FUTURE OF CAREER DEVELOPMENT

 

WHAT DOES THE FUTURE OF WORK LOOK LIKE?

We discuss the future of employment frequently. But what is it, exactly? The truth is that the workplace of the future already exists. When compared to how it was 50, 30 or even 10 years ago, the way we work has profoundly changed.

Workplace dynamics are more turbulent and volatile than ever. For the duration of their careers, people in our parents' or grandparents' generation would accept a job and stay at it. But those times are now a thing of the past.

These days, there is no such thing as a ‘job for life’.

Things are always changing; entire sectors have emerged in just the last few decades alone, and many are likely to vanish in the years to come. Attitudes toward work are also evolving at the same time. More and more, younger generations are rejecting the stability and predictability of the conventional job path. They choose one that is more fascinating, varied, and adaptable.

There are five key shifts, in the future of work, we need to be aware of:

(SHRM, 2023)

1: Technology

Imaginative technical marvels that make life easier and allow us more time for enjoyment and leisure are frequently present in our image of the future. These hopes for "tomorrow's world" haven't always materialized, either. Our digital devices appear to have connected us to work more than ever, rather than liberating us from it. The world around us is constantly changing due to exponential technological advancements.  Big data, robotics, automation, and artificial intelligence all work to free up labor and assist with difficult jobs. But for those whose lives and work might be impacted by these developments, these same advancements also bring uncertainty and fear.

Estimates show, 45% of current jobs could be mechanized with the help of technological advancements in the future.

It's simple to believe the hype that emerging, disruptive technologies, especially artificial intelligence (AI), will eliminate jobs. However, the ability of technology to alter the nature of employment and, in the process, render some jobs obsolete, is nothing new. That technology may open up new markets and career options as well as potential for increased productivity and innovation is also untrue.

There will be clear victims: Drivers will be replaced by autonomous vehicles. Self-checkouts and internet retailers have already replaced cashiers in retail settings. But for those who are adaptable enough, these losses may also bring about new opportunities. The agricultural, industrial, and digital revolutions have all demonstrated how new technology invariably results in the creation of new jobs. In the near future, robots will work alongside us before taking our place. Humans will be required to manage workflow, operate and maintain smart machines, and maximize their utility.

2: Changing demographics

The demographics of the workforce are significantly and directly impacted by the changing makeup of the world's population. Many people must continue working longer because they are living longer, staying fitter, and outliving pension plan projections. As a result, four or even five generations coexist in many jobs. These organizations have developed and expanded as a result of various impacts on their life. As a result, values, abilities, and work attitudes might differ greatly between groups. The engagement of women has dramatically increased over the past 70 years, which has increased workplace diversity.

More alternate working methods are required for a workforce that is more diversified.

Younger generations no longer desire long hours at a desk while being employed by the same employer. The generations that are expected to rule the workplace over the coming decades, the millennials and Gen Z, are more adaptable to change and uncertainty. Additionally, they want for purpose and ownership in their work, both of which may be challenging to come by in a typical full-time job.

With no connection to a time before it, Gen Z in particular has grown up in a world defined by the internet and mobile technologies. There is almost little likelihood that this generation will adopt a method of working that is based in the twentieth century.

3: The global pandemic

The coronavirus epidemic has drastically altered many people's working lives in just a few short months. In terms of virtual and remote working, COVID-19 has significantly accelerated a number of changes that were already taking place in the sector. As companies try to find a way forward, many people may find themselves in this scenario for an extended period of time.

4: Globalization.

Globalization has been a significant force behind transformation. The number of classic "nuclear" businesses—those with a single location and a regular "9 to 5" workforce of permanent employees—is declining. In response to having an international footprint, many organizations have embraced more diverse working practices. Organizations are simultaneously becoming aware of the strategic advantages that an agile staff may provide. By implementing digital technologies, experimenting with flexible working arrangements, and utilizing a global, mixed workforce, forward-thinking firms are building competitive advantages.

Through increased cross-border cooperation, virtual teamwork, and distributed workforces, the rapid speed of globalization is also altering the nature of the workforce. By being able to find talent from a large talent pool, businesses can obtain competitive advantages that boost engagement, innovation, and productivity. 

5: Business shift

Every year, 100 million new companies are founded. This is causing a transition away from giant businesses and toward a society that is more entrepreneur-driven. People now have more power over their professional life thanks to the growth of the gig economy, which gives them the flexibility to work whenever and wherever they want. For talented individuals like web developers who can best utilize their expertise, this can be especially alluring and lucrative.

What, then, about the future of work is worrying? According to estimates, two billion jobs would vanish by 2030 as a result of automation, higher productivity, and robots.

(Antoinette and Oglethorpe, 2020)

But while you may not be able to future-proof your job, you can future-proof your career.

Have an open mind about what the change may bring. Look upon change as an opportunity for growth rather than fearing the shift in status quo. When businesses adopt new technologies and automations, they free employees to perform other, more value-adding work. This is a great opportunity to shine, provided you’re ready to take more responsibility for your careers — and are working to future-proof it.

Your ability to be flexible and take full advantage of change will be the difference between being left behind and using it as an opportunity to develop and progress.

THE FUTURE OF WORK AND ITS IMPACT ON YOUR CAREER

(OECD., 2019)

The job market has faced ongoing difficulties and changes for the past 24 months, which is both astonishing and worrisome. Everyone concerned has been impacted by the markets' change in power. The employment market's current trends have an effect on the workplace. For instance, the growth of remote employment spawned the gig economy and a fresh influx of international freelancers. In fact, it wouldn't be inaccurate to suggest that the full extent of the changes hasn't yet materialized. The job market has already changed, and employers are placing more value on the caliber of work. People are waking up to the fact that money isn't everything. They want to work for businesses where they have a strong sense.

This mentality change will alter the relationship between employers and employees, providing workers the freedom to select the employers who are best for them. Employers will therefore need to be more adaptable in order to draw in and keep talent. There has never been more competition for young talent. Let's examine how some industries that will dominate the future of work will affect this new era of labor.

5G Security

The fifth generation (5G) of cellular technology increases network capacity but also poses distinct risks to businesses, governments, and industrial clients.

According to the Mind Commerce report 5G Security Market Outlook and Forecasts 2022–2030, there will be increased demand due to the need for strong security and privacy features. The market is projected to grow at a compound annual growth rate (CAGR) of 36.8% to reach $25.9 billion in 2030.

"there is more at stake with 5G than predecessor network implementations involving LTE and WiFi." In order to allay worries about potential security holes, "Leading carriers will transform 5G security from a cost of doing business into a major market differentiator."

Virtualization Software

Additionally, corporations have adopted virtualization technologies at a multiplicatively higher rate, according to market analysts. The virtualization software market, which is expected to grow from $38.7 billion in 2020 to a staggering $189.4 billion by 2027, growing at a CAGR of 25.4%, is contested by some of the biggest names in technology, including Amazon, Google, Microsoft, Oracle, and Huawei Technologies.

Many nations throughout the world, including the United States, China, Japan, Canada, Germany, Australia, India, and South Korea, have a significant demand for virtualization software.

Digital Education

The usage of online learning and technologies like smartboards, tablets, laptops, and massive open online courses (MOOCs) has had an impact on education as a result of the increased acceptance of digital technology.

According to Digital Education industry 2030 by Fatpos Global, the digital education industry has an estimated value of $12.6 billion in 2019 and is projected to grow to $136 billion by 2030 at a CAGR of 25.1%. Pluralsight, LinkedIn, and Coursera are some of the leading firms in this market.

E-commerce Logistics

E-commerce logistics is already a sizable global sector and is anticipated to develop steadily in the future. According to the research eCommerce Logistics, the market for e-commerce logistics was anticipated to be worth $243.4 billion in 2020 and is projected to grow at a CAGR of 18.9% to reach a remarkable $819 billion by 2027.

The epidemic hastened the expansion of e-commerce logistics. In the future, technologies like artificial intelligence and big data are anticipated to play a bigger role, and sustainability will be another crucial topic to watch in this sector.

Solar Energy Solutions

According to a recent report by Infogence Global Research, the global market for solar energy solutions is expected to grow from $30.06 billion in 2022 to $62.97 billion by 2027, expanding at a CAGR of 15.94%. Growing environmental awareness and technological advancements will help create new business opportunities in this market.

The growing use of green energy, the advent of smart cities, high electricity prices, and regulatory compliance are some of the major forces at play.

Fintech-as-a-Service

Booming is financial technology. According to a survey by Knowledge Based Value (KBV) Research, the size of the global fintech-as-a-service market is anticipated to reach $681.6 billion by 2028, growing at a CAGR of 16.9% CAGR throughout the projected period.

According to the survey, "many traditional lending institutions are turning to fintech technologies to take advantage of cutting-edge business activities and financial processes." The rise in popularity of digital payments, digital loans, insurance, wealth management, and robo-advisory has raised the demand for technology-backed banking.

Blockchain, artificial intelligence, robotic process automation (RPA), and APIs are all included in fintech-as-a-service.

(Schmidt, S., 2023)

How to develop power skills?

Power skills are crucial aptitudes that may be developed with the correct resources and assistance but are typically not innate. Every business that recognizes this trend may find it difficult to train staff in these skills. However, there are a few strategies you may use to help you stand out from the crowd. Here are a few to look at.

Use online courses and training modules – 

Massive Open Online Courses (MOOCs) are a fantastic way to enable oneself to master new skills at your own speed for very little or no money. They can also be used to update or brush up on prior knowledge.

Participate in new experiences – 

An excellent environment for developing these skills can be found in trying a new sport or hobby, looking for international adventures, taking acting classes, playing around with creative writing to start a blog or a new business, either alone or with others. This is especially true when you can establish yourself as an authority and instruct others.

Career orientation services –

You can advance both professionally and personally with the aid of career services. It is a crucial component of every professional path, particularly during pivotal times like joining a new work market, aiming for prestigious positions with more responsibility, or changing careers.

(C, T., 2023)

In conclusion, 

These trends will create more opportunities that are just around the corner, and it’s time to start thinking about your career strategy. This article outlined only some of the career trends that are expected to dominate in the next few years.   

Its never too late to start thinking of future career options. There are many more pathways other than what are highlighted here in this article, which you can always explore, by learning new skills and upskilling your talents.

References.

Antoinette and Oglethorpe, 2020. antoinetteoglethorpe.com. [Online]Available at:https://www.antoinetteoglethorpe.com/the-future-of-work-career-development/[Accessed 28 August 2023].

OECD., 2019. OECD Employment Outlook, The Future Of Work, s.l.: Organisation for Economic Co-operation and Development.

Schmidt, S., 2023. blog.marketresearch.com. [Online]Available at: https://blog.marketresearch.com/10-global-industries-that-will-boom-in-the-next-5-years[Accessed 28 August 2023].

SHRM, 2023. shrm.org. [Online]Available at: https://www.shrm.org/resourcesandtools/tools-and-samples/hr-qa/pages/what-is-meant-by-the-future-of-work.aspx[Accessed 28 August 2023].

 C, T., 2023. careerhigher.co. [Online]Available at: https://www.careerhigher.co/career-advice/the-future-of-work-and-how-it-could-affect-your-career-128846/[Accessed 28 August 2023].