In today's rapidly changing labor markets, understanding the demand and reward for skills is crucial for firms. The latest Citi GPS report, in collaboration with the London School of Economics and the Oxford Martin School, examines the skills that are rising and falling in demand. This article delves into the importance of collaborative leadership, the evolving field of data science, and the demand and supply of AI skills in the job market.
The Rise of Collaborative Leadership
Explore the increasing importance of collaborative leadership in today's labor market.
In the face of the Fourth Industrial Revolution, hiring practices have evolved to focus on detailed skills requirements rather than specific education and experience criteria. Soft skills, including collaborative leadership, are on the rise in demand. Companies are utilizing novel ways to assess whether candidates possess these skills during the hiring process.
Collaborative leadership has not only increased in demand but is also linked to better individual and company performance. Research shows that occupations requiring collaborative leadership skills are less likely to be automated. It fosters inclusion and creates a positive work environment.
The Evolving Field of Data Science
Discover the changing landscape of data science skills and the importance of continuous learning and upskilling.
Data science is a rapidly evolving field, with certain skills attracting a wage premium in one period and losing it in the next. Technology constantly evolves, demanding an evolving skill set. This highlights the importance of continuous learning and upskilling for professional data scientists.
Furthermore, there is a complementarity between soft skills and cognitive skills in data science. Collaborative leadership and research skills go hand in hand. Non-linear thinking and the ability to understand numerical calculations are crucial for professionals in the field.
The Demand and Supply of AI Skills
Explore the increasing demand for AI skills and the global quest for AI professionals.
The demand for AI skills has seen significant growth since 2015, with a fivefold increase in the US and a ninefold increase globally. AI job data is divided into two groups: Tech-AI jobs, which require technological skills to run and test AI models, and Broad-AI jobs, which require an understanding of AI technologies without the same level of technical skills.
California hosts a significant portion of the country's AI professionals, but the supply is skewed across the US. With some states having more than 10 job ads per AI professional, the quest for talent has become a global endeavor. Remote and hybrid work arrangements have also become prevalent in the search for AI professionals.
The Value of Skills in Today's Labor Market
Discover the skills that are valuable in today's labor market and their implications for hiring and talent retention.
Understanding the skills that are in demand and their value is crucial for firms in hiring, planning, training, and upskilling workers. Soft skills, cognitive skills, and specific technical skills all play a role in today's labor market.
This information not only helps firms attract and retain talent but also provides a new lens for investors to evaluate companies. Analyzing the skills being demanded by a company can indicate their innovation and future readiness.
Conclusion
The Fourth Industrial Revolution has brought significant changes to labor markets, requiring firms to adapt to the evolving demand for skills. Collaborative leadership has emerged as a crucial skill, fostering inclusion and driving individual and company performance. The field of data science continues to evolve, emphasizing the importance of continuous learning and upskilling. AI skills are in high demand globally, with a quest for talent and remote work arrangements becoming prevalent. Understanding the value of skills in today's labor market is essential for firms to attract and retain talent and for investors to assess a company's readiness for the future.
FQA :
What are the rising skills in today's labor market?
Soft skills, including collaborative leadership, are on the rise in demand. These skills are increasingly valued by companies as they foster inclusion and drive individual and company performance.
Why is continuous learning important in the field of data science?
Data science is a rapidly evolving field, with certain skills gaining and losing value over time. Continuous learning and upskilling are crucial for professionals to stay up to date with the latest technologies and advancements in the field.
What is the demand for AI skills?
The demand for AI skills has seen significant growth globally, with a fivefold increase in the US since 2015. Both Tech-AI jobs and Broad-AI jobs are in high demand, and the quest for AI professionals is a global endeavor.
How can firms use the insights from this report?
The insights from this report can help firms in hiring, planning, training, and upskilling their workforce. It provides valuable information on the skills that are in demand and their implications for talent retention. Additionally, investors can use this information to assess a company's innovation and future readiness.
