Skills that pay: The Returns from Specific Skills as Demanded in Job Advertisements | Citi GPS

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Transformation of the Job Market: The Growing Importance of Specific Skills and Adaptability in the Age of AI

In childhood, career aspirations often revolved around traditional roles, with professions like teachers, doctors, or firefighters taking precedence. The emergence of technology and television widened career options, introducing occupations like astronauts or movie stars. However, the idea of becoming a data scientist, now integral to the job market, was seldom envisioned in the 1970s. The Citi GPS “Technology at Work” report series highlighted the risk of automation affecting 47% of jobs in the United States, prompting exploration of the impact of e-commerce, COVID-19, and outsourcing on employment.

While prior reports primarily focused on the negative implications of technology and automation on jobs, predicting novel job roles proved challenging. The 2019 Citi GPS report anticipated a technological revolution with artificial intelligence (AI), recognizing its potential to transform the workforce. The present report delves into the evolving nature of hiring, shifting from traditional education and experience criteria to a more nuanced consideration of specific skills. It identifies two “soft” skills groups and seven “cognitive” skills groups crucial for the future of work, emphasizing the importance of continuous learning, particularly in data science, to stay relevant in an ever-changing job market.

Analyzing professional occupations, the study underscores the increasing significance of soft skills like collaborative leadership and the dynamic nature of cognitive skills in data science. AI-related skills have witnessed substantial global demand growth, emphasizing the need for workforce upskilling. The report concludes by highlighting the value of investing in companies aligning with the most relevant skills in today’s economy, portraying a shifting job landscape where adaptability and continuous learning are paramount.

Explore the full report for an in-depth understanding of this interesting topic: https://bit.ly/3yg1L6w