Simply having technical skills today is not enough to ensure your future employability. As we enter a new industrial revolution, it has become imperative to adapt to changing conditions. One way to do so is by developing the skills of the future to succeed in an evolving professional environment. In fact, according to the Emeritus Workplace Skills Study 2023, 75% of the surveyed employees feel that technology will replace them if they do not continue to upskill. Doing so can help employees gain confidence, serve as a stepping stone to better job opportunities, and stay competitive. Here, then, is a list of in-demand skills that hiring managers are looking for in their candidates in 2024.
What Skills of the Future Will Hiring Managers Look for in Candidates?
Emeritus Workplace Skills Study 2023 includes interviews with hiring managers who have listed the areas in which they would like the workforce to upskill. The following is the list:
1. Business Management
Business management is an essential skill to develop today. It provides individuals with a solid foundation for managing teams and organizations effectively. Additionally, it also opens up a wide range of career opportunities. Therefore, whether aspiring to lead teams, start a business, or climb the corporate ladder, investing in business management skills is a wise choice in a competitive professional landscape.
2. Risk Management
Organizations face increasing uncertainties and challenges from time to time. This has made identifying, assessing, and mitigating risks a crucial competency. Learning risk management is one of the more important skills of the future, especially in an uncertain business environment. Organizations, too, seek professionals who can navigate complexities and safeguard their interests. Developing risk management skills, therefore, is a strategic investment that can lead to enhanced decision-making, resilience, and long-term success.
3. Digital Transformation
The rapid advancement of technology requires professionals who can lead digital initiatives and implement innovative solutions to enhance efficiency, competitiveness, and customer experience. As organizations continue to invest in digital transformation initiatives, the demand for digital talent is growing. Clearly, digital proficiency is one of the more important skills of the future. Individuals equipped with digital transformation skills have significant career opportunities.
Effective leadership drives team performance, fosters a positive work culture, promotes innovation, and contributes to organizational success. The impact of strong leadership extends to employee engagement and retention. Engaged employees are more likely to be productive and loyal and contribute positively to the organization’s overall performance. By investing in leadership development, individuals can enhance their career opportunities. Moreover, individuals who cultivate these skills position themselves for long-term success and advancement.
5. Project Management
As organizations strive to deliver projects efficiently, meet deadlines, and achieve objectives, effectively managing projects has become a critical competency. Project management skills significantly impact the successful completion of projects and the attainment of desired outcomes.
Regarding career advancement, individuals with project management skills are highly sought after. With the increasing demand for skilled project managers and the potential consequences of poor project performance, highly skilled project managers are in high demand. Needless to say, candidates who develop and showcase project management skills have better scope for career growth and increased opportunities.
Updated knowledge of finance is an indispensable skill for employees across various industries, as it plays a crucial role in decision-making, resource allocation, and overall organizational success. A solid financial understanding enables employees to contribute more effectively to their organizations. It equips them with the ability to analyze financial data, evaluate investment opportunities, manage budgets, and make informed decisions that align with organizational goals and objectives.
7. Business Analytics
In the age of data-driven decision-making, the ability to analyze and interpret complex business data is highly valued. Business analytics skills enable employees to extract valuable insights, drive operational efficiencies, and identify growth opportunities.
8. Talent Management
Effectively managing and developing a talented workforce is crucial for organizations to prepare candidates for the skills of the future. Effective talent management practices increase employee engagement, retention rates, and overall organizational performance. It further aligns individual goals with organizational objectives, ensuring that the right people with the right skills are in the right positions.
9. Web Development
Web development has emerged as one of the essential skills of the future, where online presence and user experience play a vital role in business success. The demand for web developers continues to rise steadily. This growth is driven by the increasing need for websites, mobile applications, and e-commerce platforms across industries.
Web development offers significant remote work opportunities. Web development skills provide the option to work as a freelancer or start a web development business. This is, therefore, an essential skill in high demand today. What’s more, according to Ambition Box, web developers are highly paid in the market, with the salary of a freelance web developer going as high as ₹7,90,000 with an experience of only seven to eight years.
10. Data Analytics
The ability to analyze and interpret large volumes of data has become essential for organizations seeking to gain a competitive edge. A report by the World Economic Forum identified data analytics as one of the top emerging skills in the future job market. It highlighted that 85% of organizations believe they have only a limited time to leverage data analytics before their competitive advantage erodes.
How Significant is Staying Updated With the Latest Trends in the Job Market for Indian Professionals?
According to The Economics Times the Indian job market is constantly evolving and is expected to see a 22% increase in four years. By staying informed about emerging trends, professionals can align their skills and knowledge accordingly. This will further enhance their employability and career prospects. Moreover, being aware of industry trends positions professionals as valuable assets to organizations. They contribute to innovation, drive strategic initiatives, and bring fresh perspectives.
What are the Best Ways for Indian Professionals to Gain Skills of the Future?
For Indian professionals seeking to gain the skills of the future, several effective strategies exist. First and foremost, online learning platforms have become invaluable resources, offering a wide range of courses and certifications. Emeritus, for instance, provides access to a vast number of topics, from technical skills to leadership development. It offers flexible learning schedules, allowing professionals to balance their work and personal commitments while acquiring new knowledge.
Additionally, attending industry conferences and seminars can provide opportunities for networking, knowledge sharing, and staying updated on the latest trends. Finally, leveraging social media platforms and online communities can provide access to industry-specific discussions, insights, and resources. By embracing these strategies, Indian professionals can stay ahead of the curve and continuously develop their expertise. To upgrade your skills, explore online courses by Emeritus today.