Some Tips for MBAs to Thrive in Future Job Market

The coming wave of disruptive technology in fields like artificial intelligence, machine learning, the mobile internet and 3-D printing would result in the loss of seven million jobs between 2015 and 2020, says Nick van Dam, global chief learning officer at McKinsey & Co.

Speaking to students at the Virginia University Darden School of Business, van Dam told them to develop the skills required to successfully navigate the rapid changes sweeping across industries.

Van Dam, who holds professorships at both Nyenrode Business Universiteit in the Netherlands and the University of Pennsylvania, cited examples of technologies such as driverless vehicles that seemed like science fiction as recently as a few years ago but are now present and poised to revamp entire industries.

According to van Dam’s research, the Top 10 skills that will be in demand in the near future are Complex problem-solving; Critical thinking; Creativity; People management; Coordinating with others; Emotional intelligence; Judgment and decision-making; Service orientation; Negotiation; Cognitive flexibility

It’s the sort of rapid onset of change that few organizations or employees are prepared to navigate, with relatively low-skilled workers poised to bear the brunt of the changes.

“This is the best time for people who have the right skills and right education because there are tremendous opportunities,” van Dam was quoted as saying in The Darden Report. “It’s also the worst time in history for people with ordinary skills and education,” he added.

Van Dam said technological know-how alone will not be enough even with digital competencies being the foundation upon which the job skills of the future are based.

A variety of human or soft skills will help workers embrace the rapid onset of change, allowing them to think creatively and collaboratively and more effectively future-proofing themselves from disruption, he added.

Darden Professor Ed Hess had explored similar themes in his 2017 book, Humility is the New Smart: Rethinking Human Excellence in the Smart Machine Age.

According to van Dam’s research, the Top 10 skills that will be in demand in the near future are Complex problem-solving; Critical thinking; Creativity; People management; Coordinating with others; Emotional intelligence; Judgment and decision-making; Service orientation; Negotiation; Cognitive flexibility.

Thus, you as a manager may be expected to do things differently that translates into coming up with new products and business models and using technology to work smarter. “It’s all about ideation, and ideation is driven by creativity,” he said.

Van Dam said McKinsey had recently purchased two design agencies, a nod to the fact that clients want to work with creative people who can help them co-create the products of the future.

The rapid pace of change and the fact that most people will be in the workforce for an average of 55 years also means that lifelong learning would be a key ingredient to sustained career success. That’s an onus that falls on both individuals and companies, van Dam said.

“Companies, in order to stay relevant, need to step up and do way more in order to develop their people,” van Dam said. The work should ideally be designed in a manner such that people are learning something new every day.

McKinsey was spending well in excess of $130 million to further develop its people, seeing it as critical to remain strong and relevant, he pointed out.

Van Dam said ingredients for developing a lifelong learning mindset include becoming a “serial master,” stretching beyond one’s comfort zone and building a personal brand and network, among others.(Image Source: Pixabay.com)