Kayode Ibukunoluwa-Micah's Blog

There is an expected paradigm shift away from the traditional ways of doing business and work in general. This shift will largely be driven by science and technology, alternative energy sources, concerns for the sustainability of the environment, and the new normal brought about by COVID-19.

It is also expected that organizations will have no choice but to embrace scientific innovation as a basis for shaping the future of their businesses. Governments and agencies will be pressured to adopting tech in the search for sustainability, increase in revenue sources, global competitiveness, and infrastructural development.

Good to note that the #ENDSAR protests in Nigeria have created a new vista for youth involvement in politics and this will also impact the look of work and how the economy will run in the next decade. With their great sense of creativity and reliance on tech, I hereby welcome you to the new world of work and what will count as a future career.

 WHAT ARE THE DETERMINANTS FOR FUTURE WORK?

 What are the factors that will determine future works or jobs that will be in high demand? What should we look out for globally to know that certain skills would be in high demand and what should we do as career-minded people to position ourselves for this great future and remain relevant.

RESEARCH AND DEVELOPMENT

One of the key determinants of the direction of employment activities in an economy is the knowledge of the result of research and development by government, institution, and business enterprises or private persons. In career planning, besides the individual propensity, we also pay attention to the need of businesses and the direction in which society is headed.

It has been noted that leading economies are deploying investment in the direction of science and technology and digitalization. China, Israel, the USA, South Africa, and some developing Nations are spending so much on ICT, agriculture, and medicine. This knowledge should give an insight into the direction of the jobs that would count for the future.

GOVERNMENT INVESTMENT DIRECTION

It will be noted that in Nigeria, the ex-president Goodluck Jonathan and the present administration of President Mohammadu Buhari has paid much attention to agriculture and infrastructural development especially in areas of food production, support for the agriculture sector, and a modernized railway system in the country. Hindsight will show that opportunity will abound in these two directions with the Central bank of Nigeria pushing commercial banks to invest in these sectors of the economy. With the level of investment seen so far, it shows that experts in modern agricultural practices and engineers will be in high demand.

Early acquisition of knowledge in modern farming practices, agribusiness, and automotive engineering will be advantageous for someone pursuing a career in these fields.

FOREIGN DIRECT INVESTMENT (FDI)

According to the World Investment Report by UNCTAD, in 2018 foreign direct investment flow into Nigeria was $ 6.4 billion which dropped to $ 3.3 billion in 2019. The total stock of FDI in 2019 was estimated at $ 98.6 billion. The USA, China, UK, and the Netherlands took the lead in FDI flow to the country. The question should be asked in what sectors are these investments made because the answer to this question will tell us where manpower will be much needed. For example, we could see investment in internet security, housing and construction, and healthcare. We now see Nigerians abroad setting up standard healthcare facilities in Nigeria and investing so much into properties for personal and commercial purposes.

CHANGE IN CONSUMER BEHAVIOUR

Age, demography, income level, style, and taste are known to influence consumer behavior and the pattern of their purchases decision. In recent times, however, the internet and the digital revolution have been critical factors that affect consumer behavior. For example, the Y Generation (Millennial) is mostly concern with speed, creativity, and convenience of service. To capture this large population investors and businesses will necessarily tailor their investment pattern in such a manner that caters to them. The creative, fashion, and entertainment (music and sport) industry will require individuals with millennial mindsets and creativity to thrive.

GLOBAL INVESTMENT AND PARTNERS CONCERNS

The search for alternative energy sources away from fossil fuel, the need to protect national investment, and concern for global peace are known factors that determine the direction of future employment. For example, the ability to speak and translate mandarin or Putonghua the official language of the Chinese will provide a good job for an individual with an interest in cross-national-trade between Nigeria and China. Likewise are jobs with NGOs and foreign missions with interest in healthcare, protection for the environment, and security.

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