The data from the latest report of the World Economic Forum – The future of jobs report for 2020, states that the job market will be significantly different in the next 10 years. It is estimated that as much as 50% of jobs will be replaced by automation. This does not necessarily mean that jobs will be replaced by computers, but that employees will work alongside advanced machines that are improving quickly.

That is why training employees will be crucial in the coming period because, in 10 years from now, it is projected that 90% of the jobs will demand digital skills. The young, the low-skilled and the vulnerable categories of citizens are the ones who will have the greatest need to further develop or learn the necessary skills that will be imposed by the labour market.

Increasing and decreasing demand across industries

The analysis of the McKinsey Global Institute, as well as many other types of research, show that the professions from different fields of STEM (science, technology, engineering, and mathematics) are the best-ranked professions in the world. Jobs such as office support and manufacturing are the professions that will decrease in the future. In fact, the automation that we will say more about below is a process that is intensified completely or partially in these fields.

* Value variation is shown in percentages.

Source: McKinsey – The Future of Work in Europe https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-in-europe

Source: McKinsey – The Future of Work in Europe https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-in-europe

Automation by industry

The events of the past year have dramatically accelerated the pace of the digital transformation of society as a whole. Automation in times of a global pandemic seems like a necessary and indispensable step, and getting the job done safely and efficiently are just some of the benefits. In Europe, the industries most at risk of losing their jobs as a result of the COVID-19 virus and automation are: wholesale and retail, manufacturing, hospitality industry, and construction.

Jobs at risk of extinction (in thousands)

Source: McKinsey – The Future of Work in Europe https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-in-europe

Извор: McKinsey – The Future of Work in Europe https://www.mckinsey.com/featured-insights/future-of-work/the-future-of-work-in-europe

Job roles in increasing and decreasing demand across industries until 2025

If you are considering pursuing higher education, enrolling in a course to learn a new skill, in-service training, or similar, what you are probably wondering: Is your education of choice relevant now and will it be relevant at the moment you complete your education?

Let’s review the data-based projections for the professions of the future. According to a report by the World Economic Forum, the most in-demand professions will be: Data analysts and Data Scientists, Artificial intelligence and machine learning specialists, Big data specialists, Digital marketing and strategy specialists, and Process automation specialists.

The following professions will register a decrease in the labour force, i.e. jobs with reduced demand in the future: Data entry clerks, administrative and executive secretaries, accountants, assembly and factory workers.

Future of jobs

World Economic Forum – The Future of Jobs Report 2020 – https://www.weforum.org/reports/the-future-of-jobs-report-2020

The competencies and soft skills for the future

As already mentioned, automation will bring tectonic shifts in the world of work. This would mean a complete change or replacement of some jobs with others, but also the creation of new jobs. Millions of people around the world will potentially have to change their profession or retrain to be able to do the same job by upgrading to new skills. What can be noticed according to the latest data is the rise and demand of the intellectual, i.e. mental abilities of the employee at the expense of physical skills.

Critical thinking and analysis, problem-solving, and the use of technology and development will be considered key skills of the future. These skills are considered to be the most important in the past few years.

  • The blue colour indicates the percentage of companies that will increase the demand for this particular soft skill
  • Yellow indicates what percentage of companies demand this particular soft skill will remain the same
  • The red colour indicates the percentage of companies that will reduce the demand for this particular soft skill

How will the demand for soft skills change in the companies?

  • Increased demand
  • Same demand
  • Reduced demand

How will the demand for soft skills change in the companies?

  • Increased demand
  • Same demand
  • Reduced demand

World Economic Forum – The Future of Jobs Report 2020 – https://www.weforum.org/reports/the-future-of-jobs-report-2020

Top 15 soft skills on the rise by 2025

Recent soft-skills are the ability to self-manage, the ability to actively learn, flexibility and stress tolerance or endurance of the employee.

These trends will also be a challenge for the companies themselves, which would mean that in addition to the process of work automation, there will also be a challenge for active participation and monitoring of job transformations, creating conditions for retraining, training of employees and the like.

ANALYTICAL THINKING AND INNOVATION

ACTIVE LEARNING AND LEARNING STRATEGIES

COMPLEX PROBLEM-SOLVING

CRITICAL THINKING AND ANALYSIS

CREATIVITY, ORIGINALITY AND INITIATIVE

LEADERSHIP AND SOCIAL INFLUENCE

TECHNOLOGY USE, MONITORING AND CONTROL

TECHNOLOGY DESIGN AND PROGRAMMING

RESILIENCE, STRESS TOLERANCE AND FLEXIBILITY

REASONING, PROBLEM-SOLVING AND IDEATION

EMOTIONAL INTELLIGENCE

TROUBLESHOOTING  AND USER EXPERIENCE

SERVICE ORIENTATION

PERSUASION AND NEGOTIATION

PERSUASION AND NEGOTIATION

World Economic Forum – The Future of Jobs Report 2020 – https://www.weforum.org/reports/the-future-of-jobs-report-2020

Conclusion

The purpose of the presented data and the analysis that we made are to show the potential of the jobs that the future brings, the change of work in general, as well as the dynamics that these changes will bring. It is indisputable that education remains the key precondition for the choice of profession and career of the worker, but global trends indirectly allude to changes in the educational processes themselves. Education will have to be adapted and reaffirmed as a key partner and intermediary of companies in the process of generating qualified, able-bodied staff in the future.

The undeniable fact that the analysis also points out is that the professions in the field of IT are booming and this trend of increased demand for labour will continue in the future. Additionally, the highest paid jobs are those in the IT sector, where employees are valued and receive salaries that are much higher than average. Forecasts for increasing the deficit staff for this area in the next few years are important indicators for at least three things.

First, the salaries in this area will continue to rise due to reduced market competitiveness. Second, that it is necessary to invest intensively in STEM areas at all stages of education and third, regular assessments of labour market needs and retraining investments in these areas are needed to be able to respond to labour demand promptly.

 

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