The future of work is here and we need the right tech skills to match
National Skills Week is a chance to think critically about the tech skills we need for the future, writes Pin Payments co-CEO Chris Dahl.
We are entering a moment in history like no other, where technology is advancing beyond that of our skills and education system. As the CEO of a fintech, I’m constantly reminded of the importance and power of technology, yet aware of the growing skills shortages in tech, cybersecurity and IT.
This widening gap threatens progress and innovation, and leaves us vulnerable in key areas like cybersecurity, for which there is a global shortage. A new report, Australia’s Cybersecurity and Technical Skills Gap, has revealed Australia’s available pool of cybersecurity skills is smaller than realised, with just one cybersecurity professional for every 240 Australian businesses.
And it’s not just cybersecurity facing issues; a recent Robert Half study revealed a staggering 65% of Australian technology leaders reported skills shortages within their departments.
As we enter into the age of AI, increasing cybersecurity attacks and advanced technology, it’s vital that our education systems and training reflect our shifting workforce and roles. This National Skills Week is an ideal time to critically analyse our global workforce to establish what needs to change in response to continued tech-driven disruptions of the employment status-quo.
A new future of work
The future of work will be drastically different to employment today. As technology continues to make many roles and tasks redundant, we need to redefine certain jobs and that requires support and training. Goldman Sachs predicts AI could replace the equivalent of 300 million full-time jobs globally, while the World Economic Forum estimates AI could displace 85 million jobs worldwide by 2025.
When it comes to training the future workforce, we cannot afford to be complacent. We need to take proactive steps to bridge this gap, which will require a multifaceted approach and collaboration between industry, education, and government.
Despite these major changes to our workforce and way of life, governments and traditional educational institutions continue to train workers in industries that will soon be redundant. While national strategies are underway that address some of these issues, including policy interventions regarding skills and training, the speed of implementation is not fast enough.
And while 90% of tech leaders stated they have plans to implement AI initiatives in 2024, 48% of those cited a lack of staff with AI skills as the biggest barrier to success in these initiatives, according to research by Robert Half.
So, what can we do to address these pervasive issues?
Building a future-ready workforce
The next generation of digital native workers need to be guided towards career choices that reflect the changing nature of work. For this to effectively happen, we need greater career paths in STEM that specifically address the skills gaps of today and tomorrow.
Tertiary and vocational education that offers future-focused roles will be vital in preventing people from training in redundant or replaceable roles. However, training on the job for employees whose roles are at risk is also vital, to prevent unemployment and economic instability. To do this we need to continue to see upskilling and reskilling of employees, stronger industry-education partnerships, and global knowledge sharing surrounding in-demand skills.
Educational courses may need to undergo fundamental changes, adapting to rapid technological advancements to ensure that employees can continuously train and learn in tandem with these developments. These may include short courses, micro-credentials, and professional development programs to help individuals upskill or reskill for in demand professions like AI, machine learning, data science, and cybersecurity. In the fintech space, we need people who understand not just technology but also the complexities of finance, regulation, and risk management.
This National Skills Week is an ideal time to reflect upon the complex challenges surrounding the future of work and tech-driven skills shortages. What’s clear is that we must act now and collectively, in order to safeguard future jobs and employment for all.
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