A new report estimates thatthe so-called “Fourth Industrial Revolution” could create 133million jobs globally, while 75 million workers may be displaced.(Photo: Shutterstock)

Machines and automated software will be handling fully halfof all workplace tasks within seven years, a new report from theWorld Economic Forum forecasts. But the group said technologiessuch as artificial intelligence, robotics, andprecision medicine, could create more jobs than they threaten.

In a study of executives and specialists across 12 industries,published Monday, the WEF concluded that this so-called “FourthIndustrial Revolution” could create 133 million jobs globally,while 75 million workers may be displaced.

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Saadia Zahidi, head of the WEF's Center for the New Economy andSociety, said companies had “a moral and economic imperative” toinvest in retraining and continuing education for their employees.“Without proactive approaches, businesses and workers may loseout,” she said.

The report is the latest in a series of efforts by academics,consultancies and governments to assess the impact of newtechnologies on employment. Previous studies, including an earlierone by the WEF, have generally forecast automation will destroymore jobs than it creates.

The scale of projected displacement varies enormously betweenresearch groups, however. A Bank of England study in 2015 producedsome of the bleakest figures, forecasting that as many as 80million jobs in the U.S. and 15 million in the U.K. could be lostby 2035. A McKinsey report in December produced one of the rosierassessments, forecasting jobs lost and created by new technologymight be about equal by 2030.

In its latest analysis, the WEF said the effects of automationmay vary substantially across industries, and predicted job lossesto be heaviest in mining, consumer, and information technologycompanies, and less within professional services firms.

Many new jobs may be less secure than in the past, as businessesare increasingly turning to contractors and freelancers, the Swissfoundation said. It warned there's a significant gap between theskills workers currently have and those that may be required forfuture new roles.

It estimates more than half of employees at large companieswould need significant retraining in order to take advantage of newopportunities created by digital technology. But it said half ofall companies plan retraining only for “key roles,” and onlyone-third say they plan any retraining for at-risk workers.

Best known for throwing an annual summit of business andgovernment leaders in the Swiss ski resort of Davos, the WEF saidit based its forecast on a survey of senior executives, strategyofficers and human resource specialists at 300 global companies,spanning 20 different countries. It said these companiesrepresented more than 15 million employees and their economiesrepresented 70 percent of global GDP.

Read more on how automation will affect theworkforce:

• Automation, gig work and other reasons millennialsfear the future
• U.S. employers behind the curve on automationneeds
• Minimum wage increases lead toautomation

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