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WHAT WILL BE THE LABOR MARKET 2050?

WHAT WILL BE THE LABOR MARKET 2050?

12. apríla 2023

On April 12, 2023, a professional lecture was held at BUEM in Bratislava, to which they accepted the invitation of PaedDr. Lucia Lednárová Dítětová, MBA from Trexima Bratislava and Dr. h. c. Ing. Mário Lelovský, 1st vice-president of the Republican Union of Employers. Topic of the lecture: What will the labor market be like in 2050?

Rector of BUEM – doc. Ing. Ľuboš Cibák, PhD. At the beginning of the lecture, the MBA emphasized its relevance, because a just-prepared graduate gains a competitive advantage over his peers, who will be able to apply on the labor market. "We have been watching how employers' requirements for university graduates are changing for a long time. That is also why, in addition to digital skills, we adjust and adapt the curriculum and emphasize the so-called soft skills or critical thinking."

The development of demography and its forecast for the coming years was presented by Lucia Lednárová Dítětová: "By 2050, there will be almost 1.6 billion people over the age of 65 in the world, which is an increase of 900 million compared to today. Meanwhile, large economies such as Japan, Italy, Germany, and France already have more than 20 percent of this population". She also stated that in Slovakia after 2040, the second strong generation, the so-called Husák's children, born between 1975 and 1980. Employers who will have employees with a higher average age in their companies than before will have to prepare for this situation.

From our surveys of more than 500 employers in Slovakia, we found out what prerequisites a future applicant for a job position should have, and environmental literacy turned out to be the most important." Among the most important skills in the future will be the soft skills, such as effective teamwork, achieving goals, self-awareness and self-management", stated Lucia Lednárová Dítětová.

The students also learned at the lecture what skills will be needed in 2025. "The World Economic Forum published a study on what skills successful people will need in a few years. In the near future, it will no longer be enough to be a specialist in one area, but to have skills of a different nature", explained Lelovský. "The greatest emphasis is placed on analytical thinking, active learning, complex problem solving, critical thinking and analysis, creativity, originality, social skills, or the use of technology".

Mário Lelovský, on the subject of automation - a scarecrow or an opportunity, said that in the near future, automation will threaten a significant percentage of current job positions, and it will especially affect young men. Several studies have shown that Central and Eastern Europe will be the most threatened by robotization. Only low-skilled job positions will disappear. However, more sophisticated ones will be added, for which the employees will have to be retrained".

One of the topics was digitization and its application in practice. For example A digital twin in production can streamline processes, increase productivity, or reduce costs. "Digitalization plays the most important role in the optimization of production today. A digital twin is an exact virtual model of a product or production line. It records and evaluates changes throughout the entire life cycle, which allows companies to predict behavior, identify problems, or inefficient operations. Simply put - it can virtually predict everything that can happen in real production", stated Mário Lelovský.

When asked if an economist could manage an IT company, Mário Lelovský answered: "A programmer usually does not have the managerial skills to run a company, because he is focused on his profession, in which he excels. Therefore, the labor market will continue to demand educated managers who will be able to adapt to the needs and growing demands, while they will be able to learn most of the skills".

And since the future already belongs to artificial intelligence, we asked her the same question: Could an economist manage an IT company? and Chat GPT answered us as follows:

Yes, an economist can manage an IT company if he has the necessary knowledge and experience in the field of management and finance. The management of an IT company includes managing a team of programmers and engineers, ensuring compliance with project goals and budget planning. An economist should be able to develop financial plans and budgets for an IT firm, which includes planning spending on software development, marketing and sales. The economist should also be able to manage the accounting department, keep track of the books and prepare financial reports. In addition, an economist should be able to analyze the market and competition to help the IT company identify opportunities for growth and development. An economist should also be able to follow trends and news in the field of IT so that the company can maintain competitiveness and innovate. Choosing an economist as the director of an IT firm can be beneficial because it can bring new perspectives and experience in the field of finance and management that can help improve the overall efficiency and performance of the firm.

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PaedDr. Lucia Lednárová Dítětová, MBA, manager of the labor market and human resources department, co-owner of Trexima, currently nominated for Slovak Woman of the Year in the Business and Management category

dr. h. c. Ing. Mário Lelovský, 1st vice-president of the Republican Union of Employers and IT Association of Slovakia, chairman of the board of the Digital Coalition

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