According to OECD projections, technology will affect more than 1 billion jobs, or roughly one-third of all jobs worldwide, over the next decade. According to the World Economic Forum, major economies will create 133 million new jobs by 2022 to meet the demands of the Fourth Industrial Revolution. According to the WEF, 42 percent of the core skills required to perform existing jobs will change in the next few years. The Fourth Industrial Revolution is defined by connectivity, with data and information is shared across platforms and media. Senior roles will be automated out, while new roles involving automated systems will emerge. Skills gaps are likely to occur, resulting in high demand for qualified workers.
Workplaces are constantly evolving. The skills needed to succeed in today’s workforce are vastly different from those required in the past. Future vocations, based on the same logic, will necessitate entirely different skills. As existing functions become obsolete, new jobs will emerge, some of which have yet to be named.
We’ve compiled a list of what we believe some of these future abilities will be. The consensus appears to be that future employment will necessitate a combination of hard and soft skills. The top 5 Skills in future
1. Data Skills
In the next two years, 42 percent of core job skills will change. Big data and artificial intelligence will be one of the future growth drivers. Workers who lack the necessary skills risk falling behind. Skills gaps are likely to emerge, putting qualified workers in higher demand. Machine learning and automation will help with big data in the future. Data is the language that enables Industry 4.0 connectivity. Data collection, interpretation, and decision-making based on these findings, in other words, will be in high demand. Data literacy is essential for all jobs, regardless of industry. To make the best decisions, each of these groups must rely on data. Relevant careers will be Business analyst, Data scientist, and Marketing Analytics.
2. Artificial Intelligence
AI and machine learning are critical drivers of the Fourth Industrial Revolution. This will impact how we work, such as dealing with repetitive tasks faster and more precisely than any human could and using mapping to predict future trends with a highly personalized user experience. AI has the potential to transform how we work and live by lowering the risk associated with various job functions. Employers and entrepreneurs who want to revolutionize and streamline work and daily life will be in high demand for AI developers and implementers. Coding and analytic skills are essential for AI development. Still, mastering AI/machine learning will be invaluable to everyone who will use it, as well as those who will oversee its use. The relevant career will be User Interface designer, Business Intelligence designer, or Machine learning.
3. Blockchain
Blockchain was the most in-demand skill in 2020. Although most people associate blockchain with Bitcoin, it has a wide range of commercial applications. Blockchain is a decentralized public ledger. Bitcoin, by bypassing traditional authorities, provides a reliable and trusted transaction record. Blockchain will have a significant impact on finance. By 2027, the blockchain will have stored 10% of global GDP. Blockchain could be used in the hiring process and finance to check job qualifications and employment history. It can be used to track the movement of goods and the life cycle of a product in logistics and supply chain management. It can be used as a record of ownership for intellectual property in copyright management. The relevant career will be Legal Counsellor or Blockchain Engineer.
According to studies, emotional intelligence is in high demand in both the current and future job markets. Emotional intelligence has been linked to job success and salary levels on numerous occasions. People with emotional intelligence understand how their feelings and the feelings of others influence their actions and decisions. They are humble when giving and receiving feedback, dependable, and committed to assisting others. When necessary, they will apologize and forgive. Any job that requires interaction with others necessitates emotional intelligence. Whether you’re a CFO or a coder, emotional intelligence will help you perform better at work.
Creativity is a valuable asset to have in the future. This is significant not only for “creative” professions but also for industries and functions across the board. Creativity is essential in management and leadership, as well as science and engineering. The impact of creative ideas on technology entrepreneurship is undeniable; it is how technology is used, rather than the technology itself, that shapes the most critical views. Colleges and universities will encourage creativity. Younger generations are digital natives but being able to apply these skills creatively is also essential. Creativity in all of its forms is impossible to automate. Machines may do the heavy lifting for us, but they can only do what we tell them. It is up to us to see the connections, take risks, and identify the issues we believe need to be addressed. Machines, after all, can only learn what we teach them.
Institutions like Stanford, Harvard, IIM, and ISB have started courses to meet this specific need. One gets a higher chance of progressing in their career and helping the organization to grow by following in the footsteps of the world’s best institute for MBA.
Ms. Nidhi Singh
Assistant Professor, RDIAS
