By Mr. Arun Kabra Chief Financial Officer and President – Enterprise Business, Times Professional Learning
Studies have shown that at least 92 per cent of working professionals in India believe that a skill deficit exists, with 76 per cent expressing that they feel personally affected by it. Furthermore, there is a lot of evidence pointing to the inefficiency of the traditional educational system. India Inc. needs strong executive education initiatives in line with the needs of Industry 4.0.
India has a huge growing population which contributes to its ever growing workforce. An active workforce is very beneficial for the social and economic development of a country. During the last decade, more than 60 percent of India’s population has been of working age, ie between 16 and 24 years. However, to convert this population segmentation into a demographic dividend, the workforce needs to be adequately equipped with essential skills that are relevant to the requirements of Industry 4.0. The problem that the country is facing today is not just lack of skills, but the increasing presence of mismatched skill sets.
Referencing India’s current skill gap
The current skill gap in the country’s workforce needs to be understood in the context of the COVID-19 pandemic and its aftermath. The pandemic brought a sudden shift towards remote-working and virtual operations, effectively accelerating the process of digitization – something that had been in the pipeline for a long time. Underlining the importance of computer literacy, digital skills and cyber security, the pandemic has also exposed some cracks in the foundations upon which organizations were built. Highlighting the need for agility, strategic planning, critical thinking and risk mitigation, many organizations broke down under volatile market conditions in the post-COVID and post-COVID world. It should come as no surprise that digitally skilled professionals comprise only 12 per cent of India’s workforce, leaving an acute shortage of talent to fill roles that require digital proficiency.
Organizations around the world are looking for trained professionals in advanced technologies like Artificial Intelligence, Cloud Computing and Machine Learning and India is no exception. Digital marketing, strategic planning, modern leadership techniques and digital transformation are other skills that have seen a surge in demand.
What is the reason for this gap?
There is a lot of evidence pointing to the inefficiency of the traditional educational system. Of the five lakh final year undergraduate students in the survey, 54 percent were found unemployed. In another study, 82 percent of surveyed employees agreed that a college education did not equip them with the skills and competencies to thrive in today’s fast-paced world. In fact, the employability rate of the Indian workforce has remained below 50 percent for the past few years, as shown in the figure above. Even among those who are employed, many find themselves working in jobs below their pay grades. Sample surveys conducted during the pandemic show that at least 35 per cent of the Indian workforce is unemployed. Absence of suitable opportunities for working professionals to update their skills to advance their career is a major concern for working professionals where their capabilities are not realized.
Upskilling India Inc. Role of TPL in
The pandemic has led to several digital education initiatives being taken up by government and private players alike. Executive education and professional learning programs stand out in terms of improving employability of working professionals. Executive education equips working professionals with industry-relevant skills, tools and techniques that can help them advance their careers. Due to its online format and convenient schedule, working professionals can take courses to improve themselves without having to put down their jobs.
Times Professional Learning (TPL) has partnered with leading institutions in the country, including IITs and IIMs, to offer a wide range of executive leadership programs aimed at preparing India’s workforce for the future. For example, IIM Lucknow’s Advanced Program in Strategy for Leaders is a dynamic program that seeks to equip business leaders with the strategic capabilities to chart a growth trajectory and prepare their organizations for the future. IIM Lucknow’s Advanced Program in Strategic Management and many other programs offered by TPL have a blended structure that combines immersive online learning with on-campus modules. TPL’s programs span a variety of areas and verticals, including AI-ML, leadership, marketing, data analysis, supply chain management and public policy. And each program is customized to the needs of the industry, allowing learners to stay ahead of the curve and accelerate their career growth.
To address the strong skill gap that exists between workforce and organizational requirements, significant steps need to be taken towards upskilling. The World Economic Forum report states that investment in upskilling can boost the country’s economy by USD 570 billion. It is no exaggeration to say that upskilling is the need of the hour. India Inc can wait for another wind of upskilling.
Disclaimer: Content Produced by Times Professional Learning (TPL)
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