CEO speaks: Future-proof your career
The world is currently undergoing a paradigm shift in job markets with technology and digitisation playing pivotal roles. The impact of these changes is being felt across industries and around the globe — more importantly in acting as a catalyst in redefining the workplaces of the future.
As businesses are increasingly relying on digital technologies to remain competitive and meet customer demands, new job opportunities in fields such as artificial intelligence, robotics, and cybersecurity are expected to see significant growth in the coming years. Concurrently, the rise of the gig economy and remote work — made possible due to rapid advances in digital technologies — is opening up new possibilities for freelance and flexible employment, which can provide greater autonomy and work-life balance for new-age workers.
The Future of Jobs Report 2020 by the World Economic Forum makes several interesting observations in this context. The report estimates that by 2025, 85 million jobs may be displaced by a shift in the division of labour between humans and machines while 97 million new roles may emerge that are more adapted to the new division of labour between humans, machines, and algorithms. The report states that the top emerging roles by 2025 will be in areas such as artificial intelligence, data analysis, cloud computing, and digital marketing. In terms of skills, the report highlights that the top skills needed in the future job market include analytical thinking and innovation, active learning strategies, resilience, stress tolerance, and flexibility. The report also highlights the importance of upskilling and reskilling workers in order to remain competitive in the rapidly changing job market. According to the report, only 21% of employees globally are confident in their current skill set for the next five years of work while 50% of them will need reskilling by 2025.
So what are the specific disciplines that shall stand out in the job market of the future, in addition to the ones above? Experts seem to agree on some basic contours in the report.
Jobs in the healthcare industry such as nursing, medical technicians, and home health aides are expected to experience significant growth due to ageing populations and the increasing prevalence of chronic diseases — especially in developed countries.
The rise of remote work has created a need for jobs related to digital communication and collaboration, such as video conferencing and project management.
Jobs that require social and emotional skills such as empathy, creativity, and critical thinking will become increasingly important as machines and automation take over more routine tasks.
There will be a growing demand for green jobs such as renewable energy technicians and sustainability managers as companies strive to reduce their environmental impact and the world moves towards greener technologies.
Notwithstanding the predictions for the future workplace, we can see for ourselves that technology is transforming many of the traditional jobs and professions that have been around for generations. AI-powered legal research tools are helping lawyers quickly sift through vast amounts of legal documents and precedents, reducing the time and cost of legal research. Telemedicine, genomics and robotic surgery are transforming healthcare. Online learning platforms, video conferencing and other digital tools are changing the paradigm in education. Social media platforms are changing the foundations of journalism — the very way news is being produced and consumed — whether for better or worse is a separate question!
Automated accounting and financial modelling are the norm in finance and banking — rather than an exception. AI-powered visualisation and testing tools are changing the way engineers and architects design and test new machines and buildings. Banking operations are vastly automated — I personally do not remember the last time I visited a bank for my banking needs! Wherever we choose to look, the overarching impact of technology is there for all to see!
Given this rapid change, students, especially those on the cusp of entering their professional lives, need to prepare proactively for jobs in the technology-enabled future. They should:
· Focus on digital literacy: In addition to technical skills, it’s important to have a strong understanding of digital technologies and how they are impacting various industries. This includes working knowledge of digital marketing, social media, cloud computing and other emerging technologies. This applies to anyone and everyone who believes in having an advantage — irrespective of their profession.
· Embrace lifelong learning: The pace of technological change is rapid, so it’s important to commit to ongoing learning and development. This can be done through attending conferences, taking online courses, and participating in professional development programmes.
· Build a diverse skill set: The jobs of the future will require a wide range of skills, including communication, problem-solving, and critical thinking. It’s important to develop a diverse skill set that can be applied to a variety of industries and job roles.
The key to long-term success in the technology-enabled future is to be adaptable, flexible and willing to learn and develop new skills as needed; basically being open to all sorts of manifestations that come our way!
Dr Sanku Bose, Group CEO
(Techno India Group)
