The New Career Readiness

Professional Development in the Face of Accelerating Change

Business learners need an updated approach

The career pathways and job skills for business learners and other college graduates have changed dramatically in recent years, with exponential advancements in technology, evolving business models, and shifting approaches to human capital management transforming the way we work.

It is now clear that a new approach to career readiness is needed, one that expands beyond traditional career competencies like communication (resume writing, interview skills). Professional development programs are arguably the best way to teach career competencies with their direct connection to experiential learning, internships and jobs.

Based on 25 years of career development expertise, coupled with the experience of its institution partners, Career Key recommends that higher education broaden its professional development programs to include and cultivate Career and Self-development competencies, such as self-knowledge and self-efficacy. In doing so, learners won't just survive in their future careers—they'll thrive. In other words, be more antifragile.

As future business leaders, business school students are poised to make some of the biggest impacts on the world of work. For this article, we will focus on accelerating technology changes that impact them and their career fields, such as business, finance, accounting, management, economics, operations management, marketing, and management information systems.

Most influential technologies on job market disruption and business models

  • Artificial Intelligence (AI) and Machine Learning: These technologies transform various aspects of the business world, automating tasks, enhancing decision-making, and enabling better customer insights.

  • Big Data and Analytics: The increasing availability and business value of data have led to a greater need for data analysis and interpretation. Blockchain Technology: Blockchain has the potential to revolutionize industries such as finance, supply chain management, and contract management.

  • Internet of Things (IoT): IoT technology has become increasingly integrated into various industries, enabling greater efficiency, real-time data collection, and automation.

  • Cloud Computing: The shift towards cloud-based services has streamlined business operations and enabled scalable, on-demand resources.

  • Cybersecurity: With the increasing reliance on digital technology, cybersecurity has become a critical concern for businesses across industries.

  • Remote Work and Collaboration Technologies: The COVID-19 pandemic has accelerated the adoption of remote work, making proficiency in collaboration tools and platforms essential.

  • Social Media and Digital Marketing: The rise of social media and digital marketing has transformed how businesses interact with customers and build their brand presence.

  • Robotics and Automation: Robotics and automation have the potential to streamline operations and reduce labor costs, especially in manufacturing and logistics.

  • Virtual and Augmented Reality (VR/AR): VR and AR technologies are increasingly being adopted in various industries, such as training, marketing, and product development.

What is exponential about technology today

While AI and data analytics have been around for at least a decade, the exponential nature of these technologies lies in their rapid advancements, accelerating adoption, and the compounding impact they have on various industries. Obviously, we see this happening now in real time with generative AI like OpenAI ChatGPT and Google’s Bard. ChatGPT has become the most quickly and widely adopted consumer product in history.

Factors that contribute to exponential growth

  • Computing Power: Advances in computing power, such as Moore's Law, have enabled the development of more sophisticated AI algorithms and the processing of larger and more complex datasets. As computing power continues to grow, AI and data analytics capabilities will also expand at an accelerating pace.

  • Data Generation: The volume of data generated worldwide is increasing exponentially, thanks to the proliferation of internet-connected devices, social media, and digital transactions. This vast amount of data provides fertile ground for AI and data analytics applications, fueling their growth and enhancing their capabilities.

  • Accessibility and Affordability: The increasing availability of open-source libraries, cloud-based AI services, and affordable data storage solutions have democratized access to AI and data analytics technologies. This has led to more widespread adoption and innovation, further accelerating their development and impact.

  • Interconnected Technologies: AI, data analytics, and other exponential technologies, such as IoT and blockchain, are increasingly being combined and integrated, leading to new applications and synergies. This interconnectedness amplifies the impact of each technology and drives their exponential growth.

  • Investment and Innovation: The recognition of the potential impact of AI and data analytics on various industries has led to increased investment and innovation in these fields, both from established tech giants and startups. This increased focus and competition drive the rapid advancement of these technologies.

  • Network Effects: As more businesses adopt AI and data analytics technologies, their value increases due to network effects. As more data is generated and shared, algorithms improve, leading to better insights and applications, which in turn drives further adoption.

Knowledge production

Given the scope and speed of technological change, we can see that business learners in knowledge production fields will need to continuously adapt in their jobs. Their organizations’ business models will need to adapt more quickly than ever before. As Dr. Anne Trumbore forecast in her March 2019 AACSB Insights article “The Business Case for Business Schools in the Year 2039,”

Business schools will have to stop thinking about learners as students and then alumni; they will have to think of them as learners for life. To remain competitive, they should offer career counseling from commencement to retirement, and opportunities for lifelong learning pre- and post- degree. Because knowledge production will be faster, and distributed further than ever before, students will expect their school to provide them with relevant knowledge they need throughout their working lives.” (emphasis added)

Next, let’s look at the current approach to career readiness and why it is insufficient to prepare for career management in accelerating change.