The World Economic Forum has released a new report on the future job market. In the report, they outline the context that will define the job market of the future, and they highlight the need to transition the current labour force skills to meet the demands of tomorrow.
The report explores the current labour market and argues that there will be a shift in the types of skills that will be demanded in the future. To illustrate this point, the report uses numerous examples, such as the structural employment decline of 1.4 million redundant jobs against structural employment growth of 12.4 million new jobs in the US by 2026. The report builds on this and argues that companies will need to adopt reskilling and upskilling strategies to secure talent in the future.
Finally, the report calls for policy-makers to recognise the importance of reskilling and retraining strategies, as they are necessary to fuel economic growth, they enhance social resilience in the face of technological change, and they pave the way for future.
The full report can be downloaded from the website of the World Economic Forum.