In a research on trends and technologies that may have an impact on the worldwide labour market, including the job market in Pakistan, the World Economic Forum (WEF) anticipates that big data and artificial intelligence (AI) would be crucial for corporations’ global skill strategy.
According to the World Economic Forum’s Future of Jobs Report 2023, 83 million jobs will be lost globally over the next five years, with some occupations including bank tellers, data entry clerks, and accountants perhaps becoming obsolete.
The Future of Jobs report, which was released on Monday, is a thorough examination of how the employment environment is changing, with an emphasis on the new trends, technologies, and skills that will be necessary for the workforce in the upcoming years.
According to the report, 23% of jobs will change by 2027, with 69 million new jobs being added and 83 million being removed. The report also predicts that the green transition and localization of supply chains would result in net job creation. According to the report, corporations will notably focus on AI and big data in their skill-development initiatives, and cognitive abilities like critical and creative thinking will be the most crucial for workers in 2023 and the following five years.
According to the report, retraining and upgrading for green jobs are expanding, but they are not keeping up with climate targets.
The research provides a thorough analysis of Pakistan’s and other nations’ performance as well as information on the future of employment in 2023 and how the labour market will develop over the next 5-7 years.
The world’s most pessimistic perspective is in Pakistan, where skill stability is lower than normal. Less than 5% of short courses and online certifications are considered completed in the Republic of Korea and Switzerland, compared to more than twice that much in Pakistan (41%) and Finland (40%)—both of which are countries. Given that 82% of businesses intend to use education and workforce development technology over the next five years, it is possible to anticipate a rise in the proportion of employers who are considering micro-credentials.
In the next five years, 45 percent of respondents are optimistic about talent development. This is consistent with the report’s findings that Pakistan has lower levels of skills stability than the rest of the world (44 percent against 56 percent).
Employing education and workforce development technologies, according to nearly 50% of businesses, will inevitably result in the creation of new jobs. In places like Egypt and Pakistan, this optimism rises to 70%.
85.78 million people in Pakistan are of working age, which represents a sizable pool of potential talent. The country’s labour force participation rate is currently 57 percent, with vulnerable employment accounting for 55 percent of employment. However, at 5%, the unemployment rate is still quite low.
The paper cites a number of global trends and technologies that have an effect on Pakistan’s labour market, including big data analytics, digital platforms and apps, and technologies for workforce development and education. The development of new employment prospects and the driving force behind industry transformation are these trends and technology.
The rapid advancement of AI and other technologies now runs the risk of adding more uncertainty, according to Saadia Zahidi, Managing Director of the World Economic Forum. “For people around the world, the past three years have been filled with upheaval and uncertainty for their lives and livelihoods, with COVID-19, geopolitical and economic shifts,” she said. “The good news is that ensuring resilience has a clear path forward.
The education, reskilling, and social support systems that can guarantee that people are at the centre of the future of work must be supported by investments from governments and corporations.
A thorough assessment on Pakistan’s future employment prospects will be produced by Mishal Pakistan, the Centre for New Economy and Societies Platform’s country partner institute, in the third quarter of 2023.
The CEO of Mishal Pakistan, Amir Jahangir, stated that Pakistan has a tremendous amount of potential to offer to the global workforce. By concentrating on enhancing our educational system, making investments in technical and vocational training, and fostering an innovative culture,He continued, “We can better prepare our population to succeed in the international job market.”