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According to a recent World Economic Forum report, 40% of all projected job opportunities in emerging professions will be created in the care sector between 2020 and 2023. The increasing demand for care services has given a major boost in the job opportunities in the sector.

The study suggested that with the demographical shift and aging populations the demand for professions like childcare, eldercare, nursing, therapy, personal training, and career coaching will increase.

While care jobs are already a growing occupational sector, more work still needs to be done to ensure these jobs are high-skilled and fairly compensated, as per the WEF report.

Ensuring there is adequate supply to meet the demand for care has the potential to create millions of new jobs around the world, it said.

Addressing gender gap

A robust care economy will create opportunities for workforce participation from women, as they are often considered primary caregivers for both children and the elderly.

This will enable businesses and economies to benefit from an expanded talent pool, especially given that women make up half of the tertiary graduates globally while creating a better gender balance in unpaid care.

For individuals to flourish as workers and caregivers, policymakers need to consider how to help the care economy develop, the Forum whitepaper said. It suggested key areas for action and that more use should be made of technology.

Renewed focus on closing gender gaps in labour force participation can drive further demand for care economy jobs, as can better quality standards in the care sector, the Forum report said.