More than 7m jobs are at risk in the world’s largest economies over the next five years as technological advances in fields such as robotics and 3D printing transform the world of work. According to a report into the impact of the so-called ”fourth industrial revolution”, women will lose out in the workplace as they are less likely to be working in areas where the adoption of new technology will create jobs. The report is published by the World Economic Forum ahead of its annual meeting in Davos, which starts on Tuesday and where one of the major themes is the “fourth industrial revolution”. The greatest loss of jobs will be white collar and administrative roles, though the WEF survey predicts this will partially be offset by the creation of roles in areas such as computing, maths, architecture and engineering. Healthcare is expected to suffer the highest number of job losses in the next five years, followed jointly by energy and financial services. The industry expected to create the most jobs is information and communication technology, followed by professional services, and media, entertainment and information professions. The report argued that because women are less likely to be employed in the areas where jobs will be created, they will lose out. It said: “The burden of job losses seems to fall equally on women (48%) and men (52%). However, given that men represent a larger share of the overall job market than women, this even spread translates into a widening of the employment gender gap, with women losing five jobs for every job gained compared with men losing three jobs for every job gained. “Given women’s low participation in STEM [science, technology, engineering, mathematical] professions, one of the fastest-growing areas of job creation, women stand to gain only one new STEM job for every 20 lost across other job families, whereas the ratio for men is one new job for every four lost elsewhere,” the report said. Women, though, are expected to progress into more senior roles, with the report predicting a 9% increase in women holding mid-level positions by 2020, and a rise of up to 12% in the number of senior positions held by women. The report was compiled after interviews with human resources professionals in 15 of the world’s largest economies, including Australia, Brazil, China, France, Germany, India, Italy, Japan, Mexico, South Africa, Turkey, the UK and the US. Together, these economies account for 65% of the global workforce. Business leaders have warned about the impact of technology on jobs in the past. Antony Jenkins, the former chief executive of Barclays, warned last year that banking was reaching an “Uber moment”, when the number of people employed in the financial services sector could decline by as much as half over the next 10 years.
More than 7m jobs are at risk in the world’s largest economies in the next five years, as technological advances in fields such as robotics and 3D printing transform workforces. According to a new report published by the World Economic Forum (WEF) ahead of its annual meeting in Davos, women stand to be major losers in the shift, as fewer of them work in areas where the adoption of new technology will create jobs. Healthcare is expected to suffer the most job losses, followed jointly by energy and financial services. Job creation is expected in information and communication technology, followed by professional services and the media, entertainment and information professions.