• The WEF report included findings based on surveys of more than 800 companies
  • Adoption of new technologies and shift to renewable energy sources could contribute to job growth
  • High inflation, slower economic growth and supply shortages could threaten job growth

The global job market will see massive changes over the next five years that could result in 14 million jobs being wiped away, according to a World Economic Forum report.

WEF released the fourth edition of The Future of Jobs Survey on Sunday and included findings based on surveys of more than 800 companies in the report.

Employers that took part in the survey anticipate that 69 million new jobs will be created by 2027 and 83 million jobs will be eliminated. This would result in a net decrease of 14 million jobs or 2% of the current employment, according to CNN.

More than 85% of the surveyed organizations believe that increased adoption of new technologies and widening digital access will most likely drive transformation in their companies.

Factors that will contribute to generating new positions include the shift to renewable energy systems, the adoption of new technologies and the broader application of Environment, Social and Governance (ESG) standards.

On the other hand, economic challenges like soaring inflation, slower economic growth and supply shortages are factors that could threaten job growth, the report said. Certain job roles, the majority of which are technology-related, are quickly growing in demand due to the adoption of new technology, digitalization and sustainability.

Companies adopting artificial intelligence will have both a positive and negative impact on job growth. Employers will need staff members who can put AI in place and also manage the AI tools. However, deploying AI will also put several job roles at risk.

In the list of the top 10 fastest-growing jobs, AI and Machine Learning Specialists take the first spot. This is followed by Sustainability Specialists, Business Intelligence Analysts, Information Security Analysts, Fintech Engineers, Data Analysts and Scientists, Robotics Engineers, Electrotechnology Engineers, Agricultural Equipment Operators, and Digital Transformation Specialists.

As the shift to renewable energy continues, other relatively fast-growing job roles include Renewable Energy Engineers, Solar Energy Installation and System Engineers.

The report predicts that the top 10 fastest-declining roles are Bank Tellers And Related Clerks; Postal Service Clerks; Cashiers and ticket Clerks; Data Entry Clerks; Administrative and Executive Secretaries; Material-Recording and Stock-Keeping Clerks; Account, Bookkeeping and Payroll Clerks; Legislators and Officials; Statistical, Finance and Insurance Clerks; Door-To-Door Sales Workers, News and Street Vendors, and Related Workers.

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Representational image (Source: Pixabay / RonaldCandonga) Pixabay / RonaldCandonga