05/06/2018
Job Market Outlook 2018
This year is already shaping up to be an exciting one with the business world continuing to change and grow globally.
Employers in industries across the board are expected to add jobs, with certain sectors more likely to hire than others.
Let’s have a look at the major predictions that we believe will influence the global accountancy, financial and legal job market.
Changing standards, data protection, security and analytics are increasing the demand for specialist knowledge and skills
Digital transformation and change is happening in businesses across the globe.Automation in different sectors will result in reduction of labor, that means about sixty percent of the jobs currently being carried out by people will be obsolete by 2025. Although the good news is there will be still a large number of new jobs available that do not even exist now.
What matters more is having specialty in a new area. Data analysts and Cyber Security professionals are in high demand as the finance landscape changes. Other examples including where the updated IFRS 17 is looming, we are seeing professionals with expertise in IFRS 9 or 17.
In digital world, transformation has been a growing trend in recent years with firms updating, implementing and adapting to new ways of doing business. There is an emphasis on those in the service sector needing to add more value and find ways to do things that can’t be done by automation.
According to latest report, new roles will be now created in different sectors, and old ones will change. Accountancy and legal professionals working in the consulting profession, including firms of all sizes, will need to increase their skill set to secure their future in accountancy and finance.
The new trend in the Middle East
Middle East is bringing in VAT to it’s never before taxed environment. The first to take lead on this new trend is Saudi Arabia and the UAE, where leaders are implementing VAT. The other GCC countries are set to implement this within the next 12 months.
This is said to counter the drop in price of oil and bring in replacement revenue to generate more growth to the already ambitious region. It will mean demand for new skill-sets to the area that it has not needed before.
Diversity on the work place will favor minority candidates
As the conversation around diversity and women in the workplace continues to gain traction, we are seeing more organizations investing in talent development and attracting under-represented groups to build their teams. Many governments have implemented rules or guidelines and goals for increasing diversity in the work place. This in turn is opening door for many that may have seen barriers in the past.
Also cultural diversity will be high on the agenda of many employers. We will even see it in countries that were not formerly known for this, such as the Middle East now encouraging females to excel in the workplace. This means if you are in a minority group, do not be shy to come forward and aim high. The path is being made for you to accelerate to the top.
Increasing demand for professionals in rapidly emerging markets
Emerging markets are all exciting places to be right now. These includes Brazil, China, Colombia, Chile, Czech Republic, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, United Arab Emirates, Jordan, Kuwait, Saudi Arabia, Singapore, and Vietnam. There’s a lot happening in these regions including: market development, business expansions, tax reforms and a push for diverse workplaces. The future economy of these regions is really promising and with many experts commenting on their growth, it looks like these are the places many professionals will be headed to benefit from quick career progression and adventure!
Our prediction is to watch Saudi Arabia, which we believe will be classified as an emerging marketing in 2018. According to HSBC Holdings Plc, foreign investors are getting ready for their first significant stock purchases in the kingdom as an upgrade to emerging-market status looks likely. It’s inevitable that MSCI Inc., whose classifications can influence billions of dollars of asset allocations, will add Saudi Arabia to its emerging-market benchmarks, Majed Najm, chief executive officer of the British lender’s Saudi unit, said in an interview. The relatively young Crown Prince of Saudi, Mohammed bin Salman has high ambitions for Saudi, including modernizing its approach and widening the industries the country is known for. There will be many more jobs created in 2018 and thereafter for men and also opportunities will be opening for women.
Global mobility challenged with higher barriers to immigration
We’ve all seen the huge shifts around global mobility in the past year as Brexit negotiations continue in the UK and Europe and Trump is building virtual walls by tightening up immigration in the US. Canada has introduced stringent market testing roles which almost prohibit an employer being able to sponsor someone into a position, Australia is axing its highly used 457 employer sponsored visa in March 2018.
It seems ironic that as the Western Countries work hard to bring forward the technology, with so many high-tech inventions that bring our world together and make it so easy to communicate and travel across the globe, or even not too far into the future, to other planets, we take a step back and want to put other barriers in place to global mobility. However, all is not lost, certain professions are still in high demand in these countries and there are new opportunities opening in other countries that are catching up with the western ways.
Therefore, professionals should consider a move to emerging countries with their doors opening and offering new exciting opportunities. Countries that continue to, or start to, allow highly skilled migrants to enter and ensure their businesses have the leading edge, will start to accelerate over those that close their doors to much needed talent.
