The Job Market After the Pandemic
According to recent research nearly half the jobs in our economy could end up being automated in the coming years. This trend has been underway for some time and if anything, it is likely to accelerate.
This massive change in the labour market means huge number of people across the world will need to upgrade their skills or learn new skills if they are going to successfully participate in the reshaped economy.
The drivers of change
Looking beyond the changes triggered by technology, we have already been seeing other major changes in the job market.
Working remotely has been on the rise for several years now but the Pandemic has significantly accelerated this trend. Millions of people have been working remotely because of the Pandemic and many of them are likely to continue to work remotely even after the pandemic. A related factor is that many jobs can now be performed by workers in other parts of the country or even abroad. So many jobs that were once considered local are now open to competition from other areas.
Another dynamic is the fact that more and more people are finding it harder to retire and for that reason they are continuing to work and delaying retirement. This creates an additional level of competition for the jobs that are available, and it delays younger workers from advancing into more senior management roles.
To successfully participate in tomorrow’s job market, in addition to formal qualifications, workers will need to have the ability to adapt rapidly to the ever changing conditions.
In times of change being able to anticipate the coming changes and taking action, is a critical requirement to succeed. As the pace of change increases, employers need to find workers who can make sense of the changing environments and adapt to it, on top of having the technical qualifications to perform their work.
Adapting to change rarely feels comfortable but like any other ability, the more you practice it, the better we get at it, and frankly we may not have a choice if we want to succeed in tomorrow’s job market.
How to Make Yourself More Adaptable
One way to develop your adaptability is to strengthen your determination. One definition of determination is resolve, or firmness of purpose.
This starts with a positive outlook and a belief in your own ability to improve your circumstances and achieve what you are working towards. This is something that we have some degree of control over.
2. Embrace learning
By some estimates, every few years the skills that you have learnt become outdated and lose their value. This is likely to accelerate as the pace of technological advances increases.
The implication here is that in order to stay relevant in your industry and keep up with all the changes, you need to evaluate your skill set and identify and any potential shortcomings. Once you know where the gaps are, schedule blocks of time dedicated to upgrading your knowledge and skills in order to overcome those gaps.
Fortunately, nowadays there are numerous sources available to us for online learning. Some of these sources offer course in a variety of fields while some are more focused on specific areas.
3. Seek challenges
As they say, practice makes perfect. Being on the lookout for new challenges that take us out of our comfort zone teaches us to find new ways of learning and improvising. Over time, our mindset and our brain get used to this and we feel less stressed and more confident in dealing with new situations and with ambiguity.
This can be achieved by either learning new skills, such as an online course, or at work by starting to learn about and getting involved in new areas. Most employers appreciate workers who show initiative and a willingness to learn about other areas of their business.
The pace of change in the world is not slowing down and this is something you need to consider as you think about your career. Viewing change as discomfort will not help you. Instead you need to embrace change and instill in yourself a mindset of adaptability and a willingness to learn in order to not only survive, but to thrive.
Finjoy Capital is not a financial advisory firm.
This article is for informational purposes only and is not a substitute for individualized professional advice.