Digital literacy is now considered an essential skill by the Word Economic Forum (WEF) and paramount in modern business. It refers to effectively using and navigating digital technologies, tools, and platforms to perform tasks, communicate, access information, and stay secure.
In 2022, nearly 45% of all unique job postings in the UK required at least one digital skill. Within a similar US research project, findings reported that 92% of jobs required digital skills, with workers qualifying for jobs with even one digital skill earning an average of 23% more.
With the growing prominence of Artificial Intelligence (AI) and its expanding role across the hedge fund space, being digitally literate is imperative to remain competitive when looking for your next operational role. Looking ahead to the future of Web 0.4, digital literacy will undoubtedly assume even greater importance for us.
Funds are starting to rely more heavily on technology for their operations. Digital literacy enables people to adapt to and embrace new technologies, software applications, and digital platforms. If you can’t navigate new digital environments quickly and effectively utilise digital tools such as AI-powered software, machine learning algorithms, and data analytics platforms, you will be at a disadvantage to your peers.
The increased interest in AI has undoubtedly led to the proliferation of these advanced digital technologies and automation in various business processes. Those with strong digital literacy skills can effectively leverage these technologies to streamline workflows, improve efficiency, and make data driven decisions, making them standout candidates in the job market.
Funds now have access to vast datasets, and AI tools can provide valuable insights. Digital literacy helps gather, analyse, and interpret that data efficiently. By understanding how to use data visualisation tools, databases, and analytics platforms, teams can identify trends, make informed decisions, and uncover new business opportunities, making their role within the fund indispensable.
Another crucial skill digital literacy can evidence is a mindset of innovation and adaptability. Our clients are focused on winning new mandates, remaining competitive in a digitised marketplace, and reducing costs. Candidates must be able to show physical skill sets to support themselves and a good balance of soft skills too. We are working in a digitised world, but human interaction remains vital to any senior operational role.
If you're interested in learning about proactive steps or courses you can take to safeguard your career in the changing world of technology and its impact on the roles we recruit for, feel free to contact the team at One Ten Associates.