By Mr. Arun Kabra Chief Financial Officer and President – Enterprise Business, Times Professional Learning
For India to become a $5 trillion economy by 2025, a renewed focus on re-skilling and upskilling the country’s workforce is required to ensure that the supply meets the demand for talent. Industry 4.0 is ushering in a new era of technological transformation and will take India’s economy to unprecedented heights.
One day in 1960, a room-sized machine was installed at NASA, which was supposed to handle the humans to do the calculations. Dorothy Vaughan, an African American mathematician who managed a group of female mathematicians working for the US space program, learned about the newly installed IBM computer and how it should change her team. So, he decided to enter the library and train himself on Fortran, IBM’s programming language. After learning the language, he also taught his team. Thus, by re-skilling herself and her employees, she was able to save her job. She then became an expert programmer, working with NASA until she retired. Dorothy Vaughan’s story is inspiring about the important role reskilling can play in our lives.
Fast forward to today, and the Fourth Industrial Revolution has paved the way for disruptive changes around the world. To navigate these tectonic changes, organizations must embrace change and make reskilling a part of their internal processes. Professionals must also look beyond today’s skills and focus on tomorrow’s demands. The nature of jobs and skill requirements in Industry 4.0 is constantly evolving. Thus, reskilling plays an essential role in the modern era. In simple words, reskilling refers to learning initiatives that train people in new skills that enable them to transition into a new job within the business.
Internal reskilling boosts retention, benefits organizations
As change becomes constant, so will continuous learning. Beyond the competitive advantage that reskilling gives employees, there is a growing awareness among businesses and recruiters that talent is scarce. From an organizational point of view, there are many benefits of reskilling. By fostering a culture of continuous learning, leveraging immersive educational techniques, and continually evaluating the success of learning initiatives, a company can increase its retention rate and add to the skills of workers while improving their job experience. can.
Furthermore, when training new employees, companies are not only training for specific roles, but they are also training people on how the company operates. Reskilling initiatives allow organizations to retain employees who have the kind of institutional knowledge that may not always be easily taught. Thus, reskilling is a great tool for inner mobility. This can increase collaboration between departments and accelerate the adoption of new trends within the company.
According to a McKinsey report, 62% of executives reported that they would need to retrain or replace more than 25% of their workforce by 2023. Therefore, it should come as no surprise that upskilling and reskilling is a top priority for 59%. of L&D professionals globally.
Reskilling adds new dimension to the development of professionals
According to the World Economic Forum, the rapid increase in automation and economic uncertainty due to the pandemic will displace 85 million jobs and create 97 million new ones by 2025. Thus, no less than 54% of all employees will have a critical need. Reskilling and upskilling by 2022.
For working professionals, reskilling has a plethora of benefits that allow them to navigate the volatile business landscape in a post-pandemic world. In addition, many executive education programs allow working executives to step out of their comfort zone, proof their careers against future technological hurdles, stay competitive, discover a new professional passion, improve productivity, take on new responsibilities, and more. and accelerated career progression.
Today, we are facing some of the biggest challenges and disruptions of the 21st century. And in the midst of such a paradigm shift, those who learn to grow, adapt and change will lead the future of work.
Reskilling Drive by TPL Bridging India Inc.
India’s ed-tech sector has witnessed phenomenal growth in the last five years. Signs are ripe that India Inc. is moving towards a life-long learning endeavor, hence indicating a huge opportunity for India’s educational institutions and ed-tech companies to resume learning and meet the reskilling demands of the workforce is giving.
At Times Professional Learning (TPL), we provide diverse solutions for organizations with the skills needed to navigate the ubiquitous economic uncertainties and technological disruptions in Industry 4.0. We revise every step of the employee reskilling journey to create a customized learning experience, including designing and developing learning assets, training and mentoring, simulation, and on-the-job training. We have collaborated with top institutions such as IIMs, IITs and leading B schools to offer executive education programs and state-of-the-art enterprise learning solutions for organizations across sectors and executive education for working professionals.
As India moves towards its dream of becoming a $5 trillion economy, re-skilling initiatives by universities and ed-tech companies will play a vital role in facilitating the growth of the economy. The time has come for India to drive the global economy by fostering a culture of continuous vocational education and skill development within organizations and by building competencies for our working professionals.
Disclaimer: Content Produced by Times Professional Learning (TPL)
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