Labor Day shock report: AI to eliminate 14m jobs by 2027



A two percent net decrease in current employment, or 14 million jobs, will happen in the next five years, according to a survey of employers published on Monday by the World Economic Forum (WEF).

"Advancing technology adoption and increasing digitization will cause significant labor market churn," the report said.

The WEF study shows that nearly a quarter of jobs will be modified by 2027, where 69 million jobs will be created and 83 million jobs will be eliminated.

Technology and digitalization are both drivers of job creation and destruction, the report stated. Digital platforms and applications will be the most adopted technologies by organizations, with roughly 86 percent of companies surveyed expected to incorporate them in their operations in the next five years.

The fastest declining roles will be secretarial and clerical roles, such as, bank tellers and cashiers which can be automated. While demand for AI machine learning specialists and cybersecurity experts is expected to grow significantly.

Big data, cloud computing, and AI feature highly in the report on the likelihood of technology adoption, where more than 75 percent of companies are interested in adopting them within the next five years.

Despite the expected job displacement, there will be growth elsewhere resulting in positive net employment.

The employers surveyed estimate that around 44 percent of workers' skills will experience disruption in the next five years. The most crucial skills for workers in 2023 remain analytical thinking and creative thinking.

The survey is based on input from some 800 companies employing more than 11 million workers and uses a dataset of 673 million jobs.