The Fourth Industrial Revolution (4IR) came with a rush of new job opportunities. At its core, 4IR refers to rapid technological advancement which provoked radical changes in the world of work. New technologies include computerized algorithms, artificial intelligence (AI), augmented reality, machine learning, 3-D printing, autonomous vehicles and robotics.
Alarm bells sounded that the new technologies would destroy jobs and replace people, but this was only true of organizations that stuck their head in the sand and refused to innovate.
Rather than destroying jobs, a 2018 WEF report predicted that of the 75 million jobs lost to 4IR technologies at the biggest firms in the world, CEO’s predicted a gain of 133m – a net gain of about 15 million jobs.
Did you know that project management is one of the most in-demand sectors in business today?
According to PMI’s 2021 Talent Gap report, 2.3 million new project management employees will be needed each year to meet global talent demands by 2030.
New Jobs Look Different
Compounded in part by the pandemic, the standard employment relationship has changed along with the form which work takes. Full-time employment has become more precarious as the gig economy redefines the way companies hire from a labor market made up of freelance, short-term and on-demand workers.
New Skill Sets
Today’s jobs place an emphasis on technological and human skills – critical thinking, active listening, analytical thinking and collaboration. Employers focus on a positive attitude and good communications skills, the ability to work both independently and as part of a team and competent levels of IT proficiency.
A four-year degree and a minimum of two years’ work experience are often also an expectation.
Skills-Biased Technical Change
It should not come as a surprise, then, that more highly educated people benefit more from technological change. However, this does not explain a late 20th century trend where mid-skilled employees suffered more terms of opportunities and wages – it was more profitable to be a plumber, or to have a PhD, than to be an office worker.
One reason is that computer technology substitutes routine tasks (e.g., picking, sorting), undermining wage and employment growth for such jobs. These jobs are usually in the middle of the distribution chain, involving areas such as production and clerical work.
But computers are limited in their ability to substitute for non-routine work (e.g. teaching, cleaning, analysis), jobs often found at the poles of the distribution chain, therefore protecting wages. Cognitive and analytical non-routine work is often complemented by technology, enhancing wage growth in these fields.
So, we will find rising employment in high skilled jobs (professional, technical and managerial work), and in low skilled jobs (personal services such as cleaning, security, recreation), but falling employment in mid-skill jobs such as production, office, clerical and sales work.
Consequences for Labor Supply
In an age characterized by volatility and uncertainty, adaptability is the key survival skill in this job market. The notion of a lifelong vocation has weakened, and degree programs are increasingly tied to task-specific skills training, including:
- Analytic skills: reading comprehension, critical thinking and complex problem solving
- Importance of soft skills: collaborative abilities, active listening
- Technological skills: coding, mathematics, technological proficiency
On-the-job training and re-skilling are important parts of how business leaders envisage job growth, and although it is difficult to provide a list of new occupations in which these factors may change, the goal is to be able to move with new developments.
The programs offered by EU Business School in Munich perfectly fit the mold of those wanting to walk into an in-demand job with a top wage. These programs comprehensively cover the professional, technical and managerial skills mentioned earlier, and come with EU Business School’s accredited assurance that 93% of graduates accept a job offer within six months of graduation.
- The Master in Business Administration (MBA) with a pathway in Project Management is one of the most rounded qualifications available in business studies. This Dublin Business School state-recognized degree is fully accredited by the Irish government through Quality and Qualifications Ireland (QQI), the Irish state body for quality assurance of all education and training services. On successful completion, students earn a state-recognized Dublin Business School Master of Business Administration (MBA) degree awarded by QQI.
- The Master in Business Analytics and Data Science gives students a comprehensive foundation in data science, using industry-leading software, tools and applications. Students will gain practical experience with advanced web-based applications and toolsets, understanding how to use data as a strategic resource. They will also learn how to apply data management skills to a business setting to effectively implement data-driven solutions.
- The Master in Finance is an applied branch of economics, exploring challenging technical theory including asset pricing, portfolio management, derivative securities and blockchain fundamentals.
Often referred to as the “economic powerhouse of Germany”, the Bavarian capital of Munich is home to these and other career-defining qualifications at EU Business School. With access to some of Germany’s top multinational companies’ headquarters, together with a global student network from over 100 countries, EU Business School graduates are assured of a bright future.