2024 Workforce Skills Forecast: How AI is Shaping the Future of Jobs

Introduction:

The year 2022 marked a pivotal moment with the emergence of ChatGPT, sparking discussions and concerns about AI's impact on the workforce. Today, we delve into the 2024 Workforce Skills Forecast, exploring how artificial intelligence and emerging technologies are reshaping job markets and demanding new skillsets.

Summary of the 2024 Workforce Skills Forecast:

Utilizing advanced AI models, the 2024 forecast scans data from eight major economies to predict the jobs AI will affect and the skills that will be in demand. Businesses must prepare for reskilling to remain competitive in this evolving landscape.

Impacts of AI on the Global Job Market:

While AI-enabled automation rises, the global demand for talent is predicted to surpass supply. Emerging markets like India will experience substantial labor force growth, whereas developed economies will see a more modest increase. For instance, India is projected to need 34 million additional workers by 2028, while the US will require 1 million more.

In-Demand Future Workforce Skills:

Job growth will predominantly occur in tech-related roles, especially in developed countries. Proficiency in AI, machine learning, and data analytics is on the rise, with tech roles expected to surge, such as a 43% increase in Japan.

Reskilling and Workforce Development Strategies:

To thrive in the AI era, companies must invest in training programs to equip their workforce with in-demand skills. Targeted reskilling, such as transitioning account managers into technical project managers, is crucial for adapting to changing job requirements.

Future-Proofing Strategies for Business Leaders:

Business leaders should proactively prepare for the future workforce by developing learning programs, identifying transferable skills, and fostering a culture of continuous learning and development within their organizations..

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Regional Insights: Workforce Trends Across Major Economies

• United States: Needs 2.04 million tech jobs by 2028 to support growth.
• Canada: Will require an additional 196,500 tech jobs.
• United Kingdom: Anticipates 400,000 new tech jobs.
• Germany: Faces a decline in manufacturing but growth in tech roles.
• India: Projects nearly double growth in its tech workforce.

Frequently Asked Questions (FAQs)

Q: How will AI impact my industry specifically? 

A: AI will impact each industry differently. For instance, tech roles will grow significantly in telecommunications, media, and technology, while retail might see a decline.

Q: What skills should I focus on developing in my workforce? 

A: Focus on tech skills, especially in AI, data analysis, and machine learning. Also, emphasize critical thinking, creativity, and problem-solving.

Q: How can I start reskilling my employees? 

A: Begin by assessing current skills and identifying gaps. Implement training programs that target these gaps, and consider partnering with educational institutions for advanced training.

Statistics:

• "India will need an additional 34 million workers by 2028 to sustain an estimated annual growth rate of 6.3%."
• "The United States will need an additional 1 million workers to support a predicted annual GDP growth of 2.1% by 2028."
  

Analogy: "Think of the workforce as a garden. Just as a gardener must prune, fertilize, and plant new seeds to keep the garden thriving, business leaders must reskill, retrain, and hire new talent to keep their workforce flourishing in the age of AI."

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Click the link below to access and download the complete report on the Service Now website.

https://www.servicenow.com/workflow/hyperautomation-low-code/workforce-skills-forecast.html