22% churn in Indian job market likely by next 5 years; AI, tech among top roles


A 22% churn in the Indian job market is estimated in the next five years where artificial intelligence, machine learning and data segments are likely to emerge as top job producing areas, according to a study by the World Economic Forum.

The report discovered there is a 23% job market churn globally.(AFP)

The study, Future of Jobs report, said around 61% of Indian companies think broader application of environment, social and governance (ESG) standards will drive job growth. Similarly, 59% of companies think adopting new technologies will develop employment, whereas 55% think broadening digital access could bring in more jobs.

India and China were found to be more positive than the global average when it comes to comparing with countries’ viewpoints on talent availability while hiring. However, India has been placed among seven countries where growth in social jobs was found to be slower than non-social jobs.

Globally, the report discovered there is a 23% job market churn with 69 million new jobs expected to be created and 83 million are predicted to be eliminated by 2027.

“Almost a quarter of jobs (23 per cent) are expected to change in the next five years through growth of 10.2 per cent and decline of 12.3 per cent (globally),” the WEF said.

The survey was conducted in 803 companies across 45 economies around the world that collectively employ over 11.3 million workers.

It noted that technology has posed both opportunities and challenges to labour market where both the fastest-growing as well as declining roles are driven by it and the digitalisation.

The report further pointed out that only half of the employees have access to adequate training opportunities and by 2027, six out of 10 workers will require proper training.

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