The Future Job Market and What We Should Do?
To catch the “Golden Deer” called a job, we cross the hurdle of primary school, complete university education, and become a product of the job market. While presenting ourselves as a market product, the buyer (Employer) wants to purchase or recruit a good employee for his organization by testing or verifying the quality or performance of the product. And many foreign products (foreign job seekers or applicants) are being competed in this market recently. Competition is fierce.
But in the market, there is a much more supply of goods or candidates than the demand of buyers or employers. Due to this mismatch between demand and supply, the number of educated unemployed is increasing every year in our country. By selling the arable land and cows, parents are trying to make their son or daughter compete in the job market by mortgaging their life’s last possessions.
Every year 200,000 educated people are coming out from 39 public universities and 93 private universities in our country. Another 500,000 academic graduates are coming out from the country’s largest university, the National University. Every year the market is heavy with 7 lakh educated job seekers; all are chasing the “Golden Deer”.
We are far ahead in the number of unemployed among the educated, third in the world. In the job market, the number of government buyers (government jobs) is 5%, and private buyers (jobs) is 95%. Again, it is heard that foreign workers are taking 65 thousand crores of Taka from this market every year. Again, the job candidates in our country are not getting jobs. Employment of foreigners and domestic unemployment are the main reasons. The question is why?
Skill! Yes, you are listening correctly. Due to a lack of skills, we are lagging in the job market competition. We have fallen behind in the Campus Corporate journey. The education system of our country or the raw materials that are being produced by the institutions is not able to provide high-quality services to the corporate houses. So, unemployment is created. Which can be a unique source of income for our country. The country which has more resources should be the main economic driving force. Economic emancipation will only happen if the population can be transformed into our only resource.
The current era is the fourth industrial revolution, Industry 4.0. The fourth industrial revolution is creating many new jobs. At the same time, many old jobs are disappearing. For example, the job market for cash officers has weakened due to the advent of ATMs (Automated Teller Machines) in banks. There is also a possibility of zero in the future. Technology like doctorless hospitals, driverless cars, YouTube, or distance learning will narrow the job market.
Now the question is what we should do?
Yes! You are on the right track. Talking about or creating problems is not the key. Go to the solution. The solution is to develop contemporary skills (Employability Skills). Our skills are basically of three types:
1. Domain Knowledge
2. Communication & Presentation Skills
3. Technological Skills
- Domain Knowledge or Functional Skill: Domain Knowledge means an area or subjective knowledge—financial knowledge of finance graduates, architecture designing knowledge, medical science skills of doctors.
- Communication & Presentation Skill: This includes language (English, Hindi, Chinese) to develop relationships with people, and means of communication, to present oneself or one’s work. We know many things but cannot present them due to lack thereof.
- Technological Skill: Technological knowledge is needed to do whatever we do easily and fluently. There are many technologies like Excel, Tally Software, and E-mail. Which should coordinate with the job requirements to make yourself efficient.
Education should be contemporary. According to the International Research Institute, at the end of four-year bachelor’s-first-year learning is disappearing from the market due to the pace of industry movement. In other words, the first-year study is not required for the job. PWC said in a survey that 100 crore jobs will be created instead of 80 crore. But that will require different skills. Acquiring these skills should not be left the responsibility only of schools, colleges, or universities. We need to nurture a culture of lifelong learning in the nation, especially among university graduates.
The future job market offers both challenges and opportunities. Embrace technological advancements, develop in-demand skills, commit to lifelong learning, nurture transferable skills, and foster adaptability to position yourself for success. Stay proactive, stay ahead, and thrive in the dynamic world of work.
In the present situation, during student life, it is essential to proactively choose the right time to acquire employability skills for the future job market. Seek a mentor if needed to ensure you move forward in the right direction and position yourself for success.
(Financial Analysis & Business Intelligence Professional)
Lead Trainer and Consultant
November 14, 2022