Today in Davos: Updates on the Shaping of Tomorrow's Job Market
In a bid to address the changing demands of the labor market driven by automation, AI, and evolving technology, the World Economic Forum has announced a new global commitment: the Reskilling Revolution. This initiative aims to equip 1 billion people worldwide with better education, training, and skills by 2030.
The Reskilling Revolution focuses on uniting employers, governments, and youth-led solutions to foster continuous learning, digital equity, and workforce adaptability for a global, inclusive future of work. It is part of the World Economic Forum's commitment to improving global workforce readiness.
According to Accenture estimates, G20 countries could be putting $11.5 trillion of potential GDP growth at risk over the next decade if the skills demand is not met. The OECD predicts that more than 1 billion jobs will be transformed by technology over the next 10 years. These statistics highlight the urgency of the Reskilling Revolution.
The initiative aims to address the skills gap caused by automation and digitalization. It will focus on improving digital literacy and job-relevant skills, as well as providing skills for the future of work, such as critical thinking and problem-solving.
If the increasing demand for new skills is not met, several potential consequences arise. Up to 39% of current worker skills could become obsolete or change drastically by 2030, requiring lifelong learning and reskilling to survive economically. Without effective reskilling, workers may face job displacement or exclusion from growing sectors, especially as AI and automation replace many routine tasks. Companies risk labor shortages in high-demand areas if they fail to invest in employee development or adapt to new technologies.
Inequality could worsen as high-skilled, AI-capable workers may command significant wage premiums—up to 56% more—while others fall behind. Governments and industries will face challenges in supporting equitable reskilling programs to avoid widened disparities and economic division. The overall risk includes stalling productivity growth and missing out on up to $20 trillion in potential global GDP gains from AI-driven innovation by 2030 if skill shortages persist.
The Reskilling Revolution emphasizes inclusive, life-long, and adaptive skills development as essential for workers to remain employable and economies to thrive in an AI-driven labor market by 2030. The initiative will provide training programs, online courses, and mentorship opportunities. The World Economic Forum is partnering with governments, companies, and educational institutions for the initiative.
The United States, France, the Russian Federation, India, United Arab Emirates, Pakistan, and Brazil are among the first countries to join the World Economic Forum's Reskilling Revolution initiative. The initiative is expected to contribute to economic growth and social inclusion.
In conclusion, the Reskilling Revolution is a response to the rapid pace of technological change and a crucial step towards ensuring a skilled and adaptable workforce for the future. By equipping people with the necessary skills, the initiative aims to help 1 billion people gain new skills by 2030 and contribute to a more inclusive and prosperous global economy.
The Reskilling Revolution concentrates on personal-growth opportunities through online-education, promoting continuous learning and reskilling for digital equity. It encourages lifelong learning, providing learning resources like training programs, online courses, and mentorship opportunities to boost the workforce's adaptability.
The Reskilling Revolution's vision encompasses the reskilling of 1 billion people worldwide, addressing the skills gap caused by automation and digitalization, and enabling their access to job-relevant skills, education-and-self-development, and reskilling, fostering a more inclusive and prosperous global economy by 2030.
