By Karthikeyan Natarajan
Irrespective of whether you are human or AI, the proclivity for learning and relearning has stood the test of time. Upskilling is built into the careers and growth of professionals who consistently perform above the curve and meet the pace of changing innovation.
So it comes as no surprise when a recent report revealed that a record 83% of Indian professionals intend to upskill in 2023. As the global markets gradually shift from the Great Resignation to the burdensome termination, there is an urgency for the workforce to keep up with the evolving digital world. This demand stems from organisations who are heavily focused on driving a digital agenda or digital transformation across the wider lanes of industry verticals.
The Indian market is particularly drawn towards the trend of upskilling. A study also revealed that the IT/ITES, BFSI and Manufacturing sectors were the top industries where professionals skilled up in 2022. While the leading motivation for upskilling was the pursuit of a new job, this was very closely followed by the aim to achieve career growth within their current organisation. Notably, 24% of Indians also said they were pursuing upskilling programs out of their own personal interest, a trend commonly seen in more mature markets.
The interest in upskilling comes at an interesting time. Industry associations such as NASSCOM and CII have promoted upskilling among the workforce heavily over the last few years. NASSCOM has called out the importance of reskilling in the Digital Economy for IT/ITES companies, as more global organisations make strategic investments in India and set up their GCCs or Global Capability Centers. These centres hard-rely on talent as the backbone of their operations, and India is positioned at a stronghold to cater to this demand. With more customers seeing digital led transformation for their operations and as companies trail markets with exceptional talent, reskilling gradually becomes a part of an organisation’s core strategy.
Factors that make upskilling a norm rather than an imperative
There are several macroeconomic conditions that are pushing professionals towards upskilling themselves. Keeping up with technological advancements has emerged as one of the key factors. A cornerstone of digital transformation involves finding the simplest solution to complex problems by stacking a range of technologies. Within a short span of three months, 2023 has proven to be the year of AI with software engineering and data science garnering interest among the technology community for its impact in driving transformation. Therefore, upskilling keeps individuals at par with the newer technologies that are constantly emerging with the ability to drive better operations and efficiency for customers.
Upskilling is also a motivational force in attracting and retaining great talent. As organisations gear up for digital transformation, change management is imminent. Modernization of businesses demands agile and technically sound teams who are at the forefront of steering innovation. Talent that has access to levelling up skills promoted by the organisation are often considered at the top of their game. They also continue with their employers over a longer period of time to be able to work hands-on with the latest developments in the market.
While the two factors above strongly benefit employees and customers, upskilling also has great intrinsic value to the parent organisation. Enabling employees to gather new skills and merit, and by fostering a culture of intrapreneurship, several organisations have reported a boost in their overall performance and efficiency. This can be attributed to employees gaining hands-on experience with new tools, processes and technologies that allow them to experiment within the organisation and view tangible results before rolling the solution to market. This also helps the organisation stay agile and enhances adaptability by finding new ways of responding to challenges and opportunities.
What can organisations do to promote upskilling
Even though the market may witness rough weathers, investments in upskilling of teams have to be built-in as a prerogative and strategic roadmap for 2023. Organisations need to promote outliers in their field to enhance their abilities and use the trickle-down effect to foster a methodical transfer of knowledge.
It also rests on teams that drive the strategy in the organisation to map upcoming macro trends in the industry. Identifying these trends early allows organisations to find the talent with the greatest potential of cultivating these skills and build a strong talent pool. While helping customers navigate through their digital journey, the ready availability of skilled talent supports a faster go-to market.
Mentorship programs are another tried and tested way to ensure teams are consistently nurtured with the skills that are the greatest in demand. Mentorship programs not only uplift the average skill level of the entire workforce, but also help the organisation identify high-potential talent that can become a steering force creating powerful solutions.
Lastly, strategic interventions are necessary to gauge the overall skill health of the organisation and find gaps that need to be addressed. These evaluations must be conducted periodically to ensure that competing organisations in the industry are not easily surpassing the talent-skill benchmark that make the solution provider a lucrative value addition to customers. Markers and checkpoints will allow the management to gain an astute understanding of how their organisation fares in the overall skill matrix within the industry.
While the global economy may seem on a downturn, upskilling continues to be on the rise. Infact, reports suggest that learners are investing between 1-3 hours a day upskilling themselves. Disinvestments in upskilling, irrespective of the economic turmoil, can cost organisations significantly in the long run. On the other hand, organisations need to find greater incentives that motivate talent to pursue upskilling programs. In an industry that is fast-paced and ever changing such as ours, the future will be steered by those who cultivate a greater number of skills and find creative ways to combine them. Like Benjamin Franklin said, “An investment in knowledge pays the best interest.”
The author is CEO and executive director of Cyient Limited. Views are personal.