The Future of Jobs Report 2020

By World Economic Forum – Published October 2020 in World Economic ForumSubscribe to the WFMonitor eNewsletter

In general, companies prefer to upskill their employees’ disruptive tech skills instead of relying on new hires. In an article published by the World Economic Forum (WEF) in October 2020, Senior Writer, Formative Content, Kate Whiting wrote that “50% of all employees will need reskilling by 2025, as adoption of technology increases.”

World Economic Forum Senior Writer, Kate Whiting briefly summarized WEF’s Future of Jobs Report 2020  findings, noting, for example, that “40% of workers will require reskilling of six months or less, but that number is higher for those in the consumer industry and in the health and healthcare industry.”

Some of the report’s key findings predicted to take shape more substantially by 2025 include:

  • Businesses will accelerate and prioritize their interest in cloud computing, big data, e-commerce, encryption, robotics, and AI.
  • Due to technology integration, 43% of businesses will slash their workforce, 34% will do the opposite and increase their workforce, and 41% will expand specialized contractual arrangements. 
  • Machines and algorithms will displace 85 million jobs, yet create 97 million new jobs.
  • It’s expected that 44% of the workforce will operate remotely.
  • Digital tools that help create a sense of community, connection, and well-being will become more prevalent.
  • The impact of COVID-19 and its economic contraction will continue to deepen Issues related to inequality.
  • Online education will continue to rise, with significant increases in employer- and government-sponsored online education opportunities.
  • Online courses that emphasize skills in data analysis, computer science, and information technology will continue to grow for the unemployed. 
  • As the labor market constrains, opportunities to reskill and upskill will become more compressed and shorter.
  • Employers will offer reskilling and upskilling opportunities to 70% of their employees, but only 42% will take advantage of such opportunities.
  • Companies will invest in better human and social capital metrics in the environmental, social and governance (ESG) arenas.
  • The public sector will incentivize jobs of the future and provide stronger safety nets for displaced workers, as well as improve education and training systems.