Pakistan’s Workforce Adapting to Emerging Opportunities and Technological Disruption: World Economic Forum Future of Jobs Report 2023
The World Economic Forum has released its Future of Jobs Report 2023, which analyzes the changing employment landscape, emerging trends, technologies, and the skills required for the workforce of the future. The report lists cognitive skills such as analytical and creative thinking as the most important for workers in 2023 and the next five years, with companies focusing specifically on AI and big data.
Pakistan needs to focus on upskilling and reskilling its workforce in high-demand areas, such as AI, big data, and green technologies, to enhance its competitive advantage, according to Amir Jahangir, CEO of Mishal Pakistan. The report highlights the importance of cognitive skills, engagement skills, management skills, and technology skills in the Pakistani job market.
The outlook for Pakistan’s workforce strategy appears mixed, with an expectation of a 41% improvement in talent availability at the time of hire but also an expectation of a 24% worsening of talent retention for the existing workforce. The report suggests that companies in the country should adopt better people and culture metrics, reporting, and diversity, equity, and inclusion (DEI) policies to improve the availability of talent.
Mishal Pakistan, the Country Partner Institute of the Center for New Economy and Societies Platform, World Economic Forum, announced plans to develop a comprehensive report on the future of jobs for Pakistan in the third quarter of 2023.
As per information from the source, the report delves into key aspects such as global trends and technologies, role outlooks, core skills, and workforce strategies to provide a holistic view of the labor market landscape in the country. The findings highlight Pakistan’s strengths and areas for improvement as it navigates the rapidly changing global job market.
With the country’s large pool of potential talent, Pakistan must focus on strengthening its education system, investing in vocational and technical training, and fostering a culture of innovation to better equip its population to excel in the global job market. The report predicts that 23% of jobs in Pakistan are expected to change by 2027, with 69 million new jobs created and 83 million to be eliminated. Pakistan needs to be prepared to adapt to these changes by embracing emerging opportunities and investing in the necessary skills.