14 Million Jobs to Vanish in 5 Years as AI Takes Over 

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According to a recently published report by the World Economic Forum (WEF), the global employment market will experience significant disruptions over the next five years. The anticipated sluggishness of the economy, coupled with businesses’ increased adoption of technologies such as artificial intelligence (AI), will result in significant changes to the labor market. Based on surveys of more than 800 companies, the report predicts that 83 million jobs will be eliminated by 2027, while only 69 million new jobs will be created, resulting in a net loss of 14 million jobs.

AI will both create and eliminate jobs

The increased adoption of AI technology is anticipated to generate new employment opportunities for machine learning specialists, data analysts, scientists, and cybersecurity professionals, among other occupations. However, the same AI technologies will eliminate employment such as data entry clerks and executive secretaries, with the World Economic Forum predicting a reduction of 26 million administrative and record-keeping positions.

Factors influencing labor market turnover

It is anticipated that the transition to renewable energy systems will create new employment, while slower economic growth and high inflation will lead to job losses. According to the World Economic Forum, many companies are reevaluating the skills they require of their employees, with “the ability to use AI tools efficiently” now regarded as more important than computer programming.

Companies delaying adoption of AI

In spite of AI’s reputation as a disruptive force in the labor market, automation has expanded slowly over the past decade. According to a survey of businesses conducted by the WEF, only 34% of business-related tasks are presently performed by machines, a slightly higher percentage than in 2020. Employers now anticipate that 42% of duties will be automated by 2027, as opposed to 47% by 2025, which was the previous forecast.

Overall, the WEF report emphasizes the need for businesses and policymakers to be ready for the changes that AI technology will bring to the labor market. As businesses acclimate to the new technological landscape, it is crucial to equip employees with the necessary skills for success in the workplace.

Source: ©Dan Kitwood/Getty Images ; CNN
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Yustika Kusuma Putri, she is social media marketer from Indonesia. I currently work as a Media Manager in Technologie Omicrom Sendas inc.
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