An astounding 22 million jobs were lost in the last two years, with a projected 42% of the layoffs being permanent with no replacement. Thanks to the pandemic, robotics and artificial intelligence (AI) automation has accelerated the obsolescence of many roles. By 2025, robots could replace as many as 2 million workers in the manufacturing industry alone.
It is not all gloomy though. While old roles are eliminated, new ones are created to meet increasing demands. For instance, manufacturing requires greater expertise to operate high-tech machinery. Large enterprises have also started to adopt innovative technologies like contactless delivery options, 3D printing, and video conferencing applications.
Feeling at loss in this pandemic-driven job market upheaval? Fret not. Here’s how you can tap on the industry movements and job search trends to your advantage this year.
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Also Read: How to Secure a Job Post-COVID? Here’s 7 Effective Tips!
1. Artificial Intelligence & Machine Learning
By 2025, 85 million jobs may be displaced by automation. Simultaneously, 97 million new roles emerge to fill the gap for utilizing these new technologies and machines.
These advanced technologies are disrupting every industry. From helping visitors to find their way around to performing a complex task like predicting when a wind turbine needs maintenance.
Elsewhere, in the accounting industry, AI does the mundane heavy lifting of crunching the data and exporting reports. Accountants now perform higher level task of analyzing the data and provide recommendations based on their experience.
Job Availability & Income:
- AI Researchers: 2,900 jobs; ML Engineers: 3,700 jobs.
- Top hiring companies: IBM & Google.
- Average salary of AI Engineer: $106,897; ML engineer: $131,001.
Also Read: 5 Reasons Employees Leave High-Paying Jobs in Singapore
2. Data Science
180 zettabytes. That’s how much global data creation is projected to grow within the next 5 years. With much valuable insights to glean from the vast amount of data, it is crucial for a person with the right capabilities to scrutinize the data.
Here’s where a data scientist comes in. Essential skills include finding patterns, using various programming languages to analyze, and concluding from the data.
With an annual 35% growth in demand, the U.S. Bureau of Labor Statistics projects up to 180,000 database administrators and data architect jobs be available by 2030.
It would be to your benefit if you are apt with Python, Tableau and Power BI. These comprehensive tools specialize in creating different statistical models, performing intensive data crunching and manipulation.
Job Availability & Income:
- Data Scientists: 4,000 jobs; Data Analysts: 5,200 jobs.
- Top hiring companies: Microsoft, Uber and Netflix.
- Average salary of Data Scientist: $117,212.
3. Cybersecurity
Recall the recent OCBC scam where 470 victims lost a cumulative $8.5 million? Data breaches took the headlines in 2021. Other establishments like Singapore Airlines frequent Singtel weren’t spared either.
Cybersecurity is certainly in-demand. 57% of companies say a shortage of employees with such skills is affecting their organization. Some specializations that firms find lacking are security operations, cyberthreat surveillance, malware analysis, and cyber threat hunting.
To prevent future incidence, the Monetary Authority of Singapore also launched a $30 million grant for strengthening the cyber resilience of financial institutions. This gap calls for more cybersecurity professionals and opportunities to expand the talent pool in the financial sector.
Job Availability & Income:
- Cybersecurity: 2,700 jobs.
- Hiring companies: EY, consulting services, banking and financial firms.
- Average salary: $81,744
4. Digital Transformation
If you experienced a ‘WFH’ situation, you are part of the rapid digital transformation that Covid pushed organizations into the past 2 years. 84% of employers are overseeing a significant expansion of remote work, with a third implementing new tools to enable more dynamic collaboration and community building.
Microsoft is a prime example. The company responded to changes in customer needs without basing its strategy on Windows. They opened up to serving mobile devices by providing Office for tablets/iPads. In addition, the company invested in cloud computing by establishing cooperation with Dropbox to develop its OneDrive.
Other successful projects include IKEA’s Smart Home project, the NIKE Plus loyalty program and Disney’s Magicband straps. To drive these initiatives, companies are more keen on hiring specialists who are proficient in emergent technologies.
Job Availability & Income:
- Digital Transformation: 2,000 jobs.
- Top hiring companies: Accenture & Salesforce.
- Average salary: $71,164.
5. Digital Marketing
LinkedIn shares that the “Digital Marketing Specialist” role is among the top 10 most in-demand jobs, with 860,000 openings. Yet, the market faces a serious shortage of about 230,000 digital marketing professionals in the U.S alone.
Traditional marketers and agencies struggle to keep up with new tools and platforms. To name a few, skills like social media content, in-app strategy, SEO and website analytics are not topics they are familiar with.
Hence, firms are actively headhunting for digital marketing talents. They are instrumental in making brands stand out in the virtual crowd.
Job Availability & Income:
- Digital Marketing: 10,600 jobs.
- Top hiring companies: Amazon & TikTok.
- Average salary of Digital Marketing Specialist: $86,766; Marketing Directors: $124,169.
Also Read: Recruitment and Talent Acquisition: Understanding the Difference
Conclusion
Almost every industry is moving towards adopting digital solutions and big data optimization. It will be unimaginable if you are not equipped in this sphere. Start upskilling now to improve your employability and future proof your career.
Not sure how to go about with the many options available? Talk to our consultants now.