Investment in Social Sector Jobs Paramount for Economic Recovery

According to the World Economic Forum (WEF), directing investment toward health, education, and care may be a key factor to promote well-being and economic prosperity. Even though the importance of this sector may be evident, they remain short-staffed.

WEF released a report called The Jobs of Tomorrow, which examines the impact of proactive investment that could boost economic activity, increase employment opportunities, and promote more inclusive economies and societies. The report suggests that if governments invested US$1.3 billion dollars in social jobs, by 2030 the return would be US$3.1 billion in GDP. These forecasts are a reminder of the importance of social sectors in the creation of stronger societies that are both resilient and sustainable.

Unemployment is also addressed in the report. Through investment, governments could create 10 million additional jobs in the social sector and one million in other sectors. This would generate benefits because many countries do not have sufficient social workers. In a post-pandemic world, having people taking care of children and vulnerable people is more important than ever.

By 2030, in less than eight years, the world’s population will reach 8.5 billion people, according to the UN. Therefore, structures to guarantee basic necessities will come under growing pressure. Jobs in social sectors already account for about 23 percent of the labor force in advanced economies. Leaders around the world need to update social jobs through technology and innovation. Improving these jobs has the potential to lift the quality of life for both social workers and those receiving social job services.

“A highly uncertain and divergent global context requires a focus on the highest return investments for the future. Social jobs create resilience and boost social mobility, preparing

workers for future shocks and preparing societies for a virtuous cycle of human capital development,” says the WEF.

Providing universal access to education and healthcare could level the field and offer better opportunities to people from disadvantaged backgrounds. It would also ensure that children grow up to be healthy and productive citizens, while allowing mothers to join the job market under fair conditions. However, this would only possible if decision-makers focus their efforts on areas of the economy that are bound to develop significant positive effects.