23 December 2019

Becoming globally relevant and successful by re-skilling ourselves digitally !

The world is changing in the digital world. We need to re-skill ourselves if we wish to move on.

The digital world

Different reasons are applicable for different sections of society.

Industry needs to focus on
• Reskilling the workforce to meet the requirement of
changing jobs

• Collaborating with colleges and training centres to skill people

• Creating equal employment opportunities for men and women, and supporting women workforce (example programs such as ‘returning mom’).

All this is quite easy to do digitally.

The academia needs to focus on

• Updating curriculum as per the industry’s requirements in collaboration with industry experts and the government

• Improving the education system, by enhancing the infrastructural facilities such as laboratories, research centers, faculties and imparting hands-on knowledge

• Keeping the students updated on industry trends through frequent industrial visits, internships and guest lectures

• Inculcating in students the attitude of continuous learning and unlearning, adapt to the changing work environment and pursue the course and /or career they are truly passionate about. 

Vision of 2025

The Prime Minister of India, Mr. Narendra Modi envisions India as a US$ 5 trillion economy and a global economic powerhouse by 2025. Home to the world’s largest young population with over 600 million people under the age of 25 years, India is one of the fastest-growing economies in the world. Studies across many other Asian economies have shown that such a ‘demographic dividend’ has resulted in rapid economic progress. Riding on the shoulders of its working youth, which outgrew its dependent population in 2018 , India stands as the world’s sixth-biggest economy with a GDP of US$ 2.7 trillion in 2019. Additionally, as per the global expert-driven content portal, Big Think, the country is eyeballing the opportunity to make it in the global top 5 list by 2020.

It is worth mentioning that the country’s big and small economic patterns and trends are all highly impacted by India’s largest demographic cohort – the millennials – people who belong in the age bracket of 18-35 years. The whole world is looking upon the Indian millennial consumers as a strong-minded community that has both witnessed and contributed to the multifaceted evolution of the global consumer markets. The rise of e-commerce that came in the wake of growing penetration of the internet, across sub-urban, semi- urban and later, even rural parts of the country evolved Indian millennials into a key target market for global brands. But then again, it should be noted that the role of Indian millennials in the country’s economic uproar has not been limited to consumerism.

Currently, millennials contribute nearly one half (47%) of the country’s working population and will likely to continue to remain the largest chunk of the Indian workforce for the next ten years . According to the United Nations Population Fund (UNFPA), in addition to growing the size of their job market by creating new opportunities, it is crucial for countries like India to ensure that their working-age groups are sufficiently equipped to seize these opportunities. Therefore, it should be realized that millennials (and Generation Z, or the young demographic cohorts in general) are innovators, leaders, decision-makers, and in that, the creators of the ‘future India’. This vast asset - the huge working population - will need mature skills and refined knowledge to tap into its full potential.

Retraining and reskilling

The pitiable figures on India’s formally trained workforce – which stand at merely 2.3% in comparison to economies like South Korea which are at a mammoth share of 96% – indicate that the former will have to rethink, redefine and repaint the entire talent map of the country to stand a fair chance of participating in global jobs market and hence, play a resourceful role in the growing economy . Evolving technologies such as Artificial Intelligence, Internet of Things, Machine Learning, and Big Data have already found applications across household utilities in the form of smart screen devices, virtual assistants, intelligent sensors and wearable fitness equipment, let alone integrations in industrial practices which have evidently risen exponentially.

Besides creating many more jobs in these domains and transforming existing job functions into new-age roles, India Inc. will also need to upkeep its skilling, re-skilling and up-skilling initiatives in such a massively tech-driven ecosystem and as per the fast-changing future of work across industries. As underlined in our think tank roundtable series – ‘Decoding Jobs 2020’ – in order to achieve this, all major stakeholders including the administration, academia and the industry will need to synergize their resources and efforts towards elementary changes such as revisiting the curriculum, diligent policy-making, establishing compensation structures, setting up standard protocols for both skill education and workplace environment, among others.

Furthermore, to inch closer to its US$ 5 trillion economy ambition, it is vital for India to reimagine its talent landscape by studying the global job market trends and pursue novel approaches to fulfil the skill gaps in the industry and reset the talent demand-supply equilibrium in the country.

Become digitally skilled
At IDM, we  have a systematic approach to strategic management factoring within it some flexibility for changing circumstances. It is extremely important that a university is clear with regards to the position it wishes to secure in the world and hence this should guide its efforts in seeking partners, programs, etc. In doing this, we analyze our own strengths and weaknesses in teaching, research, examine existing relationships and resources at its disposal and work on how to leverage on its strengths. It is often useful to have a look at a national and global ranking standard to help inform the strategic management process.

The world itself now recognizes only people with digital skills. This is why we also give a job guarantee after a candidate acquires these skills. Do join us in a proper course at our Digital marketing institute before you get left behind in the digital world. Choose one of the key courses with us to be guided in the right direction. 

Reference : India Skills Report, CII

No comments:

Post a Comment

Thanks for Commenting !!!
We Value and Appreciate YOUR Feedback.....

Featured post

Branding to succeed in the new digital age

Many of us are not sure about some words. Are you not sure about the meaning of “branding”? Don’t worry! Branding is one of those marketing...