Today India has about 500 million people of working age and despite that we continue to face a skill crisis. Industry data suggests that only 49% of total youth (age group of 22-25 years) in the country is employable.
In fact, our own surveyed have indicated that 75% of companies face skill gap in the industry. Even among people, who can stay in their current jobs, 40% of fundamental abilities are likely to change and thus re-aligning the skill strategy will be crucial for companies.
Labour and skill shortages are among the second most important external factors disrupting business strategy. In fact, over 2 million jobs in AI, Cyber Security, and blockchain are expected to remain unfilled in 2023. Additionally, the workplace is evolving so rapidly that 76% of the global workforce is not equipped with the requisite skills to function in the new digitally focused workplaces.
As organizations across the globe adopt new pedagogies for skilling, it would serve them well to look upon skill development as an integral step to creating long-term value for the organization. Incidentally, degree apprenticeship programs can emerge as a tool for holistic skill development and long-term retention plans for employees which also facilitate the creation of a talent pool for the future.
The long-term goal of all skill development programs must focus on the creation of a future-ready and future-proof workforce for that is the only way we can tackle the fluctuations in the world of work and infuse a sense of greater stability. The adoption of sustainable skill development thereby creating a healthy talent pipeline in any country is the only way to address the vagaries of talent Inequity.
In this regard, HR Leaders need to assess their Skilling Strategy and come up with a democratic, long term plan integral to creating sustained value for the organization. Our study is an attempt to create that pathway for every HR Leader in India, which is co-created and co-opted with HR Leaders who are torch bearers in this discussion.
