Graduates and the Evolving Employment Landscape

Globally, the AI market is worth an estimated $196 billion — making it more than a trend. Across the board, industries are being transformed by its adoption and it’s had an incredible impact on everything, especially how schools and colleges are run and the job market. During the last ten years, there’s been an almost five-fold increase in the number of jobs requiring AI skills. 

Is it all good news or not? Well, it raises one pertinent question regarding the readiness of university graduates to do well within the industry that’s changing very quickly. Are our current and upcoming graduates adequately equipped to meet this evolving landscape?

AI in the Job Market

AI hasn’t just impacted one sector; it’s in industries worldwide. Whether it’s technology and the ever-evolving chatbots that pop up anytime you visit a store’s website to buy something, or you’re a healthcare professional involved in diagnostics – the influence of AI is as profound as it is widespread.  

Graduates are concerned about how prepared they are for work. A 2023 Cengage survey found that 52% were worried about their employment chances once they left university. 

Unsurprisingly perhaps, the World Economic Forum’s The Future of Jobs Report 2020 predicted this seismic shift. By 2025, AI has been estimated to replace well over 80 million jobs; however, the technology may also create just under 100 million new roles. Job markets are therefore changing for good.

Moving Forward 

With this increased integration of AI, the skills employers seek change too. Hybrid skill sets are key. So, potential job seekers and graduates must be technologically adept and have an outstanding ‘soft-skill’ set including critical thinking, adaptability and creativity.

1. Why will AI impact employment?The ability of AI to organize and streamline mundane tasks means that job seekers have to place greater emphasis on innovation and problem-solving when looking for work and training. It also has a major impact on where people might seek future work across the USA, as some states are better equipped to handle the transition to AI than others.
2. How might this affect university graduates?This does present challenges for graduates. The skills learned in traditional education and the skills that AI-driven jobs demand are different, which creates a gap.
   Indeed, this is something else the WEF’s report points out. Unless significant changes occur, more than 60% of workers must retrain within the next three years (2027).
3. How can graduates flourish in the current climate?Graduates must embrace growth and a commitment to re-learn, adapt and change. To this end, lecturers and other faculty professionals must also play their part in nurturing this mindset. Upskilling and investing in the young people moving through the educational arena is the only way to ensure future success. The ability to pivot and upskill will be the hallmark of successful professionals in the AI era.
4. How can higher ed help?The relationship between academia and all industries must adapt too. When institutions and companies work together, they can align their ideas and make sure future courses and qualifications give students a competitive edge. Combining work experience and great academic performance creates graduates who can take on anything, especially AI.

Graduates and the AI Revolution

University graduates must be proactively involved in the challenges that lie ahead. Alongside this, colleges and universities must alter their curriculums and encourage students. 

These changes coupled with industry collaboration will result in a new workforce that isn’t just prepared for change, but one that actively pursues and thrives on it. In a world where AI is firmly in the driving seat, graduates must take the lead to adapt, innovate and learn.