The Future of Jobs Report, 2020- Released by WEF.

The World Economic Forum (WEF) have recently released the third edition of the future of jobs report 2020.  As per the report, the covid-19 will disrupt more than 85 million jobs by 2025. The report has been prepared by the WEF on the basis of the projections of Senior Business leaders of more than 300 Global firms.

Key Findings

The key findings of the report includes:

  1. Automation and division of labour between Machines and humans will be a major reason for job losses in the next five years.
  2. Report says, redundancy in workforce will decrease from 15.4 % to 9%.
  3. The covid-19 pandemic led economic crisis has accelerated the disruption of jobs and will continue to do so.
  4. 50% of the workers in the world require reskilling to secure their jobs in the next five years.
  5. As per the report, 43% of businesses across the world have reduced their work force because of integrated Technology.
  6. 41% of businesses across the world are using contractors for task specialised work.
  7. Only 31% of the businesses across the world are planning to expand their workforce because of integration of Technology.
  8. Report highlights that the acceleration of Technology might increase the Global inequality and reduce the income of the work force.
  9. Report states, acceleration of Technology  have affected the young people, women and low skilled workers mostly.

Way Forward

The report recommends that the government should secure the life of the displaced workers by providing them access to the social safety nets. Further, the government should take necessary measures to improve their education and skills. Government should also offer incentives for businesses in order to invest in future jobs. For the private sector, the report recommends, that they should organise training programmes and skill development programmes in order to enable the workforce to match with the technology.