In 2023, global labor markets exhibit divergent trends influenced by economic, health, and geopolitical factors. High-income countries experience tight labor markets, while low- and lower-middle-income nations grapple with elevated unemployment. Workers with basic education and women face lower employment opportunities. Real wages are declining due to cost-of-living crises, and concerns about work quality are rising. The Future of Jobs Survey covers these topics comprehensively, with input from 803 companies employing 11.3 million workers across 45 economies.
Key drivers for business transformation are technology adoption, ESG standards, macroeconomic factors, green transition investments, and supply chain localization. Job creation and destruction are influenced by environmental, technological, and economic trends. Technology adoption, particularly in big data, AI, and digital platforms, is expected to shape the job landscape. Employers forecast a 23% job churn in the next five years. Skills like analytical and creative thinking remain crucial, but cognitive and self-efficacy skills are growing in importance. Workers need training, but access is limited. Businesses prioritize analytical and creative thinking and AI and big data training. Companies also aim to promote diversity, equity, and inclusion. Government-funded skills training is seen as an effective intervention to address talent and employment gaps.
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