A new future of work: The race to deploy AI and raise skills in Europe and beyond

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights that by 2030, up to 30 percent of current work hours could be automated, driven by advancements in AI and automation technologies [9][52] - It emphasizes the need for significant occupational transitions, estimating that Europe could require up to 12 million transitions, which is double the pre-pandemic pace, while the United States may see similar levels of transitions [10][43] - The demand for high-skill professions, particularly in STEM and healthcare, is expected to rise significantly, while demand for lower-skill jobs is projected to decline [11][38] Summary by Sections At a Glance - The report indicates that labor demand is shifting due to AI and automation, with a projected increase in demand for STEM-related and healthcare professions, while traditional roles like office and production work may decline [9] Context: Labor Shortages and Productivity Growth - The report discusses ongoing labor market changes, including an aging workforce and the impact of the COVID-19 pandemic, which has led to tighter labor markets and increased competition for talent [13][17] Implications for the Workforce - Businesses will need to focus on retraining workers to meet the rising demand for technological and social skills, as many executives report a shortage of these skills [11] Potential for Accelerated Work Transitions Ahead - The report outlines that Europe may need to double its pace of occupational transitions compared to historical rates, while the U.S. may return to pre-pandemic levels [47][48] Demand for Labor - The analysis predicts that demand for healthcare and STEM roles could grow by 17 to 30 percent by 2030, while roles in food services and office support may see significant declines [37][38] Automation and AI Impact - The report concludes that generative AI could significantly enhance the automation potential of work activities, with estimates suggesting that 27 percent of hours worked in Europe and 30 percent in the U.S. could be automated by 2030 [52][55]