5 Key Trends Shaping the Future Tech Job Market
Thank you for reading my latest article 5 Key Trends Shaping the Future Tech Job Market
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This article is an excerpt from my upcoming book, Future-Proof: Navigating the Next Generation Tech Job Landscape, now available for pre-order on Amazon. While this is a condensed version of a chapter, it explores one of the key themes of the book — the shift towards skills-based hiring in the tech industry and the growing importance of alternative education paths.
5 Key Trends Shaping the Future Tech Job Market
Let’s turn our attention to the key trends shaping the future job market. These trends encompass a range of factors, from technological advancements to demographic shifts and evolving work arrangements. As we’ve noted earlier in this chapter, one key trend is the accelerated adoption of automation and AI.
Automation and AI
Without a doubt, the most transformative trend in the job market is the widespread integration of automation and AI technologies. Automation, including robotic process automation (RPA) and machine learning (ML), is not necessarily new, but the continual march of technology innovation allows AI to become more wide-reaching. We can observe it being used to perform routine tasks across various industries today.
Gartner claims that “In 2024 more value will derive from projects based on other AI techniques, either stand-alone or in combination with GenAI, that have standardized processes to aid implementation.” In a separate survey, it found that 29% of companies in the UK, the US, and Germany have deployed and are using GenAI. The survey also found that utilizing GenAI embedded in existing applications (such as Microsoft’s Copilot for 365 or Adobe Firefly) is the top way to fulfill GenAI use cases rather than using ChatGPT or customizing large learning models (LLMs) for specific purposes.
The same survey also points out that the primary barrier to adoption is the ability to estimate and demonstrate business value, which continues to challenge all organizations. Another factor to consider is what the total cost of ownership (TCO) looks like at scale.
A lack of talent and skills is next on the barrier to entry for companies wishing to deploy and use GenAI effectively. This shift has profound implications for job roles that involve repetitive and rule-based activities. While automation enhances efficiency, it also demands new skill sets. Companies expect workers to adapt to working alongside AI systems, focusing on tasks that require human creativity, problem-solving, and emotional intelligence.
The Gig Economy
The gig economy, characterized by short-term contracts and freelance work, continues to gain momentum. Platforms like Uber, Airbnb, and Upwork are reshaping how people work, offering greater flexibility and the ability to tap into resources globally.
The gig economy is on the rise, presenting both opportunities and uncertainties for workers. Many young people entering the workforce today or building their professional careers are not motivated to work in the same way previous generations were. The concept of a “job for life” and office jobs based in cubicles with limited breaks is far removed from what appeals to Millennials and even less to Gen Z and Zoomers.
The rise of the gig economy, with its short-term contracts and freelance work facilitated by digital platforms, is emblematic of this shift. Technology empowers individuals to work remotely, offering flexibility while blurring the lines between traditional employment and freelancing. This evolution challenges conventional notions of job security and benefits and forces organizations to rethink their culture. How do you develop and establish a culture that spans multiple geographical territories when your team only meets virtually and is in different time zones?
For instance, a startup in North America can leverage resources in Costa Rica. These resources operate in a similar time zone but cost less than their North American counterparts, lowering overheads and providing flexibility to the organization while offering greater job opportunities for those based in Central America.
Many individuals opt for gig work as an alternative to traditional employment, enjoying the freedom to choose their projects, the variety, and flexible working hours. However, there are drawbacks to the gig economy, such as income instability and limited access to traditional employment benefits like healthcare and retirement plans.
Demographic Shifts
Demographics play a significant role in shaping the job market. An aging workforce and changing generational preferences are influencing employment dynamics.
Millennials and Gen Z increasingly value work–life balance and remote work options as much as, if not more than, a salary. Additionally, this demographic seeks a sense of purpose in their jobs and is more conscious of climate change and socio-economic impacts. Employers are working to adapt quickly to attract and retain talent from these younger cohorts.
This isn’t to say that older workers, such as the Boomers, are simply waiting to retire. A large cohort has a real passion for learning and acquiring new technical skills. Given their vast working experience, organizations should not be curtailing their search to just the younger end of the job-seeker spectrum.
At the other end of the scale are those just entering the workforce today. They can also expect a very different learning path compared with those who entered just five years ago, largely due to the shift toward remote working — the next point on our list.
Globalization and Remote Work
Advances in communication technology have facilitated remote work and global collaboration. The COVID-19 pandemic accelerated the adoption of “work from home” arrangements, demonstrating that many jobs can be performed anywhere with just an internet connection. This trend has expanded the pool of available talent for employers and opened opportunities for individuals to work for companies based in different regions or countries.
The term “digital nomad” has become commonplace. It refers to those who seek adventure by traveling the world while conducting business with little more than an internet connection. Digital-nomad visas even allow these remote workers to stay in certain countries for a year or two. As a result, some local economies suffer from limited growth, inflated house prices, and cost-of-living pressures. This situation may pressure governments to remove such pathways as digital-nomad visas in favor of initiatives that develop local talent. Time will tell if the visas remain.
Upskilling and Lifelong Learning
Given the evolving nature of job requirements, upskilling and continuous learning have become imperative. Workers must keep themselves abreast with the latest technologies and trends to remain competitive in the job market. Online learning platforms and reskilling programs are becoming increasingly accessible, allowing individuals to acquire new skills and adapt to changing job demands. Organizations should look to subsidize the cost of these training courses as an incentive for employees to continue their learning journey. I will cover various educational pathways in greater detail later in this book.
Acknowledging these key trends is one thing, but awareness isn’t enough — you must act. Understanding what steps to take and how to leverage the positive aspects these trends offer is central to what we look at in this book.
If you liked this short excerpt and want to read more, than please head over to Amazon and pre-order your copy of my upcoming book, Future-Proof: Navigating the Next Generation Tech Job Landscape
To stay up to date with the latest business and tech trends in data and analytics, make sure to subscribe to my newsletter, follow me on LinkedIn, and YouTube, and, if you’re interested, stay ahead in the tech job market with my latest book, Future-Proof: Navigating the Next Generation Tech Job Landscape. I break down how emerging technologies like quantum computing and AI will reshape the industry. Get your copy here on Amazon.
About Adam Morton
Adam Morton is an experienced data leader and author in the field of data and analytics with a passion for delivering tangible business value. Over the past two decades Adam has accumulated a wealth of valuable, real-world experiences designing and implementing enterprise-wide data strategies, advanced data and analytics solutions as well as building high-performing data teams across the UK, Europe, and Australia.
Adam’s continued commitment to the data and analytics community has seen him formally recognised as an international leader in his field when he was awarded a Global Talent Visa by the Australian Government in 2019.
Today, Adam is dedicated to helping his clients to overcome challenges with data while extracting the most value from their data and analytics implementations. You can find out more information by visiting his website here.
He has also developed a signature training program that includes an intensive online curriculum, weekly live consulting Q&A calls with Adam, and an exclusive mastermind of supportive data and analytics professionals helping you to become an expert in Snowflake. If you’re interested in finding out more, check out the latest Mastering Snowflake details.
