What skills should tomorrow's workers acquire today?
According to the Burning Glass Institute's State of Skills report, the fastest growing and most demanding skill sets include artificial intelligence/machine learning, cloud computing, product management and social media. The report, entitled “How Skills Disrupt Your Work: The Transforming Power of Rapidly Growing and In-Demand Skills,” was published in collaboration with the Business Higher Education Forum and publishing company Wiley.
“Of course, these four are not just rapid-growing skills, but the most destructive skills,” says Brian K. Fitzgerald, CEO of the Business Higher Education Forum.
Unlike the previous year, demand for data analytics skills is no longer concentrated in the technical sector. Instead, it now extends to the employment role and industrial sector. According to the report, in 2011 there were 294,000 job postings seeking data analytics skills in only 17 occupations. In comparison, in 2021, such jobs were declared in 81 occupations. The demand for data analytics skills in existing employment is for employees to learn and apply them and take on new roles.
Speaking of growth, AI/ML has grown at a rate of 370% over the past five years, growing 2-3 times faster than other high-growth skills. However, cloud computing skills are in demand in about 40% more sectors than AI/mL.
As skills needs expand beyond silos, creative marketing professionals need analytical skills to understand and use customer data. Similarly, engineers and data analysts need management, communication and design skills.
A direct impact is that growth is straining the human resources supply chain. “We are in the midst of a very difficult time in the US labor market. With advances in technology, job requirements are evolving faster than ever, making it difficult for businesses to find qualified workers and individuals to qualify for good jobs.
“The institution has an equally challenging job of predicting the classes and skills to teach to help students pay adequate wages as they graduate and continue to succeed throughout their careers. It's a constantly moving target,” adds Jarrett.
