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Jobs Threatened By Automation: ICS Perspective

Posted by Jeff Pelliccio on May 14, 2014 8:39:00 AM

In ICS insights

Yahoo! Education ran an important piece this week. In Jobs in Danger of Dying Out, they examined a variety of jobs threatened by automation.

As the piece points out—a 2013 Oxford study “suggests that a whopping 47 percent of U.S. jobs are at risk of being phased out due to mechanical alternatives in perhaps the next decade or two. Some careers have as high as a 99 percent chance of computerization in the coming years.”

And while this is indeed sobering news for current employees in vulnerable positions, it’s important to understand the trends in the labor market in order to stay ahead of them.

We recommend that employees in vulnerable positions maximize their competitiveness by constantly seeking out opportunities to hone new skills and acquire new knowledge in their field.  Employees who are aware of technology trends and cutting-edge approaches to problem-solving can continue to thrive even in sectors where automation is increasing rapidly.

And awareness of trends like this can help current employees and job seekers consider alternative careers where demand for human capital is great—and promises to only increase in coming years.

For instance, the lack of talented, available Software Developers, Network Engineers, Business Analysts, and Project Managers who possess a solid information technology background is an unrelenting challenge for American business.  Hiring managers face not only an acute shortage of qualified candidates, but also rising attrition rates and the frequent inability to source talent with the precise skillsets they need, and the ability to “fit” well inside their unique organizational culture.

Or consider the field of financial compliance, one of fastest-growing and most highly-specialized areas of employment in the financial industry. Many firms can scarcely keep pace with internal demand for talent to fill positions that often didn’t even exist prior to the financial crisis.

Job roles that are in high demand such as battle tested Compliance officers including, newly created Dodd Frank Regulations (Volker Rule), Monitoring & Testing, Consumer Compliance, Senior level AML/BSA Compliance and Trading Compliance Advisory can be extremely challenging for employers to fill with confidence because these positions require specific combinations of educational preparation and technical experience in a complex and rapidly changing regulatory environment.

While job trends are not encouraging for everyone, an awareness of how the job market is evolving can benefit almost anyone who plans to remain competitive throughout their career.