Finding a job can be quite challenging but keeping it might be harder. While you can be performing well year in year out, it might not be relevant if the industry no longer exist. So, you need to know just where all this is going and if you still have a job in the near future.
What will happen in the next 10 years?
In the next 10 years or so, things will change considerably. Just think back to what has happened in the last 10 years. Some jobs that were deemed good prospects have already seen their light of day and are no longer relevant today.
Jobs that might diminish in the next decade
Suffice to say, a lot of jobs will start to disappear in the next 10 years mainly because of relevance. Among them include:
- blue-collar jobs – We have already seen that happening in the last 10 years. The most common jobs that might diminish would be those that are in the factory and manufacturing sector. This is more evident in countries like Malaysia as other Asian countries like China and Vietnam start to up their game in these sectors. According to records and data available, productivity in the manufacturing sector has increased tremendously but the number of employees remain very low. The main reason for this is because of the increasing popularity and adoption of machines.
- White-collar jobs – This will definitely affect those who are in service industries. For instance, brokers and intermediaries. In the past few years, the internet has already taken over the jobs of remisiers and brokers in the financial markets. These were once seen as among the top-paying jobs in any market
- Banking – If you have been working in a bank as a teller, then your job is definitely at risk of extinction. Internet banking has grown to become a must for banks. The fact that banks are fast moving into technology and trying to stay relevant in today’s market is not making the situation any better. In fact, a lot of banking transactions can now be automated. That is where the human jobs will be removed, very soon.
Industries at risk
While there are jobs that might disappear in the next few years, some industries are facing extinction as well. If you are working in these industries, it would be good to start charting your next career move before you become surplus in an obsolete industry. Here are some of them:
- Oil and gas – Where this was once a lucrative industry with some of the best employee benefits around, oil and gas companies have been downsizing and retrenching staff in the last 5 years. In fact, they have been doing that quite aggressively, causing people to be extremely cautious when joining companies like Shell and Petronas
- Retail industry – No matter how anyone sees it, the retail industry has been booming but it has actually been declining. Malaysia has seen an increase of retail space throughout the country but a lot of retail companies are struggling to maintain their overheads. Some might look at retail as a recession-proof industry because consumers will always be shopping. With the advent of e-commerce and digital currency, brick-and-mortar shops might be a passé very soon.
Is it so bleak?
It is actually not as bleak as it seems but if you are in any of these industries, you should really be cautious and perhaps think about the future. You do not need to find a job immediately but you should really be thinking about where you would be in the next 5 years or so and start planning.