ChatGPT has taken the internet by storm. And one of the raging discussions is the fear of losing jobs to the new AI bot. In a recent article by Fortune, ChatGPT was asked which jobs it may replace in the future. The OpenAI bot replied that it “could not predict the future” but “some tasks currently performed by people may become automated or streamlined by technology like me.”
However, the bot was quick to add that “while some jobs may be lost to AI, new job opportunities are also likely to be created as businesses and organizations adopt and make use of these new technologies. The key challenge will be to ensure that workers have the skills and training needed to transition into these new job opportunities.”
While the role of ChatGPT in the job market remains to be seen, there is a growing consensus that new skill sets are required to keep pace with the evolving workplace. And not surprisingly, most of these skills happen to fall in the digital space.
A joint study by The Burning Glass Institute, Business-Higher Education Forum (BHEF) and education publisher Wiley, said that digital skills are among the fastest growing and most rapidly spreading skills. The report, which was recently released during recent World Economic Forum, found that i) Artificial intelligence (AI)/machine learning (ML), ii) Cloud computing, iii) Product management and iv) Social Media – are the fastest growing, highest demand emerging skills sets.
While the survey was done largely in the US, given the universal nature of these needs across sectors, the requirement of these new skills could hold true especially in India where the digital economy is only expanding and thriving.
Growth in demand for digital skill sets
As per the report, one in five manufacturing jobs and one in four utilities jobs are impacted by these skill sets. The need for these new skills is no longer concentrated in the tech sector. In fact, the demand for them is transforming industries, even making them a requirement across sectors. In 2011, for instance, there were 294,000 job posts seeking people with data analysis skills in only 17 occupations; 10 years later, 1.2 million such jobs were posted in 81 occupations. These emerging skill requirements have pushed employees to learn them. However, it has also led to creating new occupations and opportunities as well.
According to the report, the four digital skills “exemplify skills disruption and serve as a laboratory for understanding the broader trend.” The five-year growth rate for these four skill sets was 122% in 2021.
Demand skills bring higher reward
There are strong advantages for those who possess new digital skills. Salaries and opportunities for these skills are exceptional across experience levels. For instance, as per the report individuals with AI/ML, Cloud, and Product Management skills earn significantly higher compensation. “For entry-level work, jobs requesting Social Media skills are actually associated with lower-value work, though more experienced and specialized hires with these skills do eventually earn a substantive premium,” it said.
