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AUTHENTIC labour statistics are very difficult to come by in Malaysia. Our R&D is only in the infant stage and as such, not much information on future job markets is available.As such, we have to rely on R&D in advanced countries such as the US. The US Bureau of Labour Statistics (BLS) is a good source of information. Even if the US job market does not apply totally in Malaysia, it gives an indication of what is happening in advanced countries such as the US.

According to the US Bureau of Labour Statistics (BLS), it is projected that several occupations and industries will be either the fastest-growing careers or those that will decline in 2022 – 2023. As students, teachers, counsellors and parents, such information will benefit our youth in choosing the right career pathways.

Macro-economic trends drive the future labour market: demographic characteristics (like how old people are), how many people are working (labour participation), the skills they have, the economic performance of industries and businesses, technological advances, etc. Layer the Covid-19 pandemic and generative AI on top of that and you get more rapid changes than ever before.

Spotlight: Growing careers

There are about 15 careers that are expected to grow fast. I have selected three industries for today to give you an idea of the future job market.

1. Healthcare and Social Assistance

In many developed countries, there is a demographic shift. The population is ageing, and the prevalence of chronic conditions is increasing. It’s no surprise, then, that this sector is predicted to be a juggernaut in employment opportunities, accounting for a staggering 45pc of all new jobs in the US. Even in Malaysia, the government is talking about bringing health care workers (nurses, doctors, etc) from neighbouring countries to work in Malaysia. Careers in the healthcare industry are expected to grow very rapidly in Malaysia.

2. Professional, Scientific and Technical Services

The world of technology has boomed throughout the world. The need for technology was very high during the Covid lockdown. People had to work from home to meet the needs of the industry. Our increasingly digitalized world requires more advanced IT products and services. As we become more interconnected and businesses leverage technology to drive efficiency and innovation, the demand for experts in these fields will soar. There will be a big demand for professional, technical and scientific workers in Malaysia.

3. Digital Economy Boost

People are buying online and using retail physical stores in different ways. The surge of online platforms and tools has catalysed job growth in the information, transportation and warehousing sectors. As more businesses transition online and e-commerce continues to rise, these sectors will be pivotal in sustaining our digital-first approach. Many shops and shopping malls in our towns have dwindled and closed down. The trend is to buy online. Malaysians, too, have changed and opted for digital technology.

Declining occupations

At the same time, there are also jobs that are expected to decline. People opt for Grab rather than calling for a taxi. Sooner or later, redundant jobs will disappear. I have given you two sectors to ponder.

1. Manufacturing

The manufacturing landscape is undergoing a seismic shift. Automation technologies are streamlining production processes, leading to a projected decline in employment. More robots and machines are used in the manufacturing sector today. The labour shortage in Malaysia has also forced many employers to use robots to manage their businesses.

2. Utilities

The winds of change are blowing in the utilities sector. As the world grapples with environmental challenges, the transition from fossil fuels to green energy becomes a greater priority. While some traditional utility jobs might see a decline, those aligned with green energy innovations are projected to flourish. With the high cost of fuel, electricity, etc., people are shifting away to other sources of energy. Less and less people working in the utility industry will be employed in Malaysia in the near future.

Source: (1) Juliet Jones Vlasceanu, Career Key; (2) Bureau of Labour Statistics, US.

Career Tips

It is always good to know what is happening around us. About 40 years ago, the computer's CPU was as big as a classroom. They were used in advanced countries. Look at the technological development today – the same computer gadget can fit into your palms. Can you believe it? The world is changing around you. Even if you don’t want to change, the world will keep changing. You will be left behind. So, it is good to know what is happening around you.

Note: If you have any questions about careers, write to: krishnankanapathy@yahoo.com