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Care economy set to see maximum growth, says WEF report

The report said that in the next three years, 37 percent of job openings are expected to be in the care economy, which involves taking care of the sick and elderly.

January 31, 2020 / 08:14 PM IST

Care economy will see the most number of job opportunities, according to The World Economic Forum's 'Jobs of Tomorrow 2020' report.

Data showed that care economy wiil account for 260 out of the 10,000 new opportunities in the labour market. Here, the number of opportunities refers to the number of new opportunities for every 10,000 opportunities in the labour market and is calculated as a compound average annual growth rate.

The report revealed seven key professional clusters that are emerging in tandem. On the one hand, these reflect the adoption of new technologies—giving rise to greater demand for green economy jobs, roles at the forefront of the data and AI economy as well as new roles in engineering, cloud computing and product development.

On the other hand, emerging professions also reflect the continuing importance of human interaction in the new economy, giving rise to greater demand for care economy jobs. Further, there are roles in marketing, sales and content production as per the report.

The WEF report said that there are seven emerging professional clusters and 96 jobs of tomorrow within them that vary in their individual rate of growth and in the scale of job opportunities they offer in the aggregate.

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As an innovative feature of this report, the 'scale of job opportunities' is measured as the number of job opportunities offered by the professional cluster for every 10,000 job opportunities offered across the global labour market. In other words, we are able to measure the growing prominence of our seven emerging professional clusters relative to the overall labour market.

"In 2020, the featured professional clusters will represent 506 out of every 10,000 job opportunities—by 2022, this share will have risen to 611 out of every 10,000 job opportunities," said the report.

The highest-demand skills required in these emerging professional clusters span both technical and cross-functional skills. The WEF report said that increasing demand for high-growth professions has further driven the value of a range of distinctive skill sets.

The clusters include data and artificial inteligence, engineering and cloud computing, people and culture, product development, sales and marketing/content, care economy and green economy.

WEF said that in the report that globally 17 percent of the jobs in these clusters will be in sales and marketing while 16 percent will be in data and AI.

The report said that in the next three years, 37 percent of job openings are expected to be in the care economy, which involves taking care of the sick and elderly. Across the world, professionals like nurses are in high-demand and short supply because of paucity of time of family members to take care of elders and those with ailments.

In addition, the report said that various social and demographic trends may have an impact on the overall outlook for Care Economy roles. It said that the ongoing transition of women into the labour market is certainly a driver of demand for the Care Economy.

“Changing demographic structures might expand the demand for eldercare, while changing socio-cultural norms might expand demand for leisure activity workers,” it added.

The Care Economy professional cluster includes some of the most in-demand roles in the United States, including Medical Assistants, Personal Aides and Fitness Instructors.
Moneycontrol News
first published: Jan 31, 2020 08:14 pm

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