AI and ML Emerge the Fastest Growing Skill in 2022
As companies enter a fast-evolving business landscape, some traditional skills are out, and a few new skills are in demand. To understand the most in-demand and fastest-growing skills in 2022 and what drives these skills, Business Talent Group recently conducted a study.
The business landscape is changing at a rapid pace. Aspirational technologies, such as artificial intelligence (AI), have become mainstream. Data has become more critical today than ever. Businesses are increasingly becoming digital. Further, the COVID-19 pandemic accelerated digital transformation by many years. It also necessitated new skills to survive and thrive in the new era. All these mean that a few traditional skills are out, and many new skills are in demand.
To understand the most in-demand and fastest-growing skills this year to help organizations pursue growth amid increasing risk, harness advances in technology and data science, and adapt to the uncertain business environment ahead, Business Talent Group (BTG) published the Skills Index report for 2022.
The following are the findings from the study.
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Project Management Emerges the Most In-demand Skill
According to the study, the top in-demand skill is project management, followed by organizational design and workforce planning. Market landscape and research occupied the third place, while financial controls, accounting, and audit occupied the fourth place. Financial planning, analysis, and modeling took fifth place.
Project management and organizational design held their top positions from last year, while financial controls and audits made it to the top ten list for the first time. Organizational design and workforce planning has moved up the ladder since 2019.
Regarding specific industries, program management office (PMO), supply chain, and organizational design and workforce planning were the top in-demand skills in consumer goods. In financial services, compensation strategy, project management, and organizational design and workforce planning were the top in-demand skills. In healthcare, the top in-demand skills are service operations, organizational design and workforce planning, and operations excellence.
In media and entertainment, PMO, salesforce effectiveness, and compensation strategy are the top in-demand skills. In retail, they are project management, database architecture and data management, and supply chain. In technology, the top in-demand skills are organizational design and workforce planning, financial planning, analysis and modeling, and project management.
AI and ML Emerge the Fastest Growing Skill
Artificial intelligence and machine learning (+500%) topped the list of fastest-growing skills, followed by cost reduction (+400). Global human resources (+314%) came at the third position, while compensation strategy (+215%) occupied the fourth position. Risk management (+200) came fifth. Data visualization (+120%) came seventh, and product development came 10th.
AI and ML experts are already in high demand as companies look to harness advanced technologies and effectively use vast stores of data. But these skills are also in short supply. The competition to access this talent is expected only to grow in the coming years.
Cost reduction occupies the second position as more than 75% of CEOs said their primary region is already in a recession or will be by the end of 2023. Hence, forward-thinking companies are tightening their belts. Experts in cost reduction help companies evaluate and optimize their spends, manage vendor relationships, and right-size the costs throughout the organization.
Rising economic uncertainty prioritizes that workforce expenditures remain an engine of growth. To ensure that staffing levels, hybrid work arrangements, and compensation packages continue meeting organizational needs, companies are seeking experts to help optimize workforce planning and talent acquisition and to stand up an entire HR function from scratch. Hence, global HR has become the third fastest growing skill.
A Balancing Act Between Growth and Risk Drives Many Skills
As the world entered 2022, the economy seemed manageable despite problems due to the pandemic. Production showed signs of recovery, and the job market started to stabilize. Then came the Russia-Ukraine conflict, which led to new economic problems while exacerbating some already existing ones.
As businesses plan to capitalize on the available growth opportunities, they are also aware of the risks on the horizon. As such, they are looking for ways to mitigate the impact. Simultaneously, they are also facing a tight job market. While it appears to be challenging, it is also an opportunity to look beyond survival toward growth and resilience.
The periodic change in priority of growth initiatives
Economic problems and global events have given rise to innovation. The same was true in the case of the pandemic. Further, innovation drives growth. As such, growth strategy usually appears as one of the top in-demand skills. That said, there has been a change in priorities over the last few years. For example, according to BTG’s study in 2019, it occupied the 8th position. In 2020, survival became a priority to the pandemic, and growth fell in priority. As the vaccines rolled out, growth came up in its ranking to #4. As the Great Resignation hit the world, labor concerns took priority pushing growth down the ranks to #9. As the world entered 2022, growth strategy is currently ranked the seventh most in-demand skill.
Currently, digital transformation and talent management are becoming vital to corporate growth strategies.
See more: Different Geographies Should Focus on Distinct Skill Sets: Report
Weathering the forthcoming risks
There are several risks, such as climate risks, cybersecurity threats, and financial and health risks on the horizon. That said, trends such as the Great Resignation and skill gaps are complicating the challenges further. To close the skill gap without increasing headcount, companies are either reskilling their existing talent or turning toward independent talent. This has increased the demand for experts in risk management across various fields, making it one of the fastest-growing skills.
Balance Growth and Risks
While seeking the rewards of growth and innovation, companies are vigilant about the risks on the horizon, thus strategizing ways to remain resilient in case of a recession. As such, most in-demand and fast-growing skills this year reflect the need of businesses to balance growth with risk management while navigating the competitive job market.
For businesses, a quick and decisive shift in hiring strategy now can become an excellent foundation for future resilience, allowing them to weather whatever comes next.
What do you think are the most in-demand and fastest-growing skills for this year? Let us know on Facebook, Twitter, and LinkedIn.
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