By Nikhil Barshikar
The foundation of economic transformation, driven by a thriving population and the digital revolution, hinges on education and lifelong learning as pivot catalysts for growth and societal progress. Studies have found that employees who prioritize learning are 37% more productive and are promoted 30% more frequently than their peers who shirk from learning opportunities. Data indicates a robust connection between educational attainment and economic development. The World Bank reports that an additional year of schooling can boost an individual’s earnings by as much as 9%. In India, the Gross Enrollment Ratio (GER) in higher education has been consistently rising and reached 27.3% in the academic year 2019-2020, as documented by the All India Survey on Higher Education (AISHE). This upward trend in GER serves as a positive signal, pointing towards a more educated workforce that has the potential to make substantial contributions to the country’s Gross Domestic Product (GDP).
With 23% of the workforce being driven by GenZ in 2024 in the US alone, along with AI-influenced driven paths and gig economic approach, the world continues to grow on the grounds of the 5.0 industrial era. There has been a dynamic shift in recent years to drive automation and digitization due to technological advancements, changing consumer expectations, and the need for businesses to remain competitive, thus creating a myriad of employment opportunities. Changes driven by technological innovation, demographics, shifting business models and nature of work are significantly altering the skills demanded by the labor market. The World Economic Forum predicts that these technological advances will have a substantial impact on 1.1 billion jobs globally during the next decade.
Continuous learning presents a legion of chances for individuals in careers, chiefly by broadening the skill set, improving work performance, and enabling advancements and shifts in careers. One of the lynchpin discussions at the World Economic Forum portrayed noteworthy significance in relevant education and learning environments along with upskilling and reskilling at the apex route of growth and sustenance.
Incorporating upskilling does not equate job security. Moreover, it stands as an opportunity in fostering innovations, a move towards staying ahead in the dynamic landscape of work and life and contributing to personal growth without keeping it being a mere option. Skill gaps, unprecedented natural/manmade incidents, the changing world of work and money matters have brought out the need to upskilling and reskilling repeatedly. Various estimates suggest that investment in upskilling could potentially advance the global economy by $6.5 trillion and India’s economy by $570 billion (Rs 46.7 lakh crore) by 2030 thus highlighting the need for continuous learning.
As projected by S&P Global Ratings, India is expected to secure the rank of the world’s third-largest economy by 2030. India has demonstrated an economic growth rate of 7.6% in the third quarter of 2023, underscoring the increasing reliance of both the labor market and individual economic advancement on improving the workforce. S&P Global stresses the vital importance of strengthening India’s fundamental logistical capabilities, including the upskilling of the labor force, to reach a growth rate of 6.7% by fiscal 2031. (Source SP Global)
As the world embraces different paradigms, it becomes increasingly important to equip oneself with a diverse skill set, given that employment trends are shifting toward a skills-based approach to shape the future workforce. Businesses like Google, Revolut and IBM have acknowledged that relying on skills-based methods presents a potent remedy for the amplified difficulties stemming from the pandemic. Finding suitable candidates for critical vacancies and retaining the talent hired has been a challenge for employers. Embracing a skills-oriented strategy enables companies to enhance both the quantity and caliber of applicants for open roles while aiding employees in discovering more avenues for internal growth, thereby aiding employers in enhancing retention rates. Moreover, this approach benefits communities by generating a wider array of superior job prospects for a diverse workforce.
The Data Security Council of India (DSCI) reports that approximately 97% of Indian organizations have put resources into AI/ML technologies, with 84% investing in cloud technologies. The cybersecurity market in India reached $6 billion in 2023, showing a significant compound annual growth rate (CAGR) of over 30% from 2019 to 2023. Specifically, the cybersecurity products segment experienced remarkable growth, expanding by more than 3.5 times from around $1 billion in 2019 to reach $3.7 billion in 2023, as outlined in the report.
The modern job landscape is an expansive terrain, brimming with unconventional opportunities awaiting individuals armed with the appropriate skill sets. In domains such as AI & ML (Artificial Intelligence and Machine Learning), Cybersecurity, Fintech (Financial Technology), Investment Banking, Data Science, Full Stack Development, and Martech (Marketing Technology), the surface has only been scratched. These industries offer a glimpse into a world teeming with niche specializations, providing an array of opportunities for skilled professionals.
- AI & Ml
AI & ML, for instance, spans across sectors like healthcare, finance, and automotive industries, where professionals can delve into areas like predictive analytics, natural language processing, or computer vision. Cybersecurity, in an era of digital expansion, offers roles focusing on threat detection, ethical hacking, or secure software development.
2. Fintech and Investment Banking
Fintech and Investment Banking showcase roles centered on algorithmic trading, blockchain development, risk analysis, and financial modeling. Data Science involves interpreting vast datasets to derive actionable insights, impacting decision-making processes across various industries.
3. Full Stack Development and Martech
Full Stack Development, an amalgamation of front-end and back-end development, empowers professionals to create comprehensive digital solutions. Martech professionals navigate the ever-evolving world of digital marketing, utilizing tools and analytics to drive effective campaigns.
These industries, characterized by their dynamism and rapid evolution, not only provide job opportunities but also demand continuous learning and adaptation. For individuals equipped with the requisite expertise, this landscape represents an inviting realm ripe with diverse, specialized roles and the potential for substantial professional growth.
To sum up, the widening of job prospects isn’t just a passing trend; it represents a crucial evolution. Those who not only welcome change but also capitalize on the unconventional opportunities it presents are poised to shape the future.
(The author is Nikhil Barshikar, Founder and CEO – Imarticus Learning, and the views expressed in this article are his own)
