The rise of emerging technologies has brought about large-scale transformations in job roles and functions across businesses around the world. And, regardless of the industry, only a skilled workforce can produce quality work with effective outputs. However, the scenario remains that, for jobs that require highly skilled workers, there is a lack of people with the right skills for a particular role, and this gap will only increase in the near future if not addressed soon. A report by FICCI-NASSCOM & EY revealed that, out of India’s workforce of 600 million people, 9 percent will be engaged in jobs that don’t exist today, while 37 percent will be in jobs that require completely new skill sets.
Further, according to the recent skill gap analysis conducted by the government, an additional 109 million skilled workers will be needed across the 24 key sectors in the Indian economy by 2022. However, only a staggering 2.3 percent of the country’s workforce has undergone some kind of formal skills training. Given the extent of this problem, there is an urgent need for the industry, government and academia to focus on skill development for the upcoming and current workforce.
Shortage of skilled labour hampering productivity and output –
Several common problems arise as a result of shortage of skills amongst the workforce. These include compromised quality of products, slower/hampered production, more time needed for completion of tasks and limited scope for growth, leading to higher attrition.
Moreover, given the shortage of labour, those that are skilled come at a high cost which larger companies are able to shell-out. As a result, companies end up spending years and pay high costs to re-train new employees with right skill-sets to meet their requirements. However, this is something that poses major challenges, especially to SMEs, hampering their growth to a large extent. Thus, focusing on creating a larger pool of skilled workers will bring a truly positive transformation to the industrial landscape.
Industry-centric training and education for dynamic skill-sets –
Instead of producing talent that is short of skills even after years of education, targeting the skill-gaps before they enter the professional world will help bridge the issue to a large extent. Additionally, for existing employees, companies can introduce skill-intensive programs that are continuous in nature. For this, academia-industry partnerships backed by government policies are essential. It is this two-way street that will help one contribute to the other, thus creating a robust learning framework to address skill requirements at different levels.
For instance, with new technological advancements such as AI, machine learning (ML), data analytics, blockchain, and the Internet of Things (IoT), NASSCOM introduced its Future Skills digital platform which lists 10 technologies with the maximum potential for job creation in the ITeS sectors. The platform gives aspiring and current tech professionals the resources to develop their skills and has tied up with institutions such as IIT Madras to train students entering the IT sector in the same.
A major shift in focus that is required in education and training is that it should give practical learning greater importance than theory, as it is the practical aspect that will help the workforce cope with the dynamic needs of the industry. To achieve this, an apprenticeship or internship as part of the course will give them first-hand experience of the professional realm as well as the fundamental skills that are required. The added benefit of this is that it will facilitate continuous and focused mentorship from industry experts while helping the understudy effectively contribute to meaningful work.
Hence, with expert-guided support, candidates can work on various real-world projects independently, giving them the confidence to tackle different challenges by testing new skills. This, in turn, will lead to higher levels of retention of the skills and subject matter, which they can apply later in unfamiliar situations.
Additionally, businesses should create a growth plan for young employees who are entering the workforce. This will help them stay motivated and realise the scope for growth in the company, thus improving retention rates.
Emerging technologies: A sea of change for job roles today –
Especially during periods of change, people with the ability to adapt to new environments and requirements are most beneficial to businesses. They can channel their creativity to solve problems quickly, as well as adjust to new processes and produce quality work. With the Fourth Industrial Revolution in motion, the transformation is huge, and there is an even greater need to create such a pool of talent to harness the benefits.
“As per the WEF’s 2018 Future of Jobs report, while machines will take over 75 million basic jobs by 2025, 133 million more advanced jobs are likely to be created as a result of emerging technologies within the same time-frame. Thus we can see that with emerging technologies such as AI, ML and IoT coming to the fore, existing job roles are changing at a rapid pace too.
While human teams earlier had to carry out several basic functions that were time-consuming and highly repetitive, machines are stepping in to take over. With this, the roles of human teams are now shifting focus to become more about programming these tools to carry out the same tasks faster, more efficiently and across larger pools of data.
Additionally, with the ever-changing market trends and consumer demands, paired with the complexity of products today, ML tools are also proving to be an effective solution to detect defects – or potential defects – within products or machinery. This is carried with predictive analysis via image recognition and virtual inspection processes, thus helping workers act on it instantly and minimise downtime, having a direct positive impact on smooth operations.
Thus, it is imperative for industries, academia and the government to target the current and future workforce with practical training and right exposure. Together, they will be able to create a strong talent pool that is equipped for today’s evolving professional landscape. This will further enable businesses to tap into the latest technological advancements which, when implemented strategically, will help companies to optimise business operations, cut costs, boost employee skills and raise levels of productivity for the long run.
Author’s Bio:
Jaydev V. Sanghavi (B.Tech-Chemical Engineering- Mumbai University) is an Executive Director at Aarvi Encon Limited. He has been with the company for 25 years, and has been instrumental in getting multiple strategic tie-ups in place, as well as in establishing the company’s Temporary Staffing division, which he heads currently. He has handled various consulting assignments in Project Coordination, Operations Management, and Business Development positions. These projects were for clients such as Reliance Refinery and Telecom, and Jaydev played a key role in developing the business across a number of countries.
