The Cover
What employers want
In today's technologically driven landscape, employers are vying for top graduates who possess not only strong technical skills but also critical human-centered abilities.
By Niamh Ollerton
The job market has always evolved, but its evolution is happening far more quickly today than ever before.
The emergence of disruptive technologies including AI and machine learning, the increasing usage and importance of cyberspace and the rising societal pressures for businesses to address global issues like climate change are three driving forces calling for new skills, ideas and perspectives in today’s job market.
But what lies ahead for students and graduates in today’s professional landscape? A concern at the forefront of the minds of learners no matter where they find themselves on their educational journey.
The growing importance of tech in industry
In a job market heavily driven by AI, having an understanding on how to use gen AI and embrace new technologies will be vital for all. However, the importance of the human brain and its marvel remains.
Having fresh ideas with a beginner’s mind; approaching work and studies with genuine curiosity and the courage to fail fast and forward; adapting to challenges quickly will help business school graduates stand out in a saturated job market.
With heavy importance placed on sustainability and ethical business in the job search of many graduates, it is no wonder employers are making sustainable practices and vision a part of their DNA. Employers today are looking for the changemakers of tomorrow, who can make a difference in business and society,
Employers want to attract and retain the best talent in this ever-changing employment landscape, finding graduates and employees with the required skills for the changing nature of work today.
Lily Bi, President and CEO of AACSB says: “In an increasingly AI-driven world, the need for human-centred skills like communication, relationship-building and collaboration across diverse teams will only increase in demand.
“These proficiencies complement the durable skills of problem-solving, critical thinking and analytical abilities that serve business school graduates throughout their careers.”
Ian Nicholas, Global Managing Director of Reed agrees: “For some roles, it’s likely that you’ll need hard skills – such as knowledge of a particular language or knowing how to code.
“Most graduates will have hard skills based on what they have studied so far. However, every graduate job will require certain soft skills, which with the rise of digital transformation and AI adoption, is becoming more and more important. Such soft skills include: interpersonal skills, leadership skills, self-awareness and adaptability.”
Good interpersonal skills demonstrate that graduates will be able to communicate with employees of all levels across their organisation. Even if a graduate is applying for an entry level role, Nicholas notes the importance of leadership skills should never be underestimated.
“Showcasing they can take the lead on a project (and motivate others along the way) will help show their potential. This is also because many graduate schemes are aimed at preparing people for management positions. Being able to showcase that you have these skills puts graduates in a better position in a competitive market,” he adds.
What do students want from their education?
The QS International Student Survey (ISS) 2023 illustrates clear trends in student expectations on universities and higher education institutions to fulfil their evolving priorities in the areas that matter most to them.
116,000 students from 194 countries and territories were surveyed in the ISS research - with employability being an important factor for future graduates when choosing their course, with 51 percent of respondents saying that the most important factor is that it leads to their chosen career.
A high rate of students going into their preferred industry (44 percent) and how soon students find employment after graduating (46 percent) also feature in the most important considerations for graduate outcomes.
Students are increasingly interested in the return on investment of their education - which is unsurprising following the uncertainty of the pandemic and economic challenges in countries across the globe.
Higher education evolving with the landscape
The Universities UK study ‘Solving future skills challenges’ implies that the linear model of education–employment–career will no longer be sufficient in the future, requiring new combinations of skills, experience and collaboration from educators and employers.
The ways in which students learn will continue to adapt because of this, with personalised learning set to become the norm; competency-based education will gain traction; education will become more global thanks to advancements in technology and transportation; learning will be lifelong.
Bi amplifies this, noting the necessity for business education to evolve to keep pace with change and develop the workforce of the future.
“Business schools will continue to add significant value to business and society through the development of future leaders that balance profit with purpose, planet and people... and knowledge creation (research) that can transform business and help solve some of the world’s toughest problems,” she says.
With the rise of AI and digital transformation, some entry level roles are being phased out - an inevitable reality in a world where automation is becoming more commonplace.
“If we look at the accounting sector specifically, for example, it appears that traditional accounting jobs, such as auditing and bookkeeping are now being effectively phased out by technology’s efficient ability to automate a range of processes that would previously have been handled manually,” Nicholas says.
“Naturally, this means firms will be looking for graduates with more analytical, technical skills or the ability to showcase their critical thinking and problem-solving skills.
“This is happening across the board. We know some companies will look for experience too, whether that is within the industry or the particular role graduates are applying for. While this may be challenging for students, the silver lining is that soft skills are transferable.”
In a digitised market, and as generative AI evolves and digital access is better facilitated and grows, technical knowledge will become more of a commodity.
“The new role of humans will be to creatively apply this knowledge and make connections and associations that AI cannot comprehend, especially in areas such as consulting, product development and entrepreneurship,” Bi notes.
Understanding how to use AI as an evolving tool will be critical for all learners, graduates and workers. “As we create a new workforce of knowledge thinkers, we need to think of AI as a partner, not a replacement that will allow employees to focus on higher-level tasks for greater impact,” Bi adds.
According to Nicholas, we stand at the threshold of Industry 5.0, a transformative era blending the need for sustainability, technology and human-centric values which will create educational and professional landscapes unlike any other from the past.
This means the business leaders of the future will need to be competent in their skills and knowledge to navigate complex industry challenges.
New skills and talents will be needed to navigate the challenges and opportunities associated with an uncertain and complex future job market.
Nicholas adds that the following skills will be of the utmost importance moving forward: digital proficiency; sustainability acumen; ethical decision-making; adaptability and innovation; international understanding.
“Future leaders will need to grasp the intricacies of sustainable practices, resource management and the circular economy,” he says. “They must be able to align business strategies with sustainability goals, minimising environmental impact – graduates who hone this skill now will stand out from the crowd.”
Graduates will need to be open to experimenting with new technologies and business models, enforcing the benefits associated with continuous learning for students, graduates and lifelong learners overall.
To thrive in a digital era of work, employees will need a deep understanding of emerging technologies and the potential ways in which to apply them. Proficiency in data analytics, cyber security, IoT and AI will be essential to leverage the technology efficiently and sustainably.
Of course, with advanced technologies, and a greater use of said technology, ethical dilemmas will become more complex as leaders navigate a digital world. “Future leaders will need to have a strong ethical compass and the ability to make sound decisions that consider the social and environmental implications of their actions,” Nicholas notes.
And it is because of these disruptive technologies and the rise in education without borders thanks to online learning, the world is becoming increasingly connected - making the learning experience more global than ever before.
“Graduates will need to have a broad global perspective,” notes Nicholas. “Understanding international markets, regulations, and cultural nuances is crucial for sustainable growth.”
Bi adds: “Business is changing so rapidly that what works today may be ineffective tomorrow. New jobs will be created, and others will be eliminated as technology evolves. Future graduates should expect to have many different roles and jobs throughout their career.”
As employment is navigated by the demands of the job market, it is hard to say how employment will change in the coming decades. But given the pace of digital transformation, graduates will likely see more employers hiring individuals for their human skills which cannot be replicated by machines.
Changes happening within the job market will be unavoidable and unrelenting; graduates will flourish alongside the evolving nature of work if they are willing to adapt and grow with changes across industries.
