Picking up where we left off in part 1, while the upskilling and infrastructure building in a short time to leverage innovative technology or trend are important, it is also true that a few of them would be hype and therefore burst like a bubble.

Hence it is equally important to monitor and figure out the trends and bet on the technologies that have future potential.

A survey done by the World Economic Forum (WEF) lists the following jobs as likely to see a growing demand:

Data analysts, scientists, big data specialists
AI, ML, IoT specialists
Digital marketing and strategy, digital transformation specialists
Process automation specialists
Business development professionals
Information security and forensic analysts
Mechatronics and new product development specialists
Software and applications developers
Project managers
Database and network professionals
Robotics engineers
Strategic advisors and risk management specialists
Management and organisation analysts
Fintech engineers
Mechanics and machinery repairers

Meanwhile, the demand for the following skillsets is going to decrease:

Data entry clerks
Administrative and executive secretaries
Accounting and bookkeeping clerks
Accountants and auditors
Assembly and factory workers
Client information and customer service workers
Material recording and stock keeping clerks
Financial analysts
Sale representatives, wholesale and manufacturing, technology and scientific products
Relationship managers
Bank tellers and postal services clerks
Door-to-door sales, news and street vendors
Electronics and telecoms installers and repairers
Construction labourers

The new skill sets and related jobs would not be confined to large organisations but will be required across industries including farming. The farming industry is undergoing major transformations with the deployment of IoT and other technologies.

Also Read: Why cross-skilling is critical for jobs of the future – Part 1

The above should give an idea of what skills individuals need to pursue. It is equally imperative for the skill development agencies, for instance, to get ready for more courses around developing data analysts rather than data entry operators.

In a sense, the evolving situation and availability of manpower skilled for innovation-economy will also compel the SMEs to accelerate their digitalisation drive, thus climbing up the value chain and overall improving the industrial competitiveness of the country.

According to some of the surveys, contract jobs are going to be on the rise, as organisations will increasingly operate on project mode and would rather outsource specialised and specific tasks or jobs instead of creating or retaining a large pool of employees.

The uncertainty caused by the pandemic as well as the work-personal life balance, life experiences and the freedom demanded by today’s millennials to live their dreams, is set to accelerate this trend.

Whether you are a contractor or an individual entrepreneur, you need to do the prospecting for work that matches your skill, manage your workload, undertake monthly billing, manage your own finances and taxes, manage relationships with your client, reskill yourself, and more.

This would bring in a renewed focus on the individuals to hone their soft and hard skills continuously and transform themselves into an enterprise by themselves.

Summary

To address the challenges faced by the industry and job market today, societies are pursuing a holistic approach, creating active linkages and coordination between education providers, requisite skills, workers, and employers; ensuring effective collaboration between employment agencies, as well as involving regional and federal governments in helping their citizens.

Also Read: Workers are switching jobs now more than ever. Why upskilling matters most post-pandemic

The importance of skill training institutions cannot be emphasised more. The skill trainers have to be at the avant-garde, looking for the trends, skilling themselves and offering upskilling and cross-skilling courses in the most convenient and cost-effective manner. The speed of adoption and the quality are going to dictate how societies are going to thrive in the future.

Algorithms and machines will be primarily focused on the information and data processing and retrieval tasks, administrative tasks and some aspects of traditional repetitive manual labour. The tasks where humans are expected to retain their comparative advantage include managing, advising, decision-making, reasoning, communicating, and interacting.

Per different surveys carried out recently, data analytics, IoT, high performance and cloud computing, process automation, robotics, Fintech, cybersecurity, mobile and software apps, large machinery, cyber-physical systems, mergers & acquisitions (M&A), networking, 3D/4D printing and the likes are set to boom.

Curiosity, understanding the inherent strengths, soft skills, technical skills, adaptability would be desirable qualities in an individual.

Entrepreneurship and contract jobs are going to be encouraged, leading to humans being an enterprise by themselves.

Learning is a lifelong process. Individuals need to be adaptable to change and the early movers are going to reap more benefits compared to laggards.

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