Rise of India as the 5th largest economy is one of the most followed stories these days. India’s march up the global rankings is all set to continue. India’s rapid rise is marked by its evolving manufacturing sector, growing exports, steady consumer demand and organized infrastructure development. New jobs aside, all these sectors look for upskilling the workforce for the present and future work imperatives. Quality programs from prominent institutions gain relevance here.
Introduction: As has been advocated by CEO of McKinsey & Co. Bob Sternfels, India would make it to the top in terms of global talent by 2047. The same is possible due to its huge working populace, growing number of transnational organizations, rehaul of global supply chains and digitalization.
India’s growth story:1India is expected to be the leader in the Asian economy in terms of growth with a contribution of 28% to the Asian growth and 22% to the growth globally. Despite the pandemic crisis, Ukraine war, political instability and inflation to name a few, economic situation in India appears to be encouraging.
- The economic growth can be attributed to the infrastructure program of India that warrants 1.5 trillion investment in the coming five years, says Arjun Dhawan, Vice Chairman, HCC Ltd.
- Speaking on the inflation and the cost push challenge encountered, thanks to Covid-19, MahendraSinghi, MD & CEO, Dalmia Cement Limited said that despite the setbacks, Indian cement companies, by dint of their innovativeness are striving to be climate-friendly by producing more than 75% low carbon cement.
These are a few insights provided by the corporate leaders about the state of their sectors. All other sectors are likely to perform considerably well and this sanguinity comes from the fact that ongoing policy reforms along with the contributions of the learning organizations through constant upskilling and reskilling can fuel the growth.
Upskilling and Reskilling is the key to future:4Owing to the challenges of talent acquisition and the extent of employee engagement, workforce upskilling and reskilling is the top priority of the executives in Indian organizations. Organizations are striving for redesigning their talent strategies with an impetus on internal talent marketplace, not to forget the rising gig economy which accounts to 42%, reveals Mercer’s Global Talent Study’ 2022.
- To accomplish this objective, companies are busy capitalizing on targeted learning and development programs along with providing internal gig experiences to fill the skill gaps, although struggling to scale.
- To make it easy in the Indian labor market that is employee-centric with the employees looking for choice, organizations are striving to co-create work designs by partnering with their employees. Prof. Padma Ramanathan , Country Report Lead and Principal Talent Advisory, Mercer reiterated that utilizing technology and artificial intelligence would be the notable determinant in the design and implementation of practices based on skill across all sectors in India.
Learning programs aid in elevating the skill sets: Learning from quality management programs which are expert curated and AI driven would transform the landscape of learning and development by facilitating skill acquisition coupled with providing hands-on-experience. This would also help in monitoring as well as measuring skill development and proficiency in line with the industry peers. Such programs would facilitate adaption, innovation and leadership in the rapidly changing talent landscape in India.
Conclusion: With the growth in Indian economy, comes accelerated technological advancement that uncovers numerous opportunities. But it also creates gaps in workforce capabilities, especially in the sectors like manufacturing and construction to name a few. Learning from quality management programs would go a long way in elevating the skillsets of the employees. One cannot deny that today’s organizations need to invest on the up skilling of their employees to improve upon their skill set, which in turn would provide them with a competitive advantage.
Learners’ Opportunity
Future job opportunities is not all about new recruitment, it also involves upskilling. For more details check our program @https://online.ifheindia.org/
Discussion Question
- India is evolving. How do you plan to adapt yourself to the emerging trends in your career?
- Can learning programs drive organization-wide transformation?
Key Words
#onlinembainindia #onlinembaprogram #icfaimba #icfaionlinemba #onlinemba #onlinembadegree #mbadegreeonline #onlinembacourse
Source Article
1. Neetu Chandra Sharma, May 26, 2022
2. PuneetWadhwa, August 10, 2022