 "Indian employers plan to outpace global peers in future tech adoption: WEF")
Employers in India are planning to outpace global adoption in certain future technologies as companies operating in the country are heavily investing in technologies like artificial intelligence (AI), energy technologies, robotics, and autonomous systems, said the World Economic Forum (WEF) in its latest “Future of Jobs” report released on Wednesday.
The report, released days before the WEF annual meeting in Davos from January 20-25, notes that 35 per cent employers in India think that adopting semiconductors and computing technologies (compared to 20 per cent globally) will transform their operations while 21 per cent employers think that adopting quantum and encryption technologies (compared to 12 per cent globally) will also transform their operations.
“The country’s projected fastest-growing job roles, including big data specialists, AI and machine learning specialists, and security management specialists, align closely with global trends,” the report notes.
To address talent needs, companies operating in India are also expected to tap into diverse talent pools (67 per cent, compared to 47 per cent globally) and adopt skills-based hiring by removing degree requirements (30 per cent, compared to 19 per cent globally).
“Demand for AI skills has accelerated globally, with India and the US leading in enrolment numbers. However, the drivers of demand differ. In the US, demand is primarily driven by individual users, whereas in India, corporate sponsorship plays a significant role in boosting GenAI training uptake,” the report says.
Besides, the report also notes that increased digital access, geopolitical tensions, and climate-mitigation efforts are the primary trends expected to shape the future of jobs in India by 2030.
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On the demographic dividend front, the report notes that geographies with a demographic dividend, such as India and Sub-Saharan African nations, will supply nearly two-thirds of new workforce entrants in the coming years as demographic shifts caused by an ageing population in high-income countries and a growing working age population in low-income countries have a direct impact on global labour supply — currently balanced between lower-income countries (49 per cent) and higher-income nations (51 per cent).
“This distribution is expected to shift by 2050, with lower-income countries projected to hold 59 per cent of the global working-age population,” the report notes.
At the global level, the report says that while 170 million jobs will be created by 2030, 92 million are projected to be displaced, resulting in 78 million net new jobs. Technological advancements, demographic shifts, geo-economic tensions, and economic pressures are the key drivers of these changes, reshaping industries and professions worldwide.
Those employed as farmworkers, labourers and other agricultural workers, light truck or delivery services drivers, software and applications developers, and caregivers will see their job potential increase, while the roles such as cashiers and administrative assistants will remain among the fastest-vanishing as GenAI rapidly reshapes the labour market.
Drawing on data from over 1,000 companies, the study found that skills gap continues to be the most significant barrier to business transformation today. Nearly 40 per cent of skills required on the job are set to change, and 63 per cent of employers already cite it as the key barrier they face.
What indian employers say
35% think that adopting semiconductors and computing technologies will transform their operations
21% think that adopting quantum and encryption technologies will also transform their operations
67% plan to tap into diverse talent pools to address needs