Saturday, November 7, 2020

g-f(1)14 The Future of Work 2020: Automation, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for workers

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The Future of Jobs Report 2020 aims to shed light on: 1) the pandemic-related disruptions thus far in 2020, contextualized within a longer history of economic cycles, and 2) the expected outlook for technology adoption jobs and skills in the next five years. The report’s key findings include: 

  • The pace of technology adoption is expected to remain unabated and may accelerate in some areas.
  • In addition to the current disruption from the pandemic-induced lockdowns and economic contraction, technological adoption by companies will transform tasks, jobs and skills by 2025.
  • The future of work has already arrived for a large majority of the online white-collar workforce.
  • Online learning and training is on the rise but looks different for those in employment and those who are unemployed.


Genioux knowledge fact condensed as an image.



Condensed knowledge 10

  1. The COVID-19 pandemic-induced lockdowns and related global recession of 2020 have created a highly uncertain outlook for the labour market and accelerated the arrival of the future of work. 
  2. The Future of Jobs Report 2020 aims to shed light on: 1) the pandemic-related disruptions thus far in 2020, contextualized within a longer history of economic cycles, and 2) the expected outlook for technology adoption jobs and skills in the next five years.
  3. Despite the currently high degree of uncertainty, the report uses a unique combination of qualitative and quantitative intelligence to expand the knowledgebase about the future of jobs and skills. It aggregates the views of business leaders—chief executives, chief strategy officers and chief human resources officers–on the frontlines of decision-making regarding human capital 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.
  4. The report’s key findings include: 
    • The pace of technology adoption is expected to remain unabated and may accelerate in some areas. The adoption of cloud computing, big data and e-commerce remain high priorities for business leaders, following a trend established in previous years. However, there has also been a significant rise in interest for encryption, nonhumanoid robots and artificial intelligence.
    • Automation, in tandem with the COVID-19 recession, is creating a ‘double-disruption’ scenario for workers. In addition to the current disruption from the pandemic-induced lockdowns and economic contraction, technological adoption by companies will transform tasks, jobs and skills by 2025.
    • 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. 
  5. Other key findings. The future of work has already arrived for a large majority of the online white-collar workforce.
  6. In the absence of proactive efforts, inequality is likely to be exacerbated by the dual impact of technology and the pandemic recession. Jobs held by lower wage workers, women and younger workers were more deeply impacted in the first phase of the economic contraction. Comparing the impact of the Global Financial Crisis of 2008 on individuals with lower education levels to the impact of the COVID-19 crisis, the impact today is far more significant and more likely to deepen existing inequalities.
  7. Online learning and training is on the rise but looks different for those in employment and those who are unemployed. There has been a four-fold increase in the numbers of individuals seeking out opportunities for learning online through their own initiative, a five-fold increase in employer provision of online learning opportunities to their workers and a nine-fold enrolment increase for learners accessing online learning through government programmes.
  8. Despite the current economic downturn, the large majority of employers recognize the value of human capital investment. 
  9. 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. 
  10. The public sector needs to provide stronger support for reskilling and upskilling for at-risk or displaced workers. Currently, only 21% of businesses report being able to make use of public funds to support their employees through reskilling and upskilling. The public sector will need to create incentives for investments in the markets and jobs of tomorrow; provide stronger safety nets for displaced workers in the midst of job transitions; and to decisively tackle longdelayed improvements to education and training systems. Additionally, it will be important for governments to consider the longer-term labour market implications of maintaining, withdrawing or partly continuing the strong COVID-19 crisis support they are providing to support wages and maintain jobs in most advanced economies.


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Category 1: A new, better world for everyone

[genioux fact extracted from WEF]


Authors of the genioux fact

Fernando Machuca


References

The Future of Jobs Report 2020, World Economic Forum, October 2020. 


ABOUT THE AUTHORS


World Economic Forum

Extracted from Wikipedia

The World Economic Forum (WEF), based in Cologny, Geneva Canton, Switzerland, is an international NGO, founded in 1971. The WEF's mission is stated as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas".

The WEF hosts an annual meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. The meeting brings together some 3,000 business leaders, international political leaders, economists, celebrities and journalists for up to five days to discuss global issues, across 500 sessions.

The organization also convenes some six to eight regional meetings each year in locations across Africa, East Asia, Latin America, and India and holds two further annual meetings in China and the United Arab Emirates. Beside meetings, the organization provides a platform for leaders from all stakeholder groups from around the world – business, government and civil society – to collaborate on multiple projects and initiatives. It also produces a series of reports and engages its members in sector-specific initiatives.

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