There is one thing that doesn’t change year over year when it comes to industry trends. Change is a constant in life. Some industries may be hard to recognize if you look at previous decades. While some businesses have vanished or faded, others have emerged.
So what has changed in the last ten years?
While many of the same sectors, such as hospitality/travel, consulting, finance, food service, healthcare, construction, and manufacturing, continue to be dominant, cutting-edge technology powered by automation and artificial intelligence has given many others access to a completely new world, which has resulted in modifications and had a significant impact on how these significant industries now produce and create things.
For example, the healthcare industry saw an increase in patient remote monitoring and telemedicine. Retail stores morphed in such a way that they’re barely recognizable today. The past decade has seen a continuing decline in the brick-and-mortar retail space, with some of the world’s most iconic brands disappearing.
Rise of the gig economy and virtual workspace
Out of all the market changes that have occurred over the past ten years, the gig economy has had the most of an impact on a variety of industries. The gig economy also emerged at the same time as a result of the recession’s effects on long-established industries. Employers had to make cuts to expenses, and employees who had lost their jobs or had their pay reduced needed additional income.
Beginning in 2010, the entire gig economy appeared out of nowhere. As a result, professional services-based transportation companies and websites driving the gig economy have quickly become market leaders. The employer-employee relationship has changed as a result of these businesses’ disruption of numerous established markets.
Businesses that didn’t exist in 2010
There have been countless new jobs created in the last ten years as a result of the numerous new industries. There is currently a need for professionals in fields like digital marketing, social media management, SEO, content creation and curation, 3-D printing, driving, data analysis, cryptocurrency brokers, and blockchain development.
App developers, engineers for self-driving cars, big data analysts, cloud computing specialists, drone creators and operators, producers of podcasts and videos, and virtual doctors are just a few occupations that either didn’t exist or weren’t as common ten years ago.
The impact new businesses have had on the economy
There is no denying that the economic landscape has changed significantly as a result of business changes over the past ten years. Gig economy-related companies, for instance, have moved away from the traditional employer model and toward self-employment. Additionally, this has caused a fundamental shift in the worker base.
New jobs stemming from the changed work world
In many ways, the countless technological advancements of the past ten years have enhanced business operations and even reduced the cost of doing business. For instance, the need for a large workforce can now be replaced by automation and artificial intelligence. Similar to how improved communications have eliminated the need for travel by enabling seamless virtual work. Virtual workers are more productive than ever thanks to the absence of physical barriers and tools like videoconferencing. The management of many businesses has become more efficient and less expensive thanks to developments in inventory control, supply chain management, and fulfillment.
Workers of today need skills that they didn’t a decade ago
It should come as no surprise that the demand for updated skill sets has increased as a result of the proliferation of new professions. The demand for more technological expertise has been one of the most obvious changes. Workers frequently possess technical expertise that they would have applied to a highly technical staff ten years ago. Employees in today’s new business frontier need a variety of soft skills that were uncommon ten years ago, in addition to technical knowledge. A good example would be a financial service like cryptocurrency, which requires a wide range of abilities, such as programming knowledge, online money storage, NFT, and other things.
Workers had to adapt in ways that would have been unheard of ten years ago as these new business models emerged. In the gig economy, “solopreneurs” require advanced business, financial, and management skills. The complexities of the estimated tax system, as well as how to create and manage their own retirement investment accounts, are all things that gig economy employees need to be aware of. People frequently require a crash course in these skills just to survive in the new economy because their employers are no longer responsible for handling these tasks.
The workforce of today must be more diverse than ever before. Workers must be capable of critical and creative thinking, be good collaborators and communicators, and be literate in technology, media, and data in addition to having initiative and soft skills.
The demand for soft skills
Soft skills are a set of competencies that aren’t always straightforward to identify and find in employees. In today’s complex work environment, it’s important to be able to intuit what needs to be done as well as communicate clearly and effectively.
For instance, the real estate industry has undergone a complete transformation in the last ten years. Knowing everything about houses for sale was a necessary skill in the past because real estate agents were the information’s keeper. But as the internet has grown in popularity, a lot of the value has moved from house hunting communication and services to the clients.
Moving into the next decade
There’s no denying that most industries changed as a result of the previous ten years. The upcoming ten years look to be just as dynamic and exciting. Do you think that your job will be around in 10 years?
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