According to reports, India needs 30 million digitally skilled professionals by 2026. Additionally, the current workforce needs to reskill themselves in areas of emerging technologies.
According to the World Economic Forum, investment in upskilling could potentially boost India’s economy by $570 billion by adding 2.3 million jobs by 2030.
Rituparna Chakraborty, Co-founder, and Executive Director, TeamLease Services said, “Labour and skill shortages are among the second most important external factors disrupting business strategy.”
“Additionally, the workplace is evolving so rapidly that 76 per cent of the global workforce is not equipped with the requisite skills to function in the new digitally focused workplaces,” Rituparna Chakraborty added.
The report also shares the following findings:
- More than two million jobs in AI, cyber security and blockchain are expected to remain unfilled in 2023.
- The growing chunk of unemployed and underemployed workers remains inaccessible for most companies due to the skill gap.
- In 2020, there were 900 million people (67 per cent of the total population) in the working age group of 15–64 in India, which is expected to grow by another 100 million by 2030
The reports further suggested a seven-step skills strategy for corporations including:-
- Developing a skill matrix and conducting skill audits.
- Targeting specific learning journeys.
- Intermingling upskilling within the company culture.
- a comprehensive skill development strategy.
Additionally, below are reasons for Reskilling:-
- 20 percent – Fear of job loss
- 23.8 percent – Better opportunities or salary upgrade
- 8.7 percent – Shift to new industry
- 19.3 percent – Shift to a new role
- 15.9 percent – Improve technical skills
- 12.3 percent – improve soft skills
