World Economic Forum: AI is going to create more jobs than it replaces

The world is going through a workplace revolution that will bring a seismic shift in the way humans work alongside machines and algorithms, according to new research by the World Economic Forum.

By 2025 more than half of all current workplace tasks will be performed by machines as opposed to 29% today. Such a transformation will have a profound effect on the global labour force, however in terms of overall numbers of new jobs the outlook is positive, with 133 million new jobs expected to be created by 2022 compared to 75 million that will be displaced.

The research, is an attempt to understand the potential of new technologies to disrupt and create jobs. It also seeks to provide guidance on how to improve the quality and productivity of the current work being done by humans and how to prepare people for emerging roles. Based on a survey of chief human resources officers and top strategy executives from companies across 12 industries and 20 developed and emerging economies, the report found that:

  • 54% of employees of large companies would need significant re- and up-skilling in order to fully harness the growth opportunities offered by the Fourth Industrial Revolution.
  • Just over half of the companies surveyed said they planned to reskill only those employees that are in key roles while only one third planned to reskill at-risk workers.
  • While nearly 50% of all companies expect their full-time workforce to shrink by 2022 as a result of automation, almost 40% expect to extend their workforce generally and more than a quarter expect automation to create new roles in their enterprise.

It is critical that business take an active role in supporting their existing workforces through reskilling and upskilling, that individuals take a proactive approach to their own lifelong learning, and that governments create an enabling environment to facilitate this workforce transformation. This is the key challenge of our time.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum