Digital upskilling: How is it becoming a necessity of the hour?

[Asif]

With upskilling, 43% of professionals have achieved significant career growth within their organization, 23% successfully transitioned to a different field, and 18% secured new employment in 2022.

India’s rapidly evolving job market has created a pressing need for individuals to upskill themselves to stay competitive and future-proof their careers. By 2026, the country will require 30 million digitally skilled professionals and around 50% of the current workforce will need to reskill themselves in emerging technologies. With this backdrop, it has become increasingly important to examine India's upskilling industry's prevailing state, identify growth drivers, and explore the future outlook.

The upskilling landscape in India
In the past few years, upskilling and continuous learning and development (L&D) has become increasingly crucial for staying up-to-date with the latest industry trends and technologies. A staggering 83% of professionals in India plan to upskill in 2023, with the highest workforce coming from the IT/Tech and BFSI sectors.

The upskilling industry in India offers a range of options to professionals, including online courses, boot camps, degree programs, and vocational training. Online learning platforms have made it easier for professionals to access high-quality courses from top universities and industry experts, often at a fraction of the cost of traditional degree programs.

Another trend in the upskilling industry in India is the growing popularity of employer-driven upskilling programs. Companies are increasingly investing in upskilling their employees to improve business efficiency and retain top talent. 59% of L&D professionals have identified upskilling and reskilling as their top priorities since it is also significantly beneficial for the company’s success.

The key drivers of upskilling

Multiple factors are driving the demand for upskilling across industries and sectors in India.

• Globalisation: The world’s interconnectedness has made the competition more intense, and upskilling can give individuals and organisations a competitive edge.
• Demographic changes: The Gen Z workforce is changing the game of work environment. As 69% of Gen Z learners have recently dedicated more time to learning, upskilling can be necessary to keep up with changing skill requirements and work expectations.
• Economic conditions: Upskilling is crucial to driving the post-COVID economic recovery. These programs could increase the global GDP by $6.5 trillion and create 5.3 million more jobs by 2030.
• Evolving work environment: With remote work becoming more common, upskilling can help employees adapt to the changing work environment and take advantage of new opportunities.
• Employee career development: According to a study, the lifespan of professional skills has decreased from 10-15 years to 5 years, while for technical skills, this number has reduced to approximately 2.5 years. Thus upskilling will no longer be a one-time event but a continuous process.
• Organisational growth and development: With the Great Resignation in 2022, the scarcity of skilled professionals has reached such a critical level that 71% of CEOs have identified it as the most pressing business challenge they will face this year. Thus upskilling can play a crucial role in the growth and development of an organization.

What lies ahead?

• People analytics software will play a significant role in providing real-time remote learning and development monitoring, allowing organizations to evaluate the effectiveness of training materials and methods.
• Peer-to-peer learning is also gaining momentum, with e-learning companies emphasizing its value as an effective way to promote professional growth.
• On-demand e-learning is a popular solution that leverages gamification and artificial intelligence (AI) to enhance the learning experience and improve outcomes.
• Coaching and mentoring will be central to the upskilling and reskilling revolution, with personalized learning plans tailored to each professional’s unique strengths, needs, abilities, and interests.
• The growing prevalence of AI and machine learning is rapidly transforming organizational operations by automating routine tasks and improving decision-making processes. This development necessitates a skilled workforce, making upskilling and reskilling in these areas increasingly essential.

The bottom line

Upskilling in India has a promising future, thanks to the government’s dedicated efforts to promote upskilling in Budget 2023, which has established a conducive environment for the industry to flourish in the digital economy. As the business landscape evolves and new technologies emerge, it is crucial to embrace these changes and take advantage of the opportunity to acquire new skills.

Source: https://timesofindia.indiatimes.com/blogs/voices/digital-upskilling-how-is-it-becoming-a-necessity-of-the-hour/