With a rapid transformation in technology, work culture has evolved, and so have the parameters of salary hikes and career growth. It is advantageous for both the employer and the employee to upskill and enhance the skillset. According to the Career India Upskilling Report, individuals who have dedicated time to upskilling have witnessed better growth in their careers over the past five years. Such individuals have received up to two-and-a-half times a hike in their salaries and better promotions than their competitors.
There is a growing trend in many organizations where employee hikes are driven by upskilling, reskilling, and training. Let’s study the different prospects of growth:
Impact of Upskilling
“We are proud to witness numerous success stories of students who have undergone our upskilling programs in Finance, Analytics, Technology, and Marketing Domains,” says Sonya Hooja, Founder and COO of Imarticus Learning. She further added, “These programs have not only facilitated career transitions from operational roles to strategic and skill-based positions but have also opened doors to new and exciting opportunities. Upskilling can be a game-changer for individuals, as it often leads to remarkable salary hikes, with an average increase ranging from 50 – 60% post-upskilling. It highlights the immense value of acquiring relevant skills in today’s data-driven world. Early-career professionals are eager to upskill for specialized roles, propelling their growth trajectory, while mid-level professionals aspire to pursue executive degrees to facilitate their transition into leadership positions.”
Aligning Hikes and Learning Efforts
Organizations now recognize the importance of upskilling and reskilling employees to keep up with the pace of the dynamics of technology and changing job requirements. The modern approach to determining salary growth incentivizes employees to engage in learning and development activities, fostering a culture of continuous learning.
Employees acquiring expertise in areas such as artificial intelligence, cybersecurity, and emerging technologies may receive premium salary increases due to the scarcity of experts in the fields.
Evolution of Work
With Artificial Intelligence capable of performing complex tasks, including coding, it becomes important to continue upskilling to remain competitive and useful in the modern landscape of work. With advancements in AI, Robotics and IoT, knowing higher-level coding to integrate different technologies for customized usage has become essential. The capability to foresee such dynamics will be essential and rewarding.
Changing the face of Recruitment and Promotion
“Given these changes, corporate recruitment and promotion processes and policies must evolve. Skilled workers who display motivation for continuous learning, resourcefulness, and integrative thinking will receive premium compensation, and rightly so,” said Vidya Mahambare, Professor of Economics and Director of Research at Great Lakes Institute of Management Chennai.
Tech-Centric Management Skills
Modern-day businesses require technologically advanced managers who can lead tech-led transformation in businesses. Such managers are tech-adept, and can easily apply and introduce new technologies in the workplace.
Professor Amit Bhadra, Associate Dean of Career Services at GITAM (Deemed to be University), points out that businesses are increasingly looking for managers who can conceptualize and deploy technology in business operations. This trend emphasizes the importance of keeping up with technological advancements to stay competitive in the job market and advance one’s career.
Conclusion
Executives and managers need to have a foresight of the latest technology and have to upskill them in a process. This is critical for the hike in salaries, as well as promotions at all levels of the organization’s hierarchy.