The latest innovations, technical breakthroughs, socio-economic changes, major global events, demographic changes, and government policies often impact the job market. Changes in the job market are most visible through the roles and advertised job positions on job boards and career pages of companies. Along with the roles and positions, the skills required to get the jobs would also be updated. One cannot get into emerging job roles of 2023 with the skillsets of 2020.
Market Fluctuations and their Impact on Skills
Disruptions in the global job market can be a result of a multitude of issues. Some of them and their impacts can be:
- In times of crisis, certain nonessential teams like marketing or activities like R&D are usually impacted.
- Innovations like drone technology have optimized job roles thus requiring fewer people on the ground.
- Growth or decline in industries also results in a shift in demand for job roles. For example, the growth of Fintech Companies has created a large number of jobs for roles like financial analysts and data scientists.
- Major changes such as global warming also affect industries and emerging job roles. For example, the rise of investment in battery technology has mostly been due to the earth heating up and human’s search for alternative/clean sources of energy.
Covid-19 has also impacted the job market in a big way and certain job roles have seen a high demand whereas others are on their way to obsolescence.
Job Market Overview for 2022
As the Covid numbers slowed down and the vaccine helped most sectors recuperate, the job market also saw positive numbers in 2022. The healthcare industry added as many as 70k jobs in April alone, whereas leisure and hospitality saw the biggest bump of 78k jobs. Reports by CNBC show how most industries recovered from the Covid spell and added healthy numbers in 2022. As per Forbes, the US economy added as many as 261k nonfarm jobs in October alone.
Fig: Jobs Added in July 2022 in the US. Source: CNBC
Some of the most popular job roles and their skill set requirements in 2022 were:
- Full-Stack Developers
- Digital Content Creators
- Diversity Specialists
- Mental Health Specialists
The Expected Trends in the Labor Market in 2023
Given the recent global events that have taken markets by storm, unpredictability is what we will be looking at in 2023 as well as the next few years. Technological innovations like further progress in the field of AI or VR can also bring about new job roles.
Fig: The most in-demand skills as per Linkedin Learning
The only way for job seekers to stay in the game is to keep upskilling and upgrading. This is because even if job roles remain the same, it might be expected of you to use the latest tools to perform your job more efficiently. Some of the job roles and skills most likely to be in demand in 2023 are:
- Prompt Engineers are likely to see high demand in 2023 as more companies want to adopt AI tools but want to train them as per specific requirements.
- Digital Marketing Specialists are slowly but surely replacing traditional marketing teams and focusing more on leveraging the internet for spreading the word!
- The average cost of a ransomware attack was USD 4.54 million in 2022. Cyber Security Engineers will be in high demand through 2023 as companies try to save themselves from the plague of cyber attacks.
- DevOps Engineers are seeing heightened demand as more companies want to move their infrastructure to the cloud, be it Azure or AWS. Previous Cloud Infra skills are a must for such roles.
- Solar Cell Technicians who can help property owners with installation, as well as maintenance, will be in high demand for the next years due to the eco-friendly energy source as well as cost savings!
- Openings for Battery Engineers are increasing every year as more companies try to create cheaper and more powerful batteries for electric vehicles.
- Covid accelerated companies toward data-driven decision-making. Data Scientists will henceforth continue to see high demand as more companies make the switch.
- UX Designers come in handy since no matter how good a solution is, whether the target user group finds it easy to use or not changes the bottom line. A degree in design along with previous work experience is a must.
- While the hue and cry around Crypto may be dying out, Blockchain Engineers are still in high demand as more decentralized systems come up, be it in the field of medicine or finance.
- Full Stack Developers who can build websites, deploy them on the cloud and maintain them as well, have seen high demand ever since the beginning of websites. With rapid digitization across the globe, the demand is only going to rise.
Identifying Trending Skills
Every job listing would have two sets of details–
- The must-have requirements
- Good to have skillsets
Having a clear view of these details over a duration will provide you with the answers to 2 questions–
- Which are the most frequently seen skill sets in particular domains?
- What are the emerging/growing skill sets?
The only way one can track these data points is by having an automated system running on a live data feed.
One of the most popular tools in the market for enterprise-grade job data curation is JobsPikr. Our tool helps you keep an eye on global emerging job roles and provides you with critical labor market insights. In case you want to focus on the skillsets and job roles for a particular industry, JobsPikr also allows you to look at industry-wise data in IT, Pharmaceuticals, Aviation, Automotives, Education, Finance, and more. Along with the latest trends, you would also have access to historical data so that you can create ML models for the future based on the changes that have happened in the past and predict their effect on the job market.
