Decoding the Future of Jobs

For instance, you can ask ChatGPT to handle such complex requests as "Look at my calendar and brief me on upcoming client meetings based on recent news" or "Analyse three competitors and create a presentation". ChatGPT will automatically browse websites, filter search results, and conduct analysis. While this "assistant" is working, you can still intervene to adjust the request without interrupting the entire process.

The continuous advancement of artificial intelligence (AI) technology increasingly sharpens the concern of machines replacing humans. Even billionaire Bill Gates, founder of Microsoft, has predicted that only three professions are likely to survive the AI revolution, including coders (the architects of AI), energy experts and biologists.

Rapid technological development, along with the green transition, and economic and demographic shifts, are key drivers reshaping the global labour market, according to World Economic Forum. Over the next five years, there will be an addition of 170 million jobs globally, while 92 million roles will be displaced, primarily due to these macro trends. Consequently, there will be a net employement increase of 78 million jobs by 2030.

Jobs on the rise

The Future of Jobs 2025 report found that the three fastest-growing jobs between 2025 and 2030 are all technology-driven roles: Big Data Specialist (110%), Fintech Engineer (95%), and AI and Machine Learning Specialist (80%).

However, an interesting trend emerges when we look at the job roles with the largest absolute growth, Farmworkers are projected to top the list, with an impressive increase of 35 million jobs by 2030. This significant growth is driven by the green transition, with increased investment and effort to reduce carbon emissions and adapt to climate change.

Following closely are Delivery Drivers, Construction Workers, Salespersons, and Food Processing Workers. These occupations are also expected to see major growth over the next five years. While technology is a factor, their rise is also fueled by demographic trends like an aging population and economic uncertainty.

Jobs on the decline

On the other hand, the fastest-declining jobs are expected to include mainly clerical roles like Cashiers and Ticket Clerks, Administrative Assistants, Printing Workers, Accountants and Auditors. Broadening digital access, advancements in AI and information processing technologies as well as robots and autonomous systems are key drivers for this declide. A research by the International Labour Organisation (ILO) on the effects of generative AI on the labour market shows that about 2.3% of jobs worldwide are at risk of being fully automated.

Nowadays, 47% of work tasks are performed entirely by humans, a figure projected to drop to 33% by 2030. This shift is even more pronounced in the financial services and capital markets sector, where human-performed tasks are expected to decrease from 44% to 28% in the same period. This indicates that automation is poised to significantly reduce not only tasks solely performed by humans but also those currently relying on human-machine collaboration. Adding to this trend, aging and declining working-age populations are further contributing to the reduction of clerical roles.

Actually, major shifts in the job market are nothing new. Think about it: twenty years ago, "social media content manager" wasn't a job title, or thirty years ago, web design was a niche profession. That's just how life works – constant evolution, with new jobs emerging, old ones fading, and some persisting over time. Consider video rental stores, once a popular fixture about 25 years ago, they're now virtually extinct, replaced by streaming giants like Netflix, Amazon Prime Video, Hulu, HBO Max, Disney, Apple TV, and so on.

Ready for the future

With the job market undergoing significant changes, it's crucial for employees to proactively understand the situation and acquire the necessary skills to stay competitive. A concerning study by The Adecco Group reveals that only about 11% of the current workforce is truly prepared for the future labor market, possessing the adaptability to navigate unstable environments and seize new opportunities.

At the same time, worldwide employers expect 39% of workers’ core skills to change within the next five years. It is 37% for Vietnam.

Currently, these are the top 10 core skills that employers identify as core skills for their workforce: (1) analytical thinking, (2) resilience, flexibility and agility, (3) leadership and social influence, (4) creative thinking, (5) work motivation and self-awareness, (6) technological literacy, (7) empathy and active listening, (8) curiosity and lifelong learning, (9) talent management, (10) service orientation and customer service.

However, over the next five years, employers anticipate a significant shift in essential skills. AI & big data are expected to top the list, closely followed by networks & cybersecurity and technological literacy. This evolving demand is particularly pronounced within the financial services and capital markets sector.

Making wise investments

Given the significant shifts in the labor market, businesses are increasingly investing in employee upskilling and reskilling to ensure their workforce is prepared for the market's ever-evolving demands. By 2030, employers estimate that only 41% of their workforce won't need further training, 29% will require upskilling for their current roles, and another 19% will need to be reskilled and redeployed to different positions.

Most businesses (86%), are keen to invest in workforce training programmes because they clearly see the benefits. The biggest upside? Enhanced productivity, closely followed by improved business competitiveness and better talent retention.

For instance, at HSBC, we offer a range of skills training programmes for employees, covering everything from AI and Data to sustainability. These programmes are designed with different learners in mind, offering content from fundamental to advanced levels, so employees can pick what best suits their current proficiency.

Conclusion

Before we wrap things up, let's revisit a question that's been on many minds since ChatGPT took the world by storm a few years ago: "Will AI 'steal' human jobs?" My answer has consistently been no, AI won't completely replace humans. Generative AI technology still has its limits, especially with tasks that need hands-on practical implementation beyond a digital screen, require nuanced interpretation or demand human-to-human interaction skills. What's more, when people are equipped with the right skills, they can truly master technology, turning it into a powerful tool to support their work.

Looking at the bigger picture, as major macro trends reshape the job market, both employees and employers need to be proactive in facing these shifts. Employers have to upskill to better align with the jobs of the future, and businesses must adopt effective strategies in human resource development to ensure their operations are consistent and ready for transformation.