|Jobs related to IT, big data, Internet of Things etc are now the trending jobs and also one of the in demand jobs today. / Photo by: NicoElNino via Shutterstock|
A new study from the University of British Columbia and Massachusetts Institute of Technology reports that current jobs in IT, big data, and cybersecurity are the reason for more long-lasting financial stability in the US, according to a post on sciencedaily.com.
Giovanni Gallipoli, the co-author and associate professor from the Vancouver School of Economics at UBC, states, “The future of jobs is in IT, and IT-intensive tasks. Growth and productivity in jobs involving IT tasks are very strong, and workers who can perform such tasks have a clear competitive advantage in the labor market.”
The study showcases a detailed slow-down in employment and wage gains that are associated with skills and education that has been documented after 2000, but not when it comes to jobs that involve IT. In fact, the share of these jobs has increased by a lot over the course of two decades, with IT-intensive jobs growing by more than 19.5% between the year 2004 and 2017. On the flip side, less IT-intensive jobs only grew by a margin of 2.4% over the same span of time. The rapid growth in IT-related work is more than eight times the growth rate of all the other jobs in the past few years.
Gallipoli adds, “While there is clear evidence that earnings growth for Americans with college degrees has somewhat flattened since 2000, earnings have actually grown significantly for individuals working in jobs involving IT tasks. Both companies and workers stand to benefit if they invest in IT education.”
It is also to be noted that despite the slow decline for traditional manufacturing occupations that range from automation to offshoring, this report indicates that a specific subset of jobs in manufacturing that involves IT has seen an increase as well, showing high productivity and returns.
Christos Makridis, a co-author of the study, states, “As the cost of collecting and processing information continues declining, every company is going to turn into a data science company, whether they like it or not. That is only going to raise the demand for information technology workers."