Radar—The Rise of Hybrid Jobs & The Future of Data Careers

WebinarAugust 2022

In the past five years, the average occupation has seen 37% of its skills replaced. As data increasingly becomes the core engine of our economy, data skills are a big part of what's driving this transformation of work.

In this talk, Matt Sigelman, President of the Burning Glass Institute and Chairman of Emsi Burning Glass, will discuss how data skills are becoming part of every profession, and how organizations and individuals can adapt to a shifting skills economy.

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Summary

In a rapidly changing job market, the shift is not only about the appearance or disappearance of certain roles but the transformation of skills needed across various sectors. Data-driven career insights reveal that 37% of job skills have been replaced over the past five years, emphasizing the rise of hybrid jobs—roles that combine diverse skill sets from separate fields. This change stresses the importance of data skills, not only for data science jobs but also spreading across marketing, finance, and even design fields. The webinar points out the emergence of five new economic sectors: the automated, remote, green, logistics, and readiness economies, each needing new skills. Highlighting the significance of foundational skills along with technical expertise, the discussion encourages individuals to proactively develop skills that connect current roles and future opportunities. The potential for personal and societal advancement through skill development is clear, with a call to action for individuals to prepare for the future of work by embracing both data skills and foundational human skills.

Key Takeaways:

The average job has seen 37% of its skills replaced in the last five years.
Hybrid jobs are on the rise, blending skills from multiple fields.
Data skills are increasingly important across all job sectors, not just in data-specific roles.
Emerging economies are creating new opportunities requiring new skill sets.
Developing both tech and foundational skills is essential for future-proofing careers.

Deep Dives

The Rise of Hybrid Jobs

The concept of hybrid jobs is reshaping the jo ...
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b market. These roles demand a mix of skills from various domains, such as data sciences, business acumen, and creative thinking. Matt Sigelman from the Burning Glass Institute highlights that the average job has replaced 37% of its skills in the past five years, illustrating the fast-paced change in skill requirements. This trend is not restricted to tech roles but spreads across fields like marketing and finance, where data skills are becoming increasingly vital. Hybrid jobs reflect a shift from traditional education and training systems, which often segregate skills into distinct faculties, to a more integrated approach where diverse skill sets are combined to meet evolving job demands. As Sigelman notes, "The skills of jobs are crossing domains, essentially having sex," signifying an unprecedented fusion of capabilities in the workforce.

Data Skills in Every Sector

Data skills are no longer confined to data science jobs; they are becoming essential across a wide array of roles. Sigelman’s analysis shows that marketing roles requiring data analysis skills have increased from 8% to 16%, and finance roles from 6% to 9%. This trend stresses the widespread need for data literacy in various sectors, driving the transformation of traditional roles. As data becomes the core engine of the economy, the demand for data skills is expected to continue rising, making it a critical area for skill development. Sigelman emphasizes, "Data skills aren't just about data jobs; they are about every job," highlighting the universal applicability and necessity of these skills in today's job market.

Emergence of New Economies

The webinar discusses the emergence of five new economic sectors: the automated, remote, green, logistics, and readiness economies. These sectors are creating new job opportunities and require specific skills sets that are often distinct from those needed in traditional industries. The readiness economy, for example, emphasizes preparing for future disruptions like pandemics or cyber threats, prompting a demand for new skills. Sigelman points out the importance of understanding these emerging trends and acquiring the relevant skills to stay competitive in the job market. He states, "Companies are paying attention, and there's real spending going on, creating jobs that require new skills," highlighting the proactive approach needed to capitalize on these opportunities.

Future-Proofing Careers Through Skill Acquisition

In the face of rapid skill changes, acquiring a combination of technical and foundational skills is vital for future-proofing careers. Sigelman stresses the importance of not only learning data and coding skills but also developing leadership, communication, and project management abilities. These foundational skills are increasingly demanded in data-driven jobs, providing a buffer against automation and enhancing creativity and collaboration. The ability to "buy low and sell high" in oneself through skill acquisition is emphasized as a means to arbitrage one's career value. Sigelman illustrates this with examples of salary premiums for roles that incorporate data skills, reinforcing the financial and professional benefits of continuous learning and skill development.