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The World Economic Forum's Future of Jobs Report reveals that 41% of companies expect to reduce their workforce in the next five years due to AI advancements. This report highlights the growing concern over skills obsolescence as AI continues to evolve. The findings were published ahead of the WEF's annual meeting in Davos, Switzerland, emphasizing the significant impact AI has already had on the job market.
The report surveyed over 1,000 global employers, representing more than 14 million workers, and identified key trends in job cuts and hiring practices. While clerical roles face the highest risk of reduction, technology and green energy jobs are projected to grow significantly. Specific roles such as big data specialists and AI engineers are expected to be in high demand, indicating a shift in workforce needs.
• 41% of companies anticipate job cuts due to AI in five years.
• Clerical roles are most at risk, while tech jobs will grow.
Artificial intelligence refers to the simulation of human intelligence in machines, impacting job roles.
Skills obsolescence occurs when workers' skills become outdated due to technological advancements like AI.
Job automation involves using AI to perform tasks traditionally done by humans, leading to workforce reductions.
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