ENHANCING THE WORKFORCE BY UPSKILLING AND RESKILLING
Businesses around the world have undergone a rapid change in capability needs and demands with the ever-evolving technological environment. This created another problem in the country a growing ability gap.
The Asia-Pacific region is expected to face a shortage of 12.3 million jobs by 2020 completion and in India, there are almost more than 2,50,000 jobs expectations over the technology, with the opportunity cost amounting to “Rs. 32,09,09,00,00,00,000.00” is it countable difficult right it is USD 4.3 trillion.42 per cent of the core skills required for employment.
This gap between business demands, labor skills and resources is expected to develop more intensely in the future, without adequate intervention.
Moreover, India has seen a spike in young entrepreneurs and their success stories in the last decade. Most Indian startups today are looking for new talent in the fields of artificial intelligence, robotics, blockchain technology, etc. and are facing a shortage of adequately skilled labor. Considering the need, it is imperative to revolutionize the current workplace scenario in the best possible way and to the advantage of industrial development.
By 2022 – More than half of all Indian workers will need to be skilled to meet the talent demands of the future. With the world's largest youth population and over half of its working-age population, skill development is critical for India to sustain inclusive growth and development.
At the end of 2018, the World Economic Forum launched the Skills Gap Task Force in India in partnership with Dharmendra Pradhan, Minister of Skills Development and Entrepreneurship, and Petroleum and Natural Gas of India, and Salil Parekh, Chief Executive and Managing Director of Infosys. This brings together industry, government, civil society and education, and training leaders to accelerate the future-proofing of the education and training systems in the country.
Let’s first look into the meaning of Upskilling and Reskilling
Upskilling: Improving the skills and competencies of workers for a wider or more dynamic position within the same or similar field of work.
Reskilling: Employee retraining to perform new tasks or roles with similar complexity in a different work field.
Upskilling and Reskilling are two different approaches to talent management, but most companies use a mix of both to improve employee skills.
Identifying the problem that needs to Reskill and Upskill
Knowledge differences are a topic of several aspects. Superficially, this could be viewed as a disparity between an organization's sought-after skills and the absence of sought-after skills. However, there is a certain contrast in practice with respect to skill deficiencies in the sense of India.
Certain students need to be educated in the latest skills and technology that are currently being pursued by organisations.
Existing skill sets, millions of workers are increasingly becoming obsolete and have to be up-skilled in order to stay effectively employed and equally successful.
India is projected to grow at 7.7 percent by 2020 as one of the fastest-growing economies in the world. Additionally, over 12 million young people between the ages of 15 and 29 are expected to join India's labor force annually over the next two decades. According to the latest skill gap report by the government, India will need 109 million additional skilled workers across 24 primary sectors.
Only 2.3 percent of the workforce went through any structured skills training, skill development has become one of the key focus areas of government, with schemes like the National Skill Development Mission, which aims to train nearly 400 million pan-Indians by 2022.
Advanced training to accommodate in the workforce
If the problem areas have been established and the potential for improvement has been defined, the next step is to make good use of the available pool of talent.
With the growing demand for these new-age skills, the training institutes need to partner with industry experts to reshape the educational curriculum and make workforce preparation consistent with existing business demands.
This is also a realistic option to realign existing skills and make them more applicable to the ever-changing requirements of the sector. To remain important, we need to update constantly and up-skills, because technology education is an ever-evolving process.
Is India facing a challenge?
Yes, it should be because more than one-half of India’s workforces will need to be reskilled by 2022 to meet the demands of the Fourth Industrial Revolution.
Talent availability is the single most significant factor in deciding the place of jobs for foreign companies operating in India. Almost 67% of businesses planned to outsource functions in responding to rising skills requirement by 2022
Such challenges in preparation for the new world of work have the potential to hamper future growth and development in the country and require concerted action by the public and private sectors to close skill gaps in the existing workforce, planning for the future of employment for the next generation of talent.
Let’s now look into the beneficiary of Upskilling and Reskilling
When market models evolve and technology gains more popularity, workers with the most needed skill sets – both hard skills and soft skills – can guide organizational progress in the right direction.
Talent seeks employers who provide career development through on-the-job coaching to improve their careers in ways such as applying the skills required to be a business analyst to the role of a business architect.
Optimisation of productivity through new-age technologies
Good workplace training, innovations such as artificial intelligence (AI), and machine learning (ML) and other related technologies will further improve workplace efficiency.
Emerging technology will wipe out a significant number of existing roles by 2022, but will also create nearly twice as many (around 133 million jobs) within the same time frame.
A skilled workforce and automation are the most valuable means of achieving the same, but so is the need for creativity and innovation. If development has to occur in the truest sense of the term, we need to upgrade continually, up-skill and re-skill, to stay relevant and successfully transform the Indian economy.
For Organisations why Upskilling and Reskilling are most important?
To protect the industries from market changes
It controls people to lose their jobs.
It Holds current employees active
It focuses on potential talent
Gives you a strategic edge
Increases workforce productivity