The world of work is transforming at a rapid rate more than ever in this era of digitalisation and AI-powered technologies, which the World Economic Forum has declared as the Fourth Industrial Revolution happening in the 21st century. More than 1 billion people need to reskill by 2030 for the 133 million new jobs in major economies that will be created as we move forward into the next decade. On top of the high-tech skills that are in great demand, interpersonal skills and competence in sales, human resources, care and education will continue to be essential.
Skills Gap
Skills gap for in-demand skills has always been a major challenge for human resources and companies. The increasing adoption of digitalisation across all industries and the pandemic has made the gap even wider especially in the IT and emerging technologies sector. Furthermore, the skills gap in IT needs to meet both interpersonal/soft skills and technical/hard skills that companies seek.
Digital and technology-related skills are not enough to fulfil a job role. Most companies now require employees to also possess leadership and communication skills, critical thinking, problem solving, active learning and resilience. According to McKinsey & Company, a global management consulting firm, 87% of most companies around the world are aware of the existing skills gap within their organisation or will soon encounter this problem in the next few years.
Reskilling Emergency
Both companies and employees have the responsibility to bridge the growing skills gap to continue thriving in the fast-changing world of work. Presently, an estimated 42% of core skills required in existing jobs are expected to change due to automation and machine learning substantially leading the transformation. In October 2021, Google unveiled a new initiative promising to train 40 million people in Google Cloud skills. LinkedIn reported that 64% of Learning and Development professionals agree that reskilling the current workforce is the top priority now to fill the skills gap.
The top 5 high-demand skills in the future
The global competitive markets for in-demand skills set for the next 5 to 10 years belong in the fields of artificial intelligence, machine learning, data science, blockchain and robotic process automation. This information will be vital not only in the upgrade of an organisation’s business processes through emerging technologies but also in informing their talent strategy how to effectively attract a competent workforce needed in the business.
Here are the top 5 in-demand skills that’s shaping our future workforce:
Artificial Intelligence (AI) and Machine Learning (ML)
- Countries with top AI and ML talent:
- U.S
- India
- China
- U.K.
- Germany
- Industries that currently employ AI & ML talents:
- Asia-Pacific: financial services, banking, telecom, technology, e-commerce
- Americas: information technology, social networking, banking, financial services
- Europe: information technology, aerospace, e-commerce, engineering, telecom, banking, financial services, social networking, pharmaceutical, manufacturing
- Education backgrounds of professionals with AI and ML skills:
- Computer science
- Computer engineering
- Information technology
- Electrical, electronics and communications engineering
- Mathematics
Augmented Reality (AR) and Virtual Reality (VR)
- Countries with top AR and VR talent:
- U.S.
- China
- India
- Brazil
- U.K.
- Industries that currently employ AR & VR talents:
- Asia-Pacific: information technology, e-commerce, engineering, telecom, financial services, social networking, pharmaceutical, software engineering, manufacturing
- Americas: information technology, e-commerce, software engineering, manufacturing, financial services
- Europe: information technology, e-commerce, engineering, aerospace, telecom, financial services, social networking, pharmaceutical, manufacturing
- Education backgrounds of professionals with AR and VR skills:
- Business administration and management
- Accounting
- Computer science
- Marketing
- Information technology
- Design and visual communications
Blockchain
- Countries with top blockchain talent pool:
- U.S.
- China
- India
- U.K.
- France
- Industries that currently employ blockchain talents:
- Asia-Pacific: information technology, telecom, engineering, financial services, oi and gas, pharmaceutical, manufacturing
- Americas: information technology, software engineering, financial services
- Europe: information technology, engineering, telecom, financial services
- Education backgrounds of professionals with blockchain skills:
- Computer science
- Business administration and management
- Information technology
- Economics
- Finance
Cloud computing
- Countries with top cloud computing talent:
- U.S.
- India
- China
- U.K.
- France
- Industries that currently employ cloud computing talents:
- Asia-Pacific: information technology, telecom, engineering, financial services, networking hardware
- Americas: information technology, software engineering, financial services
- Europe: information technology, engineering, telecom, financial services
- Education backgrounds of professionals with cloud computing skills:
- Computer science
- Information technology
- Business administration and management
- Computer engineering
Cybersecurity
- Countries with top cybersecurity talent:
- U.S.
- India
- U.K.
- China
- Australia
- Industries that currently employ cybersecurity talents:
- Asia-Pacific: information technology, e-commerce, engineering, telecom, financial services, social networking, manufacturing
- Americas: information technology, software engineering, telecom, financial services
- Europe: information technology, telecom, engineering, financial services, networking hardware
- Education backgrounds of professionals with cybersecurity skills:
- Computer science
- Information technology
- Computer and information system security
- Business administration and management
- Cyber/electronics operations
- Computer and information science and support services
CXC is a global HR outsourcing organisation with 30 years of experience in workforce management. Our innovative and cost-effective solutions help companies gain a competitive advantage by improving efficiency while reducing risks.
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