Earlier this month, INC interviewed Karen Kimbrough, who leads a team of economists, technologists and researchers "exploring data and ideas about why and how to change business trends" on LinkedIn since the beginning of 2020 to provide a comprehensive view of "developments in hiring and skills that companies may need in the coming years."
Karen Kimbrough, who holds a doctorate in economics from the University of Oxford, a master's in public policy from the Harvard Kennedy School, and a bachelor's degree in economics from Stanford University, is ranked among the most powerful black women in business in 2017, and is the first guest at most conferences, press interviews, television and podcasts.
In its vision, Kimbrough summarized 6 of the most important and latest hiring trends, and derived this from the interactions and insights of the accounts of 63 million companies and more than 930 million active members from around the world on LinkedIn, the world's premier professional network providing employment data and trends since its launch in mid-2003.
AI specialists top the list of fast-growing jobs (Shutterstock)
Slowing employment
Overall hiring is expected to fall by 30 percent, while tech will see a 50 percent faster decline, says Kimbro, who says the tech and media industry in particular is taking a hard hit; companies are not only laying off employees, but may be reluctant to hire others.
The World Economic Forum's report on the future of jobs from 2023 to 2027 showed that "of the 673 million jobs included in the report, growth is expected by 69 million, compared to a decline of 83 million jobs, a decrease of 14 million jobs, or 2% of current employment."
Although the slowdown may not include sectors such as healthcare, oil and gas, and printing, when it comes time to actually hire some companies, they show some concern about the future of the economy, according to writer and industry analyst Heidi Toliver Walker.
Fastest growing jobs
In the first quarter of 2022, Kimbro spoke on Microsoft's WorkLab podcast about the ongoing and incredible expansion of the healthcare industry across all its medical and service specialties, which was confirmed by Andrew Barnes, co-founder and CEO of Go1, an online learning platform.
Kimbrough says there are bright spots for "non-stop" healthcare work, as well as other areas of strong employment such as hospitality, manufacturing, and oil and gas.
According to the World Economic Forum report, artificial intelligence specialists top the list of fast-growing jobs, followed by information security, solar and renewable energy experts, and then education, agriculture and digital marketing jobs.
Remote jobs are drying up
Kimbrough noted that remote jobs are drying, despite the high demand for them, with only 11% on LinkedIn, even though 50% of the applications on the platform are dedicated to remote jobs.
An exception is the printing industry, where Heidi Walker sees remote working increasingly accommodate IT experts, software developers and customer service representatives.
The World Economic Forum report indicates that 44% of opportunities will decline in the next five years due to the impact of technology and digitization, and that there will be jobs that will decline the most, such as clerical work, bank tellers, postal services and data entry.
The largest expected losses will extend to traditional administrative and security jobs, with the report predicting a reduction of 26 million jobs by 2027.
Those interested in employment should invest in themselves and prepare for lifelong learning (Pixels)
Skills and work experience are more important than certificates and job titles
"Those looking to be employed must invest in themselves and prepare for lifelong learning" if they want to achieve career independence and competitiveness, says Kimbrow.
Instead of focusing on an MBA or similar degree, Kimbro advises investing in work experience, saying, "The more practical skills you need, the more you can compete in the job market."
LinkedIn has seen an increase in employers highlighting skills and work experience, more than college degrees or job titles.
Kimbrough noted on the Microsoft WorkLab podcast that LinkedIn data showed that "many jobs are evolving rapidly, so people have to learn new skills throughout their lives, even if they stay in the same position."
Instead of focusing on an MBA or similar degree, experts advise investing in practical experience to compete in the labor market.
When asked about the skills that will have a strong future, Kimbrough said, "The ability to analyze vast amounts of data, the ability to communicate and lead with empathy and respect, are skills that are becoming increasingly important with age, and no better machine than a human will do."
The World Economic Forum report predicted that big data analytics, cryptography and cybersecurity will be among the biggest drivers of job growth, along with analytical and creative thinking, flexibility, agility, self-awareness, curiosity and learning, effective listening and social impact, and adaptation to turbulent workplaces, "among the most essential skills for workers in 2023."
AI will threaten middle-skilled jobs
Kimbrough returns to emphasize that skills training is crucial, as AI is expected to disrupt "middle-skilled" jobs.
The "Britain in Arabic" Twitter account said that the British telecommunications company is "preparing to eliminate 55,<> jobs, replacing most of them and settling for artificial intelligence."
The World Economic Forum report showed that "about 75% of companies will use artificial intelligence," and predicted that agricultural technologies, digital applications and e-commerce will lead to significant disruption to the labor market, and structural change covering 23% of jobs in the next five years.
But he noted that this impact "may be for a while", with more than 85% of companies surveyed saying that reliance on new technology and techniques "may have a positive impact in the long term".