Over time, many existing jobs ripe for automation will probably disappear and new type of jobs will emerge. The uncertainty concerning what kind of jobs the future will offer, and the skills required to land them, is real and significant. To successfully adapt to such a changing job market, employees need to learn to proactively embrace change in a controlled way, not fear it.
A changing and less predictable job market is on the horizon
Students that are preparing to enter professional life are facing a very different job market than previous generations. The skills sought after by employers are changing and will keep on changing in unpredictable ways for years to come. The number of different careers needed to fill a lifespan will on average increase. Three fundamental trends are driving this development:
1. Digitalization of services
A host of new technologies categorized under the term “digitalization” is maturing at the same time and are now implemented throughout society. This includes technologies such as artificial intelligence (AI), big-data analytics, and a global high-speed mobile data infrastructure connecting both individuals and products. Together, the effect is disruptive. Levels of automation previously only seen in manufacturing are now implemented in the service sector.The business model for entire industries are under transformation.
A few industries have already changed, such as the distribution of music. Others are in the middle of such a transition, for example, newspapers and television.
In their 2017 report “Shaping the future of work in Europe’s digital frontrunners,” McKinsey & Company estimates that 42 % of the working hours in Norway can be automated. The report further estimates more than 80% of the working hours can be automated for 15 % of today’s employees in the nine northern European countries studied, making these jobs redundant.
2. The lifespan of large companies is shortening
In 2017, the four most valuable listed companies in the world were all founded during the last generation: Apple (1976), Alphabet (1998), Microsoft (1975) and Amazon (1994). In the 2016 report “Corporate Longevity: Turbulence Ahead for Large Organizations,” the growth strategy consulting firm Innosight finds that in 1965 the average lifespan for large US companies listed on the S&P 500 Index was 33 years. By 2010, this number was reduced to around 20 years and is forecasted to shrink to 14 years by 2026. Innosight estimates that 50 % of S&P 500 companies will be replaced over the next 10 years.
The shorter lifespan of big companies implies that the mix of companies is changing more rapidly and consequently more frequent job shifts for employees.
3. Higher retirement age
Because of increased life expectancy the retirement age will most likely increase significantly. The Confederation of Norwegian Enterprise (NHO) announced in January 2018 that in the future Norwegian citizens must be prepared to work until they are 75 years old! The implication of such a development will be that students entering professional life today must be prepared to work for more than 50 years.
With a MSc in Entrepreneurship and Innovation Management you will be better prepared
In face of such prospects, students need to learn to cope with change and uncertainty. Rather than fear it, you need to develop the skills and knowledge on how to pursue opportunities that follow in the wake of change. These are the same skills that are necessary to be an effective entrepreneur in a start-up company or a corporation. The MSc in Entrepreneurship and Innovation Management helps you develop these skills.
Help transform existing companies
Firstly, employees that can help to transform existing companies will be in high demand among employers. During your professional career, you may also need to develop a business opportunity that you present to a company in order to land a job at all. Through the programme, you will gain knowledge and acquire practical experience in how to recognize opportunities, attracting interest to the opportunity, and realizing the opportunity.
Work better in interdisciplinary teams
Secondly, future colleagues will probably have different professional backgrounds than yourself. In the programme, you will learn how to communicate and collaborate across different disciplines in interdisciplinary teams.
Gain self-confidence
Most importantly, by proving yourself as an entrepreneur in both a start-up and corporate environment, you will increase self-confidence in your ability to face the disruptions of the future.