India isn't facing job insecurity, rather it is facing an acute shortage of talent skilled for the new aged job requirements, says Aditya Malik.
To fulfill the goal of becoming a USD 5 trillion economy by 2025, India needs to clock in:
- USD 3.3 trillion by 2021
- USD 3.6 trillion by 2022
- USD 4.1 trillion by 2023
- USD 4.5 trillion by 2024
- USD 5 trillion in 2025.
However, the current trends and prospects do not favour this dream of Indian economy.
Many sectors that contribute to the Indian economy’s growth path, like automobile, real estate, FMCG, manufacturing, agriculture are lagging behind in achieving the desired growth rate and jobs in these sectors are not only being reduced but also getting trimmed.
How to upskill in the times of economic crisis
Upskilling therefore becomes a critical need of the hour, especially in companies that are downsizing. It's the lifeline which transforms an unprepared employee into an agile resource, willing to take on new tasks confidently and execute effectively.
Skill-building also empowers employees to survive in another round of layoffs or find alternative jobs faster.
India isn’t facing job insecurity, rather it is facing an acute shortage of talent skilled for the new aged job requirements, especially in technologies like AI-ML, Blockchain, IoT, Cybersecurity and Data Analytics.
Here are five courses that will help you survive economic slowdown:
1. Artificial Intelligence and Machine Learning
Refined machines and adaptive software are the future of the business industry.
This has made Artificial Intelligence (AI) and Machine Learning popular courses which can help one climb the corporate ladder much faster.
According to research and advisory firm Gartner,
• 75% of all registered Indian companies have invested or are going to invest in Artificial Intelligence, Machine Learning and Data Science
• AI will create 2.3 million Machine Learning jobs by 2020
These courses help in structured knowledge about AI-ML domain and how they can contribute productively to business objectives.
2. Big Data Analytics
The course helps in understanding the concept of big data and how it can help business drive decisions, innovation and productivity.
It helps professionals gain an understanding of how Analysts use big data analytics to draw insights, formulate and solve business problems and support managerial decision making in general.
It also teaches how to use and apply selected data analytics software.
3. Global Supply Chain Management
Globalisation led growth across industry verticals, an increase in world trade and the influence of the competitive market trends among global drivers, has nurtured the development of global supply chains.
Global supply chain management and development courses are designed to facilitate the development of practical problem-solving skills vis a vis complex areas of the supply chain.
4. Digital Finance
Emerging digital technologies are redefining finance by integrating it with Internet technology, expanding customers’ access, enhancing the reach of providers, lowering the cost of providing financial services and enabling new business models with a potential to create new revenue streams.
Digital finance is fundamentally about saving, depositing and transferring money, accessing credit and insurance, and performing transactions via digital channels.
The course on Digital Finance covers the entire spectrum of digital finance i.e. business model creation, product design, strategic risk planning, financial regulations, policy, technology and fraud management.
The global Blockchain technology market is estimated to accumulate $20 billion in revenue by 2024.
A study claims that Blockchain also can help reduce 30% of banks’ infrastructure costs thus resulting in cost savings up to $12 billion a year.
The course covers the fundamental concepts around Blockchain, different industry use cases, present challenges around its implementation and future of Blockchain.
There may be several organisations in which economic slowdown has triggered budget cuts, and the learning/ development funds are among the first to get cut.
While it's easy to understand why reduced revenues necessitate cost-cutting, halting investment in upskilling is a misstep that deprives organisations of opportunities that arise out of recession.
Aditya Malik is CEO and MD of Talentedge, an ed-tech firm that offers professional certificate programmes. He can be contacted on firstname.lastname@example.org.