Professionals who upskill earn Rs 1.1 crore more than their peers over a period of 10 years, revealed Upskilling Financial Impact Report by Great Learning. The report further suggested that upskilling provides minimum 18 times higher returns when compared with other asset classes like gold, mutual funds and fixed deposits.
According to the report, for both working professionals and recent graduates, upskilling can result in a significant increase in their annual salary. It added that gold rates, mutual funds and cryptocurrency markets are subject to market risks. “Upskilling, on the other hand, is an investment immune to the highs and lows of market insecurities and guarantees to get professionals high returns on their knowledge capital,” the report noted.
The Upskilling Financial Impact Report found that professionals who upskill can retire 10 years earlier than their peers who don’t. It further revealed that tech domains yield the highest returns but the others are not far behind. “For instance, the average salary of 4.4 lakh per annum (LPA) for a fresher going into a marketing role will increase to 6.5 LPA if they choose to upskill before entering the corporate world and by the time they reach the age of 50, the fresher who upskilled will have accumulated a lump sum of ~6 crores in their retirement fund,” the report suggested.
According to Great Learning the increment rates considered in the released report are in line with AON India’s Annual Salary Increase Survey. “Data from AON India’s Salary Increase Survey forecast an average salary increment of 9.4% this year. The same survey indicates that the average increment for digitally upskilled professionals will be 12.5%. In addition, the promotion cycle of an average professional is four years as compared to an upskilled professional who gets promoted every three years as per the same report,” the report read.
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