“Change is the law of life. And those who look only to the past or present are certain to miss the future.”

– John F. Kennedy

With the fast-evolving nature of the job market, be it due to new tech being deployed frequently or other factors, you might often wonder: Which jobs will assuredly remain in demand in the coming years?

No one can give you a 100% correct answer to that. What I can give you are deep, industry-wide trends.

Talking about the coming year, it is anticipated that the job market will experience mixed results in the first quarter of 2024, with slower growth in jobs across industries like IT, textiles, and media as compared to other sectors such as EV and pharmaceuticals.

Industries such as pharmaceutical, manufacturing, EV, BFSI, and logistics have all seen consistent upticks in demand over the past 2-3 months. As a result, job seekers with skills in these industries will likely see increased opportunities.

Let’s dive into the job opportunities these industries will present:

• Pharmaceutical Industry

In the pharmaceutical industry, organizations are focusing on extensive R&D to drive innovation and become future-ready. Hence, the job opportunities for R&D professionals in core fields such as genetics, biotechnology, clinical research, etc., will witness a rise.

There will also be demand for talent in project planning, QA, strategic management, data analysis, and global compliance.

• Manufacturing Industry
  

With the shift towards Industry 4.0, automation and robotics will become an integral part of manufacturing processes. Organizations will look to hire professionals with digital skills that can help improve manufacturing efficiencies and productivity. Additionally, professionals with experience in additive manufacturing, materials science, and mechatronics will also be in demand.

• EV Industry

The EV revolution is going on in full steam and the EV industry alone is expected to create one crore jobs by 2030 . According to Biswaroop Mukherjee, Head HR, Commercial Vehicles Unit, Tata Motors, “In the coming years, we will see continued demand for engineers in the EV industry, particularly in the areas of program management, electronic, and mechatronics engineering, and fuel cell technology.”

• BFSI Industry

With the rise of digitalization in the BFSI sector, demand for professionals experienced in artificial intelligence and machine learning will significantly increase. Moreover, as blockchain technology becomes more prevalent in the finance industry, jobs related to blockchain development and implementation will be in high demand. Non-tech jobs such as digital marketing, business analytics, and risk management are also anticipated to witness healthy growth.

The Indian technology industry has traditionally been a steadily growing sector. However, in 2022, the industry faced challenges as several companies experienced a decline in their worth. This was primarily due to a fear of recession triggered by increasing interest rates in developed markets, which adversely affected the growth of IT companies. As a result, job opportunities in technology have not seen the same level of growth as in other sectors.

Still, we can expect slow but positive growth for the jobs related to improving and building upon existing technology infrastructure. According to the Decoding Jobs India 2023 report, professionals with expertise in cybersecurity, blockchain technology, IT architecture, and design will be in high demand in the future. Furthermore, with the recent introduction of Metaverse and Web 3.0, jobs related to DevOps, AR/VR, cloud computing, and RPA will open up in huge numbers.

While demand for skilled talent will remain high, India’s biggest challenge will remain to create enough jobs for our rising workforce. With an increasing number of applicants vying for the same position, it becomes difficult to stand out amongst the crowd and secure a job. In a LinkedIn survey, 21% of candidates affirmed that getting noticed by recruiters was one of the biggest challenges for them.

Despite these challenges, there is a silver lining for Indian professionals. Economic volatility has put pressure on overseas companies to optimize costs. As a result, many companies are shifting their hiring focus towards India to leverage our USP of skilled talent at competitive costs– particularly in ITes, research, analytics, and manufacturing space. If marketed well, India can become the global talent hub and fuel worldwide growth with our talented minds.

To stay ahead in this changing job market, job seekers need to be prepared to learn new skills and technologies. Additionally, creating a strong professional network and staying up-to-date with industry news and trends can also help in finding new opportunities.

Warren Buffett once said, “The most important investment you can make is in yourself.” Therefore, with the right mindset, determination, and continuous learning, job seekers can achieve success in the ever-changing job market.

Pankaj Bansal is the Co- founder of Taggd and Work Universe (a Fund investing in jobs and work tech). He is a non-executive director at Karmayogi Bharat (Capacity building or Civil Servants) and many other startups. Follow him on Twitter at @pankajbansalPB.