the-future-of-jobs-report-2020-summary

Context: As per the Future of Jobs Report 2020, published by the World Economic Forum (WEF), the COVID-19 pandemic-induced lockdowns and related global recession of 2020 have created a highly uncertain outlook for the labour market. 

More on the news: 

  • The report aggregates the views of business leaders with the latest data from public and private sources to create a clearer picture of both the current situation and the future outlook for jobs and skills. 
  • The report also provides in-depth information for 15 industry sectors and 26 advanced and emerging countries. 

 

The Future of Jobs Report 2020 aims to shed light on: 

  1. The pandemic-related disruptions in 2020, and 
  2. The expected outlook for technology adoption jobs and skills in the next five years.

The key findings of the report: 


  • The pace of technology adoption is expected to remain unabated and may accelerate in some areas. 
  • Automation, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for workers. 
  • Although the number of jobs destroyed will be surpassed by the number of ‘jobs of tomorrow’ created, in contrast to previous years, job creation is slowing while job destruction accelerates. 
  • In the absence of proactive efforts, inequality is likely to be exacerbated by the dual impact of technology and the pandemic recession. 
  • Online learning and training is on the rise but looks different for those in employment and those who are unemployed. 
  • The window of opportunity to reskill and upskill workers has become shorter in the newly constrained labour market. 
  • Companies need to invest in better metrics of human and social capital through adoption of environmental, social and governance (ESG) metrics and matched with renewed measures of human capital accounting. 
  • The public sector needs to provide stronger support for reskilling and upskilling for at-risk or displaced workers.