, the green energy transition and supply chain reshoring. Based on a survey of over 800 employers, the report also said global job markets are set for a “new era of turbulence” as clerical work declines and employment growth shifts to areas such as big data analytics, management technologies and cybersecurity.

• It said that employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions, with a net loss of 14 million jobs. Up to 26 million jobs in record-keeping and administrative functions will be destroyed, as roughly 75% of surveyed companies expect to adopt AI technologies over the next five years.

• The report said that slower economic growth, supply shortages and inflation remain a more significant threat to jobs than AI for now.

As technology advances, up to 26 million record-keeping and administrative positions are expected to be eliminated in the next five years. However, it’s not only administrative and mundane jobs that will be replaced by technology. There is a whole plethora of jobs which could be taken over or partially replaced by AI technology.

Although the prediction of 69 million new jobs will be created in emerging areas such as big data analytics, management technologies and cybersecurity, people will still need to develop new skills that can’t easily be automated. These include critical thinking, creativity and problem-solving.

These skills are not role specific either – they can relate to any job in any industry.

Although AI could potentially increase the profitability of some businesses, business owners also need to consider upskilling their team rather than just replacing people with AI. Upskilling people with AI absent skills such as critical thinking, creativity, and problem-solving adds value to organisations. Upskilling also promotes employee retention, which reduces turnover and the associated costs of recruiting and training new employees. In growing companies, this is essential, even in areas where AI can replace some of the mundane tasks involved in every role. 

In summary, AI is here to help perform specific tasks more efficiently than humans, not to take over our jobs. It cannot replicate the unique skills and abilities that humans possess. Instead, it will allow us to focus on more ‘human’ tasks, making us more efficient and productive. 

In addition, AI may produce more jobs.

Mukesh Lagadhir, founder and CEO at GTCSYS, a leading web and mobile application development company, shared; 

“When the car was invented, for example, it did eliminate some jobs related to horse-drawn transportation. However, it also created an entirely new ecosystem of jobs in automobile manufacturing, auto repair, and transportation infrastructure. Overall, the car industry has created far more jobs than destroyed and has had a massive positive impact on the global economy.”

While it is essential to be mindful of the potential impact of technological disruption on the job market, we should also recognise that these changes can ultimately lead to more opportunities and a more robust economy overall. 

Find out more about Oakstone’s AI recruitment experience.