With the ever-changing job market, you need to be proactive about how to prepare for a job, look for new opportunities and stay updated with the latest market trends. All this helps you to stay competitive and gives your career an edge. This is where education plays a crucial role. According to Forbes, the following graph represents the hourly wages vs education of students between 1979 and 2001.
So what will the jobs be like in the coming years? What is the necessity for preparation for a job? And how to prepare for jobs in order to get the right job that suits your interest? Let’s dive deep into the scenario of the job market.
What is the Scenario of the Job Market in 2023?
The job market is bound to change constantly due to the changing needs and technology in the world and thus, it becomes difficult to figure out how to prepare for a job at the right time. There was a tremendous change in the job market during and post-pandemic as there were a great number of layoffs, shortage of jobs, and an increased unemployment rate. But the post-pandemic era also lured us with newer jobs and changing work trends like working from home was the “new normal” and till date many companies encourage it. But as we are reaching the end of 2022, what will be the scenario of jobs in 2023?
As of 2022, many new employment opportunities in the IT, real estate and health sectors are seen with the IT sector leading the race. FY2022 recorded a 15.5% growth which was the highest ever, reaching USD 270 billion in revenue. It is also seen as a year of tech startups. A trend that will definitely see a significant boost in 2023 is a shift from theoretical knowledge to a focus on soft skills. An employer would likely hire somebody who can crack that code, build a strong strategy or create amazing graphics. Employers will tend to seek employees who have strong communication skills, problem-solving abilities and team-building abilities because these qualities reflect adaptability and flexibility in an ever-changing workplace.
5 Tips to Become Job Ready in the Changing Job Market:
1. Understanding the Current Job Market and Trends
Since the job market is bound to evolve with changing times, it becomes crucial to stay up-to-date with the changing trends. Hence, research plays a very important role when it comes to understanding the job market. For instance, it helps to understand which trend might last more than 10 years. One such example is: post-pandemic people started preferring remote or work from home and this trend is likely to persist in the coming years. There are even more diverse modes of work emerging such as freelancing, contract projects and much more. Many people are finding self-employment to be a better option than working from the office. It, therefore, becomes obvious that the current job market demands you to be flexible at work and tech-savvy.
2. Explore Newly Evolving Fields
India has a mixed economy which makes it an attractive country for many diverse job sectors. But, it was seen that India’s economy was sick before the coronavirus crisis and it went even more down during the pandemic. The pandemic also brought about the scenario of online systems and the boost in sectors like digital marketing which is evolving drastically and thereby is creating newer job opportunities. Along with that, technology-driven job profiles are also expected to see a boost. According to Business Standards, “Two-thirds of Indian knowledge workers are likely to switch jobs in 2023.” Additionally, studies have also shown that Indian gaming will add up to 1 lakh jobs in the year 2023.
3. Opt for Industry-Oriented Courses
Having a good education isn’t enough to get a dream job with a good salary package, you need the right blend of education with soft skills and other professional abilities to face the competitive world. One of the best degrees that can help you land better jobs is management and technical degrees like Btech, MBA, professional diplomas and many others which help you to enhance your career opportunities, and get higher salary packages and job promotions.
4. Grow Your Skills
You need to grow and learn new skills to be updated with the ongoing changes. You cannot rely on a present job for your entire life as the industry keeps bringing in new job demands and skill sets. You should grow in those skills which are of your interest be it animation, writing, painting, etc. Today, there are a number of free as well as paid courses available to learn and develop new skills in any field. Growing your skills can help in switching careers or changing a field and also help to generate additional income. You can be more creative and stay active in this process of acquiring new skills.
5. Gain Experience
Employers would definitely prefer to hire an experienced person but that does not mean that freshers can never land a job. Students, generally, opt for internships during their college education which helps them to hone their skills and understand the nuances of the industry. Additionally, this also helps the students to expand their network which can assist them to land their dream job in future.
Top In Demand and Highest Paying Jobs in 2023:
1. Digital Marketing
According to some studies, by 2023, Digital Marketing will be one of the top 5 highest paying professions in America. The field has a growing demand in India too. As consumer behaviour is changing, so are the marketing strategies. Digital Marketing is ever growing and there are many job opportunities in this sector from Social Media Marketers to Content Writers, Email Marketers, SEO Executives, PPC Executives and many more. If we look at the stats, a digital marketer in India earns about ₹4,69,000/year on average. Whereas, a Social Media Manager’s salary can extend up to an average of ₹5,00,000 per year. A Content Strategist gets an average salary of ₹7,43,000 per year. If we look at more lucrative job options in the field, you can earn up to ₹10,04,875 per year as a Content Marketing Manager.
2. Data Analysis
Data Analysis is a rapidly growing field and the jobs in this sector are only increasing. This field is expected to grow by more than 30% by 2023. The field job ranges from entry-level to management positions, for instance – database administrator, data analyst, business intelligence analyst and many others.
3. Sales Executive
It is one of the highest-paying jobs in the world. Almost every industry requires sales people to promote their business. Hence, this is an evergreen job. Some of the career prospects in this field are:
|Director of Business Development||1,06,10,900|
4. Project Management
Studies have shown that at least one project management office is hired in 89% of firms, and about 50% of firms have multiple PMOs. This further demonstrates how project managers greatly benefit an organisation by ensuring that all resources are used in the most effective manner. A project manager’s function involves a variety of skills, including managing people, resolving technical issues, exercising leadership, and planning. With the new hybrid or work from home models which are in effect post-pandemic, the necessity for project managers will only increase.
5. Blockchain Engineer
Studies indicate that between the years 2020 and 2030, the market size of the Blockchain industry will increase at a Compound Annual Growth Rate (CAGR) of 85.9%. Thus, it is beyond doubt that blockchain technology has made a place in the list of most sought-after jobs in 2023. With the rising popularity of cryptocurrency and the advent of Metaverse, the field will only continue to grow.
As introduced by Prime Minister Narendra Modi, the PM Rozgar Mela 2022 will be used to fill positions in over 38 Government of India ministries and departments. Under this scheme, over 75,000 individuals received their offer letter in the first phase itself. This depicts that the government has made significant contributions to India’s employment. Additionally, the private sector also helps in preparation for jobs and introduces new vacancies.