The Future of Jobs: Will AI Replace, Displace or Create New Opportunities?

The job market is on the cusp of a revolution, driven by the meteoric rise of artificial intelligence. The widespread deployment of this technology raises the critical question of whether AI will replace, displace or create new jobs.

The Future of Jobs Report

The World Economic Forum’s latest report on the future of jobs predicts that certain long-standing professions, such as cashier, bank clerk or administrative assistant, could soon be a thing of the past.

Predictions and Projections

Based on data collected from over 1,000 employers in 55 economies, representing over 14 million workers, the Future of Jobs report signals a profound transformation of the professional landscape in the years to come. By 2030, 170 million new jobs are expected to be created, equivalent to 14% of today’s total employment.

Job Displacement

However, this dynamic will be mitigated by the displacement of 8% of current jobs, or 92 million jobs. Thus, the net growth would be 7% of total employment, corresponding to around 78 million jobs.

Jobs of Tomorrow

The report predicts that frontline jobs will boom. Farmworkers, delivery drivers, construction workers and agri-food workers are likely to be in high demand.

Care Sector

At the same time, roles in the care sector – nurses, doctors, and so on – are proving more essential than ever to support the world’s ageing population. Indeed, the UN estimates that the number of people in the world aged 65 or over will more than double in the coming decades, rising from 761 million in 2021 to 1.6 billion in 2050.

To support the world’s ageing population, roles in the care sector, such as nurses, will prove to be more essential than ever. (Envato Elements pic)

New Specializations

Meanwhile, new technologies are spurring the emergence of ultra-specialised professions. From AI experts to fintech engineers, software developers and renewable energy specialists, these professionals are emerging as the pillars of a changing world, driven by the green transition and demographic trends.

Skills Evolution

But this professional revolution will not be without its challenges. According to the World Economic Forum, almost 39% of current skills will need to evolve within the next five years, down slightly from 2023 (44%).

The most sought-after skills are concentrated around technology, notably in AI, big data and cybersecurity. However, human skills remain valuable, in particular critical and creative thinking, as well as resilience, flexibility and agility. In fact, 70% of companies believe that analytical thinking will be indispensable in 2025.

Conclusion

While these changes may cause concern among the workforce, they represent a unique opportunity to reinvent the way we work and gain skills. Now, companies, governments and employees should strive to work together to turn these changes into a springboard, rather than an obstacle.

FAQs

1. Will AI replace, displace or create new jobs?

The Future of Jobs report predicts that AI will create new jobs, but also displace some existing ones.

2. What are the most in-demand skills?

The most sought-after skills are concentrated around technology, notably in AI, big data and cybersecurity.

3. What is the impact of demographic trends on the job market?

The ageing population is driving the need for more care sector professionals, such as nurses and doctors.

4. How will companies adapt to these changes?

Companies will need to invest in upskilling and reskilling their employees, and also hire new talent with the right skills for the future.