- 03 May 2023
- By GyanOk
Daily Current Affairs Notes for 03 May 2023
Australian High Commission in India Announces Government Grant for Project in Kargil
World Press Freedom Day 2023 observed on 3rd May
Indian Job Market To Witness 22% Churn In 5 Years: WEF
India’s Job Market Expected to Witness 22% Churn over Next 5 Years:
According to a recent study conducted by the World Economic Forum (WEF), the job market in India is projected to experience a turnover of 22% in the next five years, with the most promising job opportunities emerging in the fields of AI, machine learning, and data. On a global scale, the job market turnover is anticipated to be around 23%, with the creation of 69 million new jobs and the elimination of 83 million jobs by 2027.
Employers Anticipate 69 Million New Jobs to Be Created and 83 Million Eliminated Globally:
Based on a survey of 803 companies, the report estimates that out of the 673 million jobs included in the dataset, 69 million new jobs are expected to be created while 83 million jobs are anticipated to be eliminated. This indicates a net decrease of 14 million jobs, which is equivalent to a 2% reduction in current employment.
ESG Standards, Adoption of New Technologies, and Broadening Digital Access Drive Job Growth:
According to the report, a majority of companies in India (61%) believe that the wider application of ESG (environmental, social, and governance) standards will lead to job growth. This is followed by an increased adoption of new technologies (59%) and the expansion of digital access (55%). The top roles for industry transformation in India are expected to be AI and machine learning specialists, as well as data analysts and scientists.
Manufacturing and Oil and Gas Sectors Have the Highest Level of Green Skill Intensity Globally:
The report discovered that the manufacturing and oil and gas industries possess the greatest degree of green skill intensity worldwide. The top three countries with the highest green skill intensity in the oil and gas sector are India, the US, and Finland, according to the report.
Macro Trends Driving Job Growth:
The World Economic Forum (WEF) stated that there are certain macro trends that are driving job growth globally. These trends include the green transition, ESG (Environmental, Social, and Governance) standards, and the localisation of supply chains. On the other hand, economic challenges such as high inflation, slower economic growth, and supply shortages pose a great threat to job growth. The WEF also pointed out that the increasing adoption of technology and digitisation will result in significant changes in the labour market. However, despite these changes, there will be an overall net positive impact on job creation.
The Future of Jobs Report: Challenges and Opportunities:
The Future of Jobs report from the World Economic Forum (WEF) discovered that technology presents both difficulties and possibilities for job markets. However, employers anticipate that the majority of technologies will have a favorable impact on job creation. Big data is the highest-rated technology expected to generate employment opportunities. The demand for data analysts and scientists, big data specialists, AI machine learning specialists, and cybersecurity professionals is projected to increase by an average of 30% by 2027.
Education and Agriculture Sectors to See Significant Job Growth:
According to the report, the education and agriculture sectors will see the biggest increase in job opportunities. The education industry is predicted to grow by approximately 10%, resulting in an extra 3 million jobs for vocational and university teachers. Meanwhile, agricultural professionals, specifically equipment operators, graders, and sorters, are projected to see job opportunities increase by 15-30%, resulting in an additional 4 million jobs.
Training Opportunities for Workers:
According to a report, by 2027, 60% of the global workforce will need some form of training, but currently only half of all employees have access to sufficient training opportunities. Additionally, the report suggests that, on average, 44% of a worker's skills will need to be updated.