"By 2025 more than half of all current workplace tasks will be performed by machines as opposed to 29 per cent today", a statement by the Swiss non-profit organisation said.
So it'll be farewell to jobs such as office administrator and driver, and hello to new roles such as drone piloting and remote patient health monitoring.
In a study of executives and specialists across 12 industries, published on September 17, the WEF concluded that this so-called "Fourth Industrial Revolution" could create 133 million jobs globally, while 75 million workers may be displaced. Consequently, humans will go from performing 71% of total task hours to 58%.
The report, released on September 17, forecasts that by 2025, half of all "work tasks" will be done by machines.
It said: 'Despite bringing widespread disruption, the advent of machine, robots and algorithm could actually have a positive impact on human employment'. In the prologue of the report, "calls for action to governments, businesses, educators and workers to take advantage of a window of opportunity, but it closes quickly to create a new future for good work for all".
Humans will have to revamp skills to keep pace with the "seismic shift" in how we work with machines, it said. "This is the key challenge of our time", said Klaus Schwab, founder and executive chairman of the WEF. Jobs expected to become redundant include routine-based white-collar roles, such as data entry clerks, accounting and payroll clerks.
Saadia Zahidi, head of the Centre for the New Economy and Society at the World Economic Forum explained that despite the benefits employers can hope to garner from increased automation, it is still imperative they invest in their employees if they hope to remain competitive. There is both a moral and economic imperative to do so.
The first industries that will be retraining workers, aviation and tourism. The latest edition of the Future of Jobs Report covered over 300 global companies from a wide range of industry sectors. It said these companies represented more than 15 million employees and their economies represented 70% of global GDP.