By Shrabani Mukherjee

The ‘Future of Jobs Report 2020’ projected data suggesting that around 85 million jobs could undergo displacement due to the evolving distribution of tasks between humans and machines by the year 2025. However, this workforce transformation is accompanied by the inception of fresh employment opportunities in emerging sectors often referred to as the jobs of the future. There remains the possibility of the potential emergence of approximately 97 million novel positions that align with the revised delineation of responsibilities among humans, machines, and algorithms.

In today’s world, data expressions act as tools to explain everything. Eventually the knowledge of how to extract the data, compile the information, decode and dig up the valuable insights from the distribution of data and information, becomes vital as a transformative discipline. The word ‘Data Science’ became the buzz in academics due to the changing demand in various industries. Skills in ‘Data Science’ with domain knowledge enhances the efficiency through creating the ability to apply technical mechanisms to interpret the complex system of events, deploying a specific model, and making algorithms unearthing the insights from structured and unstructured data. 

The intersection of data science and data analytics with the realms of pure science, economics and other social sciences is unleashing a transformative wave that promises not only enhanced insights but also a plethora of diversified job opportunities. In an increasingly data-driven world, the marriage of these disciplines is redefining research, policymaking, and business strategies, while simultaneously paving the way for novel and rewarding career paths.

Traditionally, social science relied on limited datasets and qualitative analysis. However, the digital era has ushered in an era of data abundance, offering a treasure trove of information that, when harnessed effectively, can unravel hidden patterns, correlations, and behaviours. The incorporation of data science and analytics into these fields has revolutionised research methodologies, enriching insights and enabling evidence-based decision-making.

Diversified job opportunities:

According to findings from the 2020 Future of Jobs Survey, it is anticipated that the proportion of increasingly redundant roles within the workforce will decline from 15.4% to 9% by the year 2025, reflecting a decrease of 6.4%. Simultaneously, emerging professions are expected to experience growth from 7.8% to 13.5%, indicating a rise of 5.7% within the employee base of participating companies. With these statistics as a foundation, it is projected that a transition in the allocation of tasks between humans and machines could lead to the displacement of around 85 million jobs by 2025. However, a compensatory trend is projected, as an estimated 97 million fresh roles may come into existence, tailored to the evolving distribution of responsibilities among humans, machines, and algorithms, spanning the 15 industries and 26 economies examined in the report.

The integration of data science and analytics into economics and social science has led to the emergence of diverse job roles that cater to various skill sets and interests. The social sector, encompassing humanitarian efforts, nonprofit organisations, healthcare, education, and community development, is undergoing a monumental transformation. The age-old paradigms of manual intervention are gradually giving way to data-driven precision and efficiency. By 2050, data science and analytics will have become the bedrock of decision-making in the social sector, as organizations harness the power of data to uncover hidden patterns, predict needs, and tailor interventions to maximize impact.

Data ambassadors of social change:

In this future, a new breed of professionals, dubbed “Data Ambassadors of Social Change,” will be at the forefront. These individuals will possess a unique blend of technical acumen and a deep understanding of social dynamics. From using predictive analytics to anticipate community needs during disasters to crafting personalized educational paths for underserved children, their work will transcend the boundaries of conventional jobs, creating a vast and diverse employment landscape.

Since its inception in 2016, the ‘Future of Jobs Report’ has diligently monitored the escalating requirement for cross-functional skills. The paramount skills and skill clusters that employers consider to be gaining prominence as we approach 2025 are critical thinking, analysis, and problem-solving, which have consistently maintained their prominent position on the agenda year after year. 

Diverse Roles Shaping the Social Landscape:

  • Social Impact Analysts: These professionals will use data to measure and communicate the impact of various interventions, enabling organisations to optimise their strategies for maximum societal benefit.
  • Community Data Architects: Communities will have their own data architects who design localized solutions, enhancing everything from healthcare access to waste management based on real-time data insights.
  • Humanitarian Forecasters: By analysing global data, these experts will predict humanitarian crises and deploy resources proactively, minimizing suffering during emergencies.
  •  Healthcare Equity Data Scientists: Working at the intersection of healthcare and social justice, they will ensure that marginalized populations receive fair access to quality healthcare services.
  • Education Data Enthusiasts: These professionals will personalize learning pathways for students, leveraging data to cater to diverse learning styles and needs.
  • Environmental Change Analysts: Combining ecological data with socio-economic trends, they will identify strategies for sustainable development, fighting climate change, and conserving natural resources.
  • Social Media Advocacy Analysts: Utilizing sentiment analysis, they will gauge public opinion on pressing issues, helping organizations tailor advocacy campaigns effectively. 
  • Gender Equality Data Champions: These individuals will work tirelessly to bridge gender gaps by analysing workforce trends, education disparities, and policy impacts.
  • Urban Well-being Planners: In an increasingly urbanized world, they will design cities that prioritize residents’ well-being by using data to optimize infrastructure and resources.

Future trends and growth:

On a global scale, organisations have come to recognize that the accumulation of data stands as their most substantial asset amassed through years of operational history. Nonetheless, harnessing this resource to its utmost potential remains a challenge. According to research conducted by AIM, the landscape in India reveals that as of June 2021, the field of data science boasted 137,870 employment opportunities, reflecting a noteworthy 47.1 percent surge in job openings compared to the preceding June of 2020. Remarkably, India’s contribution to the worldwide analytics job market climbed from 7.2 percent in January 2020 to an impressive 9.4 percent.

As we march toward 2050, the merging of technology and empathy will create a future where every data point, every analysis, and every insight contribute to a world where social progress knows no bounds. The role of data science and analytics will be the cornerstone of this transformation, paving the way for a renaissance of employment opportunities that ignite both innovation and compassion in the social sector.

Data science and analytics have been incorporating machine learning and artificial intelligence techniques to analyse large datasets more effectively. In economics and social science, this trend translates into roles such as predictive analysts, machine learning economists, and AI-driven policy analysts who can develop models to forecast economic trends, human behaviour and policy impacts.

Michael Page India’s report titled ‘The Humans of Data Science’ unveiled a forecast that data science is poised to generate approximately 11.5 million job openings by the year 2026. LinkedIn’s Emerging Jobs Report positions data science as the fastest-growing discipline on a global scale, experiencing a remarkable growth rate of over 650 percent since 2012. In line with this trajectory, the market’s value is anticipated to ascend from $37.9 billion in 2019 to a staggering $230.80 billion by the year 2026.

The integration of data science with economics and social science is leading to the demand for professionals with interdisciplinary skills. Those who can bridge the gap between statistical analysis, economic theory, and social research methodologies are becoming highly sought after.

Conclusion:

The infusion of data science and analytics into economics and social science is reshaping the landscape of research, policy formulation, and business strategies. The diverse job opportunities emerging from this convergence cater to a wide range of skills and interests, attracting individuals who seek to bridge the gap between data and human behavior. As economies and societies become more interconnected and complex, the role of data-driven insights in shaping their trajectories becomes paramount. For those passionate about understanding and improving the world through data, the disciplines of economics and social science offer a rich tapestry of opportunities to explore and contribute to the betterment of society.

The author is the Associate professor, department of Economics at Shiv Nadar University, Chennai.