The rapid growth and evolution of technology over the last few decades has caused much disruption of the employment landscape. Standard industries and blue-collar jobs are being replaced, or are transforming into something completely different, to keep up with the ways in which technology and the economy are changing. There is a fear that automation and new technologies are replacing jobs, and this uncertainty can lead to panic.
But these fears are largely unfounded, at least in the case of an overall decrease in employment opportunities. Rapidly growing industry creates far more jobs than it replaces. If fact, older industries might be worse for the economy than newer ones. In the US, for example, according to the Kauffman Foundation and the Institute for Competitiveness & Prosperity almost all new private sector jobs have been created by businesses less than five years old. In contrast, write the authors of the report, companies more than five years old destroyed more jobs than they created. New markets offer more employment opportunities than older ones, and automation actually creates more job opportunities than one would think.
But what all these opportunities do require is a bit of adaptability. Knowing what the trends are and understanding how to use new tools is the key to remaining relevant in this fast-paced world.
Top Industries Of The Future
There are several new industries and variations of older industries that are projected to dominate the world economy in the next decade. This business.com article gives insight into a few industries that are hot now, and are most likely to become billion dollar businesses in the future.
- Augmented and virtual reality
- The sharing economy
- Big data
- Online retail
- Internet of Things
Companies that are involved in these industries have been making news over the last few years as the technology begins to mature to a point where the products can become mass-market. But these are not the only industries that are growing fast. Looking towards the United States, of the several industries projected to grow in this decade, sub-sectors of the healthcare industry are involved in every list. So are facilities support services, some manufacturing sectors, engineering, and even accounting.
Whatever the source of the projections for future industries, one thing is certain, technology will be a primary driver and enabler. Wireless innovation, connected devices, smarter software and the startup culture will speed up the growth of every sector. The healthcare industry will see innovation through ‘Medtech’, the financial industry with ‘Fintech’ and the education sector through ‘Edtech’.
Industry growth driven by technology is going to be explosive.
The Best Jobs Of The Future
Technological innovation has traditionally been driven in through Western markets, though that is fast changing now. But US Bureau of Labour statistics show large amounts of job openings due to growth in computer and mathematical occupations, business, education, and healthcare. New technologies will cause a nearly 46% impact on employee skills, so it’s important to keep on top.
The World Economic Forum published a report on how labour markets will evolve. In it, they specified certain types of jobs that will be in demand by 2020. The specifications are not job-title specific, but rather cover skill sets that are important in the growing economy.Data Analysts
1. Data Analysts
As data collection and the understanding of the importance of data grows, so will the demand for those with the skills to make sense of it all. Data analysts will turn raw data into actionable information, giving companies what they need to make informed decisions.
2. Computer and Mathematical Jobs
Occupations that include software developers, computer programmers, information security analysts, and many others will continue to grow as technology becomes a bigger part of everything we do.
3. Architects and Engineering
The demand for architecture and engineering jobs is projected to increase.
4. Specialised Salespeople
As technological advancements increase, so will the demand for specialised sales people who understand and can explain this technology to prospective buyers.
5. Senior Management
A new type of senior manager who understands technology and can lead the company through periods of transformation.
6. Product Designers
Designers that can work on the wide range of new products coming out will be in demand.
7. Human Resources and Organisational Development Specialists
As new tools emerge, there will be people needed to train existing employees with new skills.
As technology and the economy go through rapid periods of transformation, it is important to understand and identify where industries are headed, and where the jobs will be. Technology will be an underlying factor in every industry and a specialisation in it, or at least a familiarity with it, will help improve job prospects within the next decade.
Featured image courtesy Financial Times