ABSL: Learning, adaptation, and digital skills are essential for employment in the next ten years

In 2007, the first companies in the business services industry were launched on the Romanian market. Since then, the digital revolution has changed the job market, and it is estimated that one in two employees globally will need to undergo professional retraining. The business services industry is involved in these transformations, and employees in this sector are more likely to adapt and develop for the specific requirements of the job market over the next 20 years.

According to the World Economic Forum, the digital revolution in recent years has led to the disappearance of 5 million jobs globally, and it is estimated that in the upcoming period, 85 million jobs will be transformed or will disappear. According to the same organization, 42% of work hours will be performed with the help of automation/digitalization, and one in two employees will need professional retraining.

Financial services, IT, and HR are the top three services developed by companies, according to last year’s ABSL report, capable of creating added value and keeping Romania in a competitive position in the region.

Financial services will see an upward trend, which will lead to an increase in the number of employees in this sector. In the coming years, the demand for financial analysts specialized in data analysis will expand significantly. Also, it is expected that most positions in financial departments will require solid knowledge of blockchain technology, which is currently not deeply explored. The demand for specialists in areas such as artificial intelligence and cybersecurity is estimated to continue to grow, leading to the continuous development of the skills of specialists in these fields.

According to the National Institute of Statistics, the need for qualified labor is very high, so that between 2018-2030 there will be a 60% increase in the number of qualified individuals. Moreover, the ABSL report from 2023 specifies that by 2030, the most important professional hiring criteria will be technical knowledge, followed by digital skills and knowledge of foreign languages.

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“However, it all depends on each individual and how they realize that by 2030, over 60% of the needs of future jobs will focus on soft skills. Thus, creativity, teamwork, and acceptance of diversity will be enormously important in the next ten years, as well as empathy towards those around us. According to experts, the most important skills for a well-paid job will be having a well-outlined professional development plan that you focus on and express, a good understanding of the organization and its culture, as well as the industry, and last but not least, confidence in yourself,” says Cristian Cilibiu, a representative of the business services industry.

According to ABSL, in the next 5-10 years, we will witness a clear trend towards work flexibility. This trend is already being felt, and the concept of contingent workforce is becoming increasingly relevant, driven by new generations focused on fulfilling personal aspirations. According to the ABSL report, 14% of industry employees are under 25 years old, and 67% are between 25-40 years old.

“We will see an increasing number of employees and experts who are no longer willing to engage in long-term contracts. People who, after a long corporate experience, desire more flexibility. They will opt for short-term jobs/projects. Similar behaviors are observed in the younger generation, who want more free time, move quickly from one job to another, and are less attached to an employer over the long term. For employers, accommodating these needs is not easy because it means a major change in the work model, organization of work, and organizational culture. However, it comes with the benefit of access to this pool of candidates, which employers greatly need,” says Cătălina Magui, HR Director at Societe Generale Global Solution Centre, a member company of ABSL.

ABSL specialists believe that Generation Z needs a better process for acquiring practical skills, applied and adapted to the requirements of the job market, updating school programs to our current times, more emphasis on experimentation versus theory, working on applied projects, and facilitating authentic career counselling from earlier stages.

“The growth of professionals in this industry and keeping them in Romania is the guarantee of our future. Improving an education system takes a long time, and this should be a priority for any government. ABSL has two career counselling initiatives for high school and college students. Similarly, a good part of the member companies support university activities. However, private initiatives cannot substitute for the lack of a centralized project to change education,” says Cătălin Iorgulescu, Vice President of ABSL.

Over 200,000 employees currently work in the business services industry, and it is estimated that this number will increase by 10% by the end of this year.