There have been massive layoffs in 2022-23 across Tech and Non-Tech sector and thousands of professionals are on the lookout for new jobs or fearing the loss of their current jobs. Google, Amazon, Microsoft, Meta, Twitter, Cisco, Facebook, IBM, Wipro, Deloitte, TCS are some of the top companies that have seen huge layoffs. As futuristic technologies like AI/ML are on the table, the roles and responsibilities of humans are increasingly changing. Companies across the globe need to reinvent their business strategies in order to keep up with the changes caused by recession, layoffs, economic slowdown and geopolitical uncertainty. In this scenario, upskilling their current workforce is an important step towards sustainability and thriving in an increasingly uncertain market.
As digital transformation is becoming prominent, the demand for tech savvy workers is on the rise and more skill specific job roles are in high demand. Hence, employees need to upskill themselves and hone their existing skill sets in order to add more value to their organisation. As per a latest industry survey report published in Economic Times in May 2023, upskilling enabled 43% of professionals get career growth in their current organisation, 23% were could switch to a new domain and 18% could secure a new job. Organisations that promote upskilling can build a system that is future ready. The new workforce will be more adaptive and able to mitigate risks that are existing in the market. They will be able to develop a knowledge base that is always open to learn more and use their skills to enhance business growth and advancement. Professionals are always interested in upskilling and organisations can promote this by creating a work environment that is always providing learning opportunities to its employees.
Upskilling inhouse talent can always be an asset to a company by reducing time and cost of hiring new employees in a period where there is shortage of specially skilled new talent.
Bridge the Skill Gap and Retaining Experienced Talent
Learning is an unending process and Upskilling is pivotal to help employees become future savvy. Strategies to help employees acquire new skills will enable companies to provide them with a competitive edge.
Analytical skills like risk modelling, data architecture, and business analytics are other premium skills that are in high demand by organisations across several industries in th BFSI, IT/Tech and E-commerce sectors.
Companies are increasingly investing in such upskilling programs for their employees to improve business performance, retain top talent and ensure growth. These trainings can be provided through online courses, bootcamps, degree programs or vocational training. These flexible programs help professionals to acquire knowledge of skills from academic and industry experts while pursuing their careers.
These skills can be gained through online and offline training through several ed-tech platforms. One of the key players in this field is e2eHiring’s Mentorship Program for professionals. It helps to assess an employees’ competencies and provides the right kind of mentorship by experts from Industry, Psychologists, Technical Experts, Career Counsellors and Academia. These 60 day programs help professionals to align their skill sets with business goals and targets.
Research shows that mentors provide expert knowledge and psychosocial support for career building to their mentees.
.Career Building Support -It Includes coaching, protection, sponsorship, and providing challenging assignments, exposure and visibility.
.Psychosocial Support- It includes serving as a friend and a role model, providing positive regard and acceptance and providing an outlet for the mentee to talk about anxieties and fears.
. Mentorship Programs are used to socialise new employees, employee development through skill transfer from training to work setting.
. Mentorship Programs may also be developed specifically for building a pool of specialised skills to create redundancy.
. Mentorship Programs are also used to develop and groom promising young executives and managers for future organisational requirements for top-level management.
. It helps to take the next step in career and expansion of network within the corporate Industries.
. Helps to gain skills and practical knowledge by working on live projects .
. Exposure to latest Industry trends and practices.
Create a Future Savvy Workforce
Upskilling plays a crucial role in bridging the gap between theoretical degrees and practical industry experience in an unstable business environment. The Indian budget 2023 has promoted the relevance of upskilling and digitalisation to ensure business growth and economic development. Business landscape will continue to evolve and new technologies will emerge every day hence these changes need to be embraced by the working population. These changes will provide an opportunity to acquire new skills, pursue futuristic courses and learn about the continuously changing global environment and business trends.