Labour market dynamics are changing fast. In fact, over the next few years, experts project the job landscape will undergo some radical changes.
According to the World Economic Forum, technological advancements and demographic changes will lead to the loss of more than 5 million jobs by 2020. Most jobs that will vanish include administrative positions, white collar, and office. So, if you’re choosing education or career paths, here are the best options to consider:
1. Information & communications technologies (ICT)
Information & communication technologies are technologies that enable individuals to access data or information via telecommunication. ICT is strongly related to Information technology (IT). However, it mainly dwells on communication technologies, such as the internet, cell phones, wireless networks and other channels of communication. ICT has enabled people from different parts of the world to communicate in real-time through mediums like instant messaging and social media platforms like Facebook, Twitter, and WhatsApp. Internet penetration is growing at a rapid pace, and more people will have access to it than ever by 2020. So having ICT skills will make you highly marketable and valuable in the job market. As of this writing, an ICT manager in Singapore takes home $96,000 each year.
2. Digital Marketing
Because of the deep internet penetration, proliferation of mobile phones and computers, almost everything is going digital. These days, you don’t have to go to a brick-and-mortar store to buy what you want. You can order it online, in the comfort of your home, and it’s delivered right to your doorstep. That means most businesses have moved online. Also, the traditional media, such as magazines, newspapers, radio, and television are moving online. That means there is a huge demand for digital markers today. In fact, according to a research report by eMaketer, businesses spent over $223.7billion on digital marketing in 2007 alone. So having impeccable digital marketing skills, coupled with strong SEO knowledge will make you valuable now and in the future.
3. Tourism and hospitality
With most world economies experiencing exponential economic growth, the middle class is expanding. And that means more people have extra money for vacation. In fact, studies rank the travel and tourism industry among the largest in the world. According to the World Economic Forum, the industry raked in over $7.6 trillion in 2006 alone. The tourism and hospitality sector contributes over $3.5 billion to the Singapore economy. That makes tourism and hospitality one of the hottest courses right now.
4. Human resource management
Today, most business owners are focusing on the human resource to take their businesses to the next level. They know that productive employees mean more business, more sales, and hence, fast business growth. So, they are willing to invest more time and money in ensuring their employees’ welfare is catered for and they have the right tools and skills to cope with the ever-changing market dynamics. Human resource managers are responsible for enforcing these measures. And that’s why skilled human resource managers are in demand right now than ever before.