WEF: How the rise of machines & AI will shape future of work

The COVID-19 pandemic has accelerated the need for digitization in the workspace, presenting both challenges and opportunities. According to the World Economic Forum's latest future of work report, advances in artificial intelligence are expected to eliminate 85 million jobs by 2025. However, the rise of machines is projected to create 97 million new jobs, resulting in an overall addition of 12 million jobs. CNBC Africa recently spoke to Saadia Zahidi, Managing Director of the World Economic Forum, to gain more insight into these projections. The job destruction rate has increased significantly while the job creation rate has diminished. Despite the grim outlook for 2020, the overall trend for the next five years remains positive. Zahidi explained that in the 15 industries and 26 economies that were studied, 97 million new jobs are anticipated to be created while 85 million will disappear. She emphasized that while the numbers seem drastic, there is a vast spectrum of impacts between the job creation and job destruction extremes. While some sectors are expected to experience growth, others like aviation, travel, tourism, and mobility are likely to face continued challenges unless there is an improvement in the overall health situation. Zahidi highlighted that countries' ability to close the digitization gap and catch up with job creation will depend on how swiftly the pandemic is resolved. Zahidi expressed concerns about the impact of automation on low-income jobs, which are prevalent in African countries characterized by high levels of inequality and lagging digitization. Addressing the need for re-skilling and upskilling, she stressed that proactive measures, including social safety nets, income protection, and job creation, are essential to mitigate the adverse effects of automation and ensure a smoother transition for the workforce. The World Economic Forum's future of work report underscores the importance of timely interventions to equip individuals with necessary skills, bolster social protection mechanisms, and stimulate job creation in emerging industries. As the world grapples with the transformative impacts of AI and automation, strategic planning and proactive measures are vital to navigate the evolving landscape of work and ensure a sustainable future for workers globally.