One of the most common concerns about the future of work is whether there will be enough jobs for everyone. As technology advances and automation replaces some human tasks, is there a fear that there will be too many people and not enough jobs? In this blog post, I will explore this question from different perspectives and offer some possible solutions.
First, let’s look at some facts and figures. According to the World Bank, the global labor force participation rate was 65.6% in 2020, down from 66.4% in 2019. This means that about one-third of the world’s population aged 15 and above was not working or looking for work. The main reasons for this include education, retirement, disability, illness, caregiving, and discouragement. The COVID-19 pandemic also had a significant impact on labor markets, causing millions of people to lose their jobs or reduce their hours.
Second, let’s consider some trends and projections. According to the World Economic Forum, by 2025, 85 million jobs may be displaced by machines and algorithms, while 97 million new roles may emerge that are more adapted to the new division of labor between humans and machines. This means that there will be a net increase of 12 million jobs globally, but also a need for reskilling and upskilling of workers. The sectors that are expected to see the most growth include health care, education, green economy, data and AI, engineering, and cloud computing.
Third, let’s examine some challenges and opportunities. On the one hand, there is a risk that automation will create a digital divide between those who have access to technology and skills and those who do not. This could lead to increased inequality, social unrest, and political instability. On the other hand, there is an opportunity to create a more inclusive and sustainable economy that provides decent work for all. This could involve investing in human capital, social protection, infrastructure, innovation, and environmental protection.
In conclusion, there is no simple answer to whether there will be too many people and not enough jobs in the future. It depends on how we manage the transition to a new world of work that is shaped by technology and human creativity. We need to embrace change, but also ensure that no one is left behind.