About one in four jobs is expected to change in the next five years as generative artificial intelligence “comes of age” and the green economy takes root, creating and destroying millions of jobs in the process, the World Economic Forum has said.
In its survey of 803 companies globally, the forum found that employers expect a structural labour market churn of 23 per cent in the next five years.
The fastest-growing jobs are for those who specialise — whether in AI, machine learning, security or sustainability, according to the survey.
The sectors expected to experience the largest job growth include education, agriculture and digital commerce, the WEF found.
“In 2023, labour-market transformations driven by technological breakthroughs, such as the coming of age of generative artificial intelligence, are being compounded by economic and geopolitical disruptions and growing social and environmental pressures,” said Saadia Zahidi, WEF managing director.
Since the rapid proliferation of generative AI platform ChatGPT and smaller competitors, there has been much speculation over the burgeoning technology's influence on the jobs market.
A Goldman Sachs report in March found that up to 300 million jobs could be eliminated in the US and Europe as a result of generative AI.
Similar to WEF's findings, Goldman analysts said automation would also lead to new types of jobs and unleash more capital for reinvestment, ultimately increasing annual global gross domestic product by 7 per cent.
Already, automation is a primary factor in growing income inequality in the US, the world's biggest economy.
Fifty per cent to 70 per cent of changes to US wages since 1980 can be attributed to pay declines among blue-collar workers replaced or degraded by automation, according to the non-profit National Bureau of Economic Research and reported by Forbes.
Despite these headline figures, employers are becoming more tempered in their expectations for further automation.
The WEF's Future of Jobs Report 2023 suggests that tasks are seen as no more automated now than they were three years ago when the report was last published.
About a third of tasks (34 per cent) are currently automated, only 1 per cent above the 2020 figure.
Surveyed companies also downgraded their expectations for further automation to 42 per cent of tasks by 2027, compared to 2020 estimates of 47 per cent of tasks by 2025.
The green transition is expected to yield millions of new jobs for engineers to install and operate renewables projects, but an effort to reskill workers for these roles is falling behind, according to LinkedIn, which conducted additional research for the WEF report.
“The sustained growth of green jobs is really great news, particularly for job seekers who are facing upheaval in the labour market,” said Sue Duke, head of global public policy at LinkedIn.
“But LinkedIn’s data is clear that while there’s strong demand for talent with green skills, people are not developing green skills at anywhere near a fast enough rate to meet climate targets. There is an opportunity for everyone to help turn this around.”
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
COMPANY%20PROFILE
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