Embracing Change: Navigating Job Loss in the Evolving Workforce
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The world of work is set to undergo major changes in the coming years, with nearly a quarter of all jobs being eliminated or lost in the next five years, according to a new report from the World Economic Forum.
The "Future Jobs" report said that about 23% of jobs will change, with some being abolished and others created, and the World Economic Forum expects that there will be 14 million fewer jobs in general within 5 years, as an estimated 83 million jobs will disappear.
Reasons for job loss
There is a wide range of factors that will play a role in change, ranging from technological developments such as artificial intelligence to climate change.?
Technological advancements such as automation, ai, technology transformation, and advancement are the main reasons behind the job losses, while new opportunities are emerging in fields like education, agriculture, and healthcare, where technology is creating space for job growth.
The largest losses are expected in administrative and security jobs, factories and traditional trade, noting that the decline in administrative jobs in particular will be mainly driven by digitization and automation.
Many reports have explained that some of the sectors that could see an increase in job creation related to technology are education, agriculture, and health. Other factors that are also likely to lead to job losses in the coming years include the fallout from the COVID-19 pandemic, supply shortages, and the global cost of living crisis.
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The Bottom Line:
In today's volatile work market, it's critical to be prepared for unexpected obstacles like job loss.
The landscape of the job market is experiencing significant transformations, with the World Economic Forum predicting that nearly a quarter of all jobs will change in the next five years.
While it is hard to forecast the precise date or conditions, taking proactive efforts to prepare yourself can help to reduce the effect and allow a smoother transition.
It is for sure that building an emergency fund as soon as possible will help you escape any unexpected work condition, including a job loss.
Most importantly, every employee should seek to remain competitive, professionals need to be agile, willing to learn, and open to exploring diverse opportunities to meet the transitions in the labor market.