Employability is a significant, long-standing and much talked about challenge in India. This concern is prevalent across all industry sectors, but more so, for knowledge, jobs and sectors, like IT & ITeS, that contributed $181 billion (7.7%) to the nation’s GDP in 2018-19.
Despite a million engineers graduating every year, corporate India struggles to identify ‘employable’ talent. Hence, one witnessed a splurge of finishing schools and training institutes imparting ‘job-ready’ skills to graduates, post years of their formal education. These interventions met partial success in the formative years of the high-growth technology sector, but today we are faced with two other rapid developments – Automation & Aspiration – that are reshaping the Employability landscape.
Automation of jobs and role of Machine Learning encouraged the World Economic Forum (WEF) to profess that by 2022, 42% of jobs across industries will be performed by machines.
Earlier this year, WEF confirmed robots will displace 75 million jobs globally by 2022, but that 133 million new jobs will be created - a net positive of 58 million.
These jobs will demand a different set of skills. Is today’s talent ready to make this leap? As Gen X matures and heads towards retirement, millennials and Gen Z which constitute a massive 75% of working population scream for attention. First-hand evidence indicates this generation that has grown with speed at their fingertips is in no hurry to settle for a job. Experience and travel are equally important to them, and they expect prospective employers to be ‘worthy’ of hiring them.
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