The changed scenario of working from home meant that their interpersonal feedback system, social skills, professional relationships and the psychological stability of normalcy in a physical office suffered. But for some employees, this was a time for financial and professional growth where their skills were in greater demand, helping them encash on their specialisation. How will the experience of the past one year impact the next 2-3 years?
Market trends
The broad market trend is an irreversible acceleration towards digitisation. From startups to old economy companies, everyone has finally signed up to increase technology in their businesses. This means that the skills required will change rapidly every year. The Future of Jobs report by the World Economic Forum indicates that 50% of core skills required will change within five years. At the same time, 40% of current employees need re-skilling within the next six months. If your core skills are not in technology, there may be fewer jobs for you. If you are tech-savvy, your income may have jumped. However, over the next couple of years, expect the demand supply mismatch to even out. Your primary battle is to stay relevant in a changing job market.
Constant reskilling
Going forward, your past experience will not count as much as current relevant skills. Thus your core skills will need to upgrade regularly in line with the changing business models. Your first step is to figure out the gap between your current skills and market demand. Research the openings on job boards in your domain or specialisation to identify recurring themes that are missing in your profile. Next, look at LinkedIn profiles of ex-colleagues and the kind of roles they have moved on to. What is working currently and where is the gap for you? How can you acquire the required skills or certifications? The best solution is where your employer is willing to invest in your training instead of hiring a replacement. Discuss this with your manager. At the same time, volunteer for projects where you can gain relevant experience while you sign on to online courses for theoretical knowledge. As a rule, repeat this every 6-12 months through your career.
Is there more pain in store?
Most feel the situation will get worse and have longer impact.
Finding new jobs
Our survey indicates that only 22% of respondents felt that job security will improve in the future. It is more likely that businesses and roles will constantly change with increased digitisation and new technology. Thus you are likely to be looking for new jobs more regularly than in the last decade. Our survey also indicates that two out of three employees are currently engaged in job search. These include professionals who have a job but are either hedging against a potential job loss or are looking at boosting their income to increase their savings and derisk against the future. This means that there are more applicants for every vacancy and hence the job searches will be longer than before. Thus, two skills become more critical in the future—professional networking and communication. A strong professional network will expose you to more openings when you need one. Strong communication skills will help you convert an opening into a job offer more efficiently.
Financial literacy
Your back-up plan is to have enough financial runway to last each job search process without disrupting your life goals. Unfortunately, financial literacy is not taught in our schools and in most salaried families. As a result, professionals are overly dependent on their income from their day jobs and have little or no income from investments. The best time to start learning was in your teens. The next best time to start learning is now. Continuously invest in becoming financially savvy. Set a budget and run your life like a business. Learn from friends and family who have great habits and understanding about investments and finance. Cement your knowledge with reading about personal finance. Finally, take action right now.
(The author is a career coach, mentor and the author of Yoursortinghat.com.)
