As the war between Russia and Ukraine continues, and countries across the world impose sanctions and announce their decision to stop business with Russia, we should examine how this conflict will have an impact on the jobs of the future.
The pandemic has already left the world reeling, with high levels of insecurity in the travel and tourism industry. Thousands of young people working in travel and tourism found themselves displaced overnight when COVID-19 hit the world. The world economy had just started to limp back to normal, with hiring increasing across different sectors, when tensions started increasing between the two countries, unleashing uncertainty in an already jittery market.
How will the war impact the future of work?
Shortage of talent:
Ukraine, Belarus and Russia were providing third party services in IT and engineering, R&D and GBS centers. It is estimated that the war is going to lead to a shortage of 70,000 to 100,000 workers, making the existing talent shortage even more acute.
Shortage of wheat
The Middle East is already suffering from an acute shortage of wheat supply coming from Ukraine, one of the largest exporters of wheat in the world. As the war continues, countries that relied on Ukraine for their wheat will see acute shortages and a surge in prices, forcing them to rethink the food supply chain, and seek alternatives to wheat in their diet.
Shortage of fuel:
Energy supply disruptions in Europe and the US will lead to a surge in prices of fuel, which in turn will have several consequences, ranging from plunging markets and impoverished households, to a greater pressure on the development of the green economy and alternative sources of energy.
Rising prices of fuel, coupled with a shortage of nickel coming from Russia, is also going to impact the automotive industry. How will the automobile industry survive this twin blow? On one hand, the penury of nickel needed for chips is going to slow down production of vehicles, on the other hand, this might be the push needed to make electric vehicles more mainstream.
What do conflicts like this mean for students and young job speakers?
The new economy is marked by uncertainties and constant crisis, like the pandemic and the ongoing political conflict. Students and young job seekers should future-proof their career by monitoring world events, as well as emerging technologies and skills requirements across the world.
Local economies that have been focusing on the development of greener solutions are likely to take the lead in the new future. Grenoble, the European Green Capital of 2022 is already leading the way with its focus on R&D for green solutions in different industries. Startups across the world are focusing their efforts on building clean tech with smarter solutions to reduce our dependence on fossil fuels and lead the planet into a greener future.
Focus on new technologies, and skills required to succeed in the new economy:
The new economy will require people with a strong background in science to monitor, manage and protect natural resources. This includes environmental scientists, biologists, hydrologists and biochemists.
🧑🔬 Green engineering:
There will be a high requirement for qualified engineers to work on solar panels, wind turbines, low emissions vehicles and other green technology solutions.
It is estimated that the use of AI in environmental applications could contribute up to 5.2 trillion USD to the global economy. Advanced tech skills in AI, Machine Learning and even Data Science will be of high value in the green economy.
New modes of farming including organic farming, urban farming and precision agriculture require more advanced scientific and tech skills including the ability to use data to monitor and improve agricultural efficiency to feed a growing population through more sustainable farming practices.
🏙️ Architecture and urban planning:
Architects, civil engineers and urban planners will have to learn to build energy efficient solutions with fewer resources. In addition to acquiring skills to work with new technologies like 3D Printing for building structures, they also need to be well-versed in changing policies and regulations for protecting the environment.