6 compelling reasons your work future is “skills-powered”
- In an evolving job market, diverse skills rather than college qualifications have become the new currency for work.
- Research by LinkedIn suggests that jobs will change by as much as 65% by 2030.
- Employees are expected to be more versatile and adaptable than ever before — lifelong learning and continuous skill development are paramount.
In today’s rapidly changing and competitive job market, skills have become the new currency for work. The days when a college degree was singularly sufficient in securing a job are increasingly a thing of the past. Now, employers are looking for candidates with diverse skills that can adapt to the ever-evolving business landscape. Why is that?
1. The rise of technology and automation has significantly impacted the job market, leading to a shift in the skills employers seek. According to the World Economic Forum, some of the top skills that will be in demand in the next decade include complex problem-solving, critical thinking, creativity, people management, emotional intelligence, and cognitive flexibility. These skills are not only in demand in industries such as technology and finance but are also becoming increasingly important in fields such as healthcare and education. LinkedIn’s skills-first report previously found that its members have seen the skills of their jobs change by 25 percent since 2015. At that rate, workers could expect their jobs to change by nearly 60 percent by 2030. However, with new generative AI technologies and tools emerging every day, LinkedIn now forecasts the pace and scale of change to jobs to accelerate even more — by an additional 5 percentage points — to reach at least 65 percent by 2030.
2. With the rise of the gig economy and remote work, employees are expected to be more versatile and adaptable than ever before. Freelancers and independent contractors must be able to wear multiple hats and have a wide range of skills to stay competitive. Employers are increasingly looking for candidates with strong digital skills, including social media skills, the ability to navigate online tools and platforms, and, more recently, the skills to work with generative AI and large language models as these technologies increasingly permeate the workplace.
3. The emphasis on skills has also led to a shift in how education is approached. Traditional four-year degrees are no longer seen as the only path to a successful career. Short-term courses and boot camps that focus on developing specific technical skills such as coding, data analysis, and digital marketing have become increasingly popular, providing an alternative route to gaining the necessary skills for employment.
4. In addition to being a key factor in securing employment, having diverse skills also allows individuals to be more adaptable and resilient in their careers. As industries evolve and new technologies emerge, those with a broad skill set are better equipped to pivot and stay relevant in their fields.
5. However, acquiring and maintaining diverse skills can be a daunting task. It requires a commitment to lifelong learning and continuous skill development. Fortunately, the rise of online learning platforms and the availability of free or low-cost courses have made it easier than ever to acquire new skills. This does require the thoughtful orchestration and sequencing of the optimal portfolio of bite-sized learning resources.
6. Equally important, the attitudes of talent toward work are changing dramatically. In McKinsey’s 2022 “American Opportunity Survey,” Gen Z respondents who were working were more likely to have independent jobs or multiple jobs than older workers, with 28 percent choosing independent work or gigs because they enjoyed the work and 24 percent due to the autonomy and flexibility it afforded.
As employers place increasing value on individuals with a diverse skill set who can adapt to changing industry demands, we are seeing the shift toward skills-powered employment, leading to a new focus on lifelong learning and continuous skill development and providing individuals with the tools they need to stay competitive in the labor market.
