According to a new report from the World Economic Forum (WEF), CNBC reports that the labor market will undergo major changes in the coming years, with nearly a quarter of jobs changing within the next five years.

About 23% of jobs will be lost, according to the WEF in its Future of Jobs report, with some eliminated and some created.

In fact, the WEF expects 14 million fewer jobs in five years, as 83 million jobs are projected to disappear and only 69 million to be created.

“In general, the pace of change is quite high,” Saadia Zahidi, CEO of the WEF, told CNBC on Monday at the WEF Summit in Geneva, Switzerland.

The report’s findings are based largely on a survey of 803 companies employing 11.3 million workers in 45 different economies around the world.

According to the WEF, a wide range of factors are playing a role in this disruption, from technological developments such as artificial intelligence to climate change.

Concerns that technological change is negatively affecting jobs have grown, especially since generative AI tools like ChatGPT have entered the mainstream, and technology appears to be one of the biggest drivers of job losses.

“The biggest losses are expected in administrative positions, as well as traditional positions in security, manufacturing and trade,” the report said, noting that declines in administrative functions, in particular, would be “largely driven by digitization and automation.”

However, the surveyed companies do not consider technological changes to be generally negative.

“In the next five years, the impact of most technologies on jobs is expected to be positive.

Big data analytics, climate change and environmental management technologies, and encryption and cybersecurity are expected to be the biggest drivers of job growth,” the report said.

Zahidi explained that some of the sectors that may see an increase in technology-related jobs are education, agriculture and healthcare.

“Part of that is not happening because these are insecure, low-paid, low-skilled jobs all over the world. These are more skilled jobs with a higher added value, made possible by technologies in the fields of agriculture, health care, and education,” she said.

Artificial intelligence is described as a “key driver of the potential algorithmic displacement” of roles, with almost 75% of companies surveyed expected to adopt the technology.

Approximately 50% of companies expect job creation, while 25% expect job losses.

According to the WEF, technology isn’t the only factor influencing layoffs either.

In fact, it ranks sixth on the list of factors leading to net job creation or elimination.

According to the companies surveyed, companies going green and implementing higher environmental, social and governance standards are the two biggest drivers of job creation, while slowing economic growth is expected to be the main driver of job losses.

Other factors that could also lead to job losses in the coming years include the effects of the Covid-19 pandemic, supply shortages and the global cost of living crisis.