Degree. Skill.. Employability...

One in every three jobs across the globe is likely to be transformed by technology in the next decade, according to the World Economic Forum. And, we are talking about close to a billion jobs that need to be reimagined or redefined with new skill sets and competencies. We will tread into unchartered territory but will offer massive opportunities for training/reskilling. The 21st century’s work and employment narrative has undergone a paradigm shift when compared to the late 20th century’s scenario. In the last two decades, the focus was on adapting to the internet world that brought out fundamental changes in how we worked, and moreover, the pace of change has been fast in a dynamic environment. ?This decade will be around Artificial Intelligence (AI)!

The disruption caused in the information age due to the advent of AI revolution is well reflected in the World Employment and Social Outlook Report, 2024 published by the International Labour Organization [ILO]. ?It highlights that the labour market outlook and global unemployment will both worsen in the coming years. In 2024, an extra two million workers are expected to be looking for jobs, raising the global unemployment rate from 5.1% in 2023 to 5.2%. To make matters worse, the academic and employment ecosystems are evolving at different pace, thus widening a gap between demand and supply leading to “job gap”.

The "jobs gap" refers to all individuals who are without employment but are actively seeking jobs as defined by ILO. To address this massive challenge, there is a need to comprehensively integrate the knowledge acquired and the skills required to create an environment of employability. ?Degrees are now like entry tickets, and skills along with right competencies are key factors for employability. Currently, educational institutions are facing challenges to meet the evolving demands of the job market. These include – technological lag, soft skills deficiency, industry relevance, and limited adaptability. To address these gaps, we need a multi-pronged approach encompassing technological integration, soft skills development, and industry-aligned curriculum. Another important factor that the next generation jobs would require is Emotional Intelligence (EI). Psychologist and author Daniel Goleman says EI is the ability to manage ourselves and our relationships effectively and focus on capabilities such as self-awareness, self-management, social awareness and social skills. On a lighter note, my favorite soft skill is Common-sense (often the most underrated soft skill)It is a delicate interplay of personality, values, and environment.

Understanding the importance of these skills, and thus having an interest in developing these skills will lead to better employability. In 2024, the most-in-demand skill was Communication, followed by Customer Service, Leadership, Analytics, Teamwork, Sales, Project Management, problem-solving, Management and Research, according to LinkedIn. It was surprising to learn that communication ranked the first, even as organizations spend significant resources in developing effective and efficient communications across teams and functions.

Effective communication is about clarity, intent, and tone at an organizational level and it is a subtle interplay of self-awareness, empathy, and context at individual levels. Learning quickly and learning on the job appears to be the need of hour in a VUCA (volatile, Uncertain, Complex, Ambiguous) world. This has brought a change in hiring practices at successful organizations from ‘what you know or have done’ to ‘how quickly you can learn and can do”.