Do you want to know how jobs will develop in India? The Future of Jobs Report 2023, released by the World Economic Forum, offers insight into the changes the Indian labour market will see over the next years. The World Economic Forum Future of Job Report 2023 presents a conflicting picture of how technology will impact workers, companies, and society at large on jobs in India.
According to the report, more digitization and automation will result in improved services for businesses, higher productivity, and more effective workflows. It also notes that the available learning resources will not take care of the new skills needed to stay up with that technological transformation. Increase spend on lifelong learning, upskilling, and reskilling is recommended in the research to keep Indian workers competitive in the future market.
In this post, we’ll examine the consequences of the Future of Jobs Report 2023 for India’s job market and how it will affect organizations, people, and society at large.
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World Economic Forum : Introduction
World Economic Forum Future of Job Report 2023 provides a thorough analysis of the global labour market, focusing on India’s shifting dynamics. The paper thoroughly examines how the job market in India will change over the next ten years due to new technology and developing company strategies.
It evaluates the potential effects on employment, skills, salaries, and industry sectors and countermeasures to help businesses and employees weather this disruptive change. The report comprehensively uses data from global surveys, senior corporate executive interviews, and research from top academic institutions.
Both new opportunities and threats will result from these changes for Indian firms, employees, and governments.
Key Findings: World Economic Forum’s Future of Job Report 2023
In India, the work sector will undergo significant transformation by 2025, according to the recently published Future of Jobs Report 2023. Five noteworthy findings which will impact are –
- Increasing automation: Over the next five years in India, automation and quick technological advancements will replace 7.4 million jobs while adding 6.3 million new ones.
- New job descriptions: The WEF recommends a change in emphasis towards technology-driven occupations, such as data analysts and AI/machine learning specialists, to address the widening supply-demand mismatch.
- Worker reskilling and upskilling: It emphasises the necessity of reskilling and upskilling current employees so they may successfully assume new positions and create jobs that call for more sophisticated skill sets in line with the shifting industry requirements.
- Growing significance of entrepreneurship: By facilitating increased access to money and creative training programmes, the research highlights entrepreneurship in India as a significant contribution to closing the skills gap and producing more jobs.
- ROI-driven talent development initiatives: Instead of only concentrating on short-term cost reduction strategies like employing contractors or exporting work abroad, businesses increasingly emphasise developing ROI-driven workforce development programmes that correspond with their business goals.
Download Link for World Economic Forum Future of Job Report 2023
https://www3.weforum.org/docs/WEF_Future_of_Jobs_2023.pdf
How India’s Job Market Is Likely to Change by 2023
World Economic Forum’s Future of Job Report 2023 forecasts substantial changes in India’s labour sector during the next few years. The following are some significant changes that the work market in India will undergo:
Automation
Increased automation is the most noteworthy development. In addition to reducing the number of labour-intensive occupations accessible, automation can generate new, more sophisticated roles. It will be essential for India’s workforce to possess the knowledge and experience needed to adjust to this shifting environment.
Digitization
Business operations are being transformed by digitization. From e-commerce and online banking to live chat customer service and remote working. Over the next five years, more than 50% of job functions will be digital, creating more job opportunities and increasing demand for people with specialized knowledge of digital technology.
New Abilities
Employees must develop new talents to stay competitive in this quickly changing industry. They stand at the risk of being outperformed by those with superior credentials. Giving employees access to retraining and skill-updating programmes can help them keep current on emerging trends and technology and better prepare them for success in the job market of the future.
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World Economic Forum Future of Job Report 2023
Retail and online shopping
Given the integration of e-commerce and digital technology, the retail sector in India will grow as new opportunities arise. The development of omnichannel operations is mentioned in the report as a significant area where job creation is likely.
Automobiles
The demand for electric vehicles from individual and fleet consumers will rise, driving the automotive sector. Opportunities for employment for people trained in battery and electric car technologies are anticipated to result from this rising demand.
Healthcare
A growing older population and investments in wellness and preventive care programs are predicted to promote growth in this industry. This will increase demand for healthcare workers like chemists, biomedical technicians, and engineers of medical devices.
Outsourcing of IT and business processes
There will be job openings in cloud computing, data analytics, and machine learning system integration as India develops into a major worldwide center for IT services. Language-skilled customer service professionals will also be in greater demand; this industry is particularly promising because it might offer many Indians remote employment alternatives.
Sectors Likely to Experience Job Losses
According to the Future of Jobs Report 2023 published by the World Economic Forum, the work market in India is expected to shift over the next few years, with some industries losing jobs and others possibly experiencing growth.
Sectors That Face a Job Loss
According to the research, the following sectors stand to suffer the most from employment losses:
Financial & Insurance Services; Manufacturing; Retail & Wholesale
Massive technical advancements in many industries are resulting in increased productivity and a reduction in the number of workers required to accomplish jobs. Additionally, as automation spreads, more employment could be eliminated or replaced.
How can Indian employees get ready?
Indian workers should enhance their digital abilities and soft skills like communication and critical thinking to be competitive and relevant in the evolving employment environment. Additionally, workers should concentrate on updating their skills to stay competitive through retraining in new industries.
Top 10 Jobs Growing the Fastest
According to the World Economic Forum’s Future of Job Report 2023 the job market in India is fast evolving. Some skill sets becoming more and more in demand. Here are India’s top 10 industries with the quickest growth this year:
- Data analysts: As data becomes more important to businesses, demand for data analysts has grown. ISince 2018 it has grown by 69%
- Robotics engineers – Demand for robotics engineers has increased by 65% since 2018.
- Cloud Architects – The demand for cloud architects has increased by 61% this year alone
- Cybersecurity experts have experienced a startling 74% increase in job openings over the past year as firms seek to digitise their processes and data.
- Financial Analysts – As businesses emphasise return on investments (ROI) for their initiatives and plans, demand for financial analysts has increased by 58% since 2018.
- Video game designers – Since last year, there have been 47% more job postings for video game designers, thanks to the flourishing gaming industry.
- Software Developers/Engineers – This year alone, there has been a 54% growth in job vacancies due to the need for competent software developers to produce programmes necessary for daily life and business.
- Social Media Managers – SMM have become crucial and businesses become more visible with a 47% growth in job postings, since last year, .
- Engineers in machine learning
- Entrepreneurs
Actions Required to Get Ready for India’s Changing Job Market
To be competitive and relevant in the changing working market, Indian employees should improve their digital literacy and soft skills like communication and critical thinking. Focus should be on updating their skills through retraining in new industries to stay competitive.
How can workers be ready for the industry?
Education & Training
More education and Training is in demand for employees to be ready. Employees can increase their productivity and efficiency, improving their employment prospects. New skills can be acquired by taking various classes, workshops, seminars, and certifications.
Adaptation to Technology
Employees must keep up with technological advances. This can entail picking up coding skills, developing software, or developing machine learning and artificial intelligence (ML) knowledge. Keeping up with industry trends will increase worker relevance for upcoming positions.
Development of Soft Skills
Problem-solving, communication, teamwork, and creativity are the cornerstones of any successful professional route. Employers will prioritise individuals with strong, soft skills that enable them to act rapidly in unexpected situations. Individuals who have developed these skills through online courses or mentorship programmes may be able to stand out.
Individuals can ensure they have the skill sets and capacities. Which are needed for a successful career in India’s shifting employment market by investing in their futures.
Conclusion
The World Economic Forum’s Future of Job Report 2023 has described the changes India’s labour market will see over the coming several years. According to the report, the economy will probably become increasingly digitalized, with a concentration on data analysis and automation. Those with the necessary skill set may earn more money, and the outlook for the employment market may change.The future may seem uncertain right now, the research recommends that firms in India invest in upgrading their skills.
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