With an unprecedented advancement of technology in every realm of life, it’s an uphill task to move along without upskilling ourselves. While technology scales down workforce requirements, it stretches our creative abilities to a great extent.
So while we are at it, it’s best to upskill and reskills the manpower to make the best use of all the technological advancements happening around.
If you refer the study called ‘Future of Jobs in India,’ jointly commissioned by NASSCOM and FICCI, the retail, IT/ITes, textile & apparel, automotive, and financial services, sectors are looking out at significant technological advancement in years to come.
While there might be job cuts due to the technical foray, it will also add 9% additional types of jobs and around 37% of the existing workforce, would require advanced skill sets.
With NASSCOM putting it clearly, over a 40% Indian workforce is going to need either an up-skilling or reskilling, within the next five years to sustain what’s coming at us with full throttle. In present times, we are all already getting the taste of Artificial Intelligence, Machine Learning, Blockchain or IoT in every sector.
Let’s get an overview of five such sectors that are looking at a massive re-jig of reskilling and upskilling in the years to come
As we speak of the Banking, Financial Services, and Insurance sectors, popularly called the BFSI sector, India has witnessed immense potential and sequential growth here. As per a PWC report, the industry saw a whopping 1.8 billion USD investment in 16 deals, in Q4’17. With so much going on for them, all top banks are shelling out more and more to improve their services and systems. Mobile banking or digital banking isn’t for the minority population now, it’s real, and it’s here to stay.
The change is so visible with the current Prime Minister’s call for ‘Digital India’ and then ‘Demonetisation’ that paved the way. It is drastic, and it is required.
Today, traditional banks are following the lead and joining hands with technology firms to offer the best services to their customers. With changes happening so fast, banks are trying to rely on employees who come along with the diverse and scalable skill set to adapt and adapt to the changes that might happen in years to come. Josh Bottomley, (Global Head of Digital, Retail Banking, and Wealth Management, HSBC) suggests that roles of tomorrow are still evolving, so an employee must bring forth diverse skills to become an indispensable partner to the company.
2) IT / ITeS
The industry is observing a surge in growth and will continue to do so in the coming years. Advancements in the ways of performing tasks will bring relief and challenges of the creative kind. Service providers and customers, both will have challenges at hand basis these constant changes. AI, IoT, Data Analytics, will come to fore with a lurking demand to upskill and reskill the workforce.
Paul Sallomi (Deloitte global technology, media, and telecommunications leader and US and global technology sector leader), shares insights on the changing face of technology. Global consulting firm Deloitte states that AI will continue with enterprise implementations in the following years. Through a survey that they conducted in the year 2018, AI implementations went up by 26% than it was in 2017.
They suggest Blockchain is the new wave in 2019. It holds a mirror to how people and devices are always depending on each other and how that impacts the former’s privacy. Such solutions like Blockchain and Biometrics help make these interdependent systems more robust and secure by protecting user identities. Invariably organizations around the world need experts and specialists who understand these technologies better to provide them solutions towards making their public offerings more secure. The blockchain is this new age method of recordkeeping, which isn’t just robust, but incorruptible, and easily verifiable.
This is one sector significantly impacted by the changing face of technology. Jason Chester, Director of Global Channel Programs at InfinityQS, suggests that the major focus area across the entire sector is process optimization. He further mentions that the talks surrounding the Industrial Internet of Things (IIoT) and Industry 4.0 should not exist in isolation. These are all the tools to achieve process optimization across the industry.
With IoT taking the reins, a lot of many jobs are at stake than ever thought. Many roles are looking to get obsolete every passing year. AI and Robotics have already been changing the face of this industry over the last many years now. Gone are the days of traditional blue-collared workers doing repetitive manual tasks. They need to brush their skills manifolds to rise above the machines. Workers who bring skills like 3D printing and skills in CAD-CAM are more in demand today.
E-commerce might have forayed late to the country, but it is indeed the fastest-growing segment today. Smartphones have led to a vicious marketing phenomenon that is exceptionally penetrative. As per India Brand Equity Foundation (IBEF) the Indian e-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. And, most credit goes to the easy reach of the internet and access to smartphones.
Innovations triggered by technology enablement and reach like digital payment gateways, the customer connects, and engagement channeled by precise data analytics and digital advertising is likely to propel further growth in the sector. The digital marketplace calls for skilled SEO professionals to allow organizations to create their own space in the surging crowd. Then there are Data Analysts to assist organizations source and analyze information that helps them stay valid in the industry.
Healthcare is one of the major sectors that has been dramatically impacted by this wave of technology. With medical professionals riding high on newer machinery to assist correct diagnosis, curing the sick is also becoming easier. The segment brings a promise of a better quality of life, both for the patient and the medical personnel. So, it’s essential for everyone involved to ride high on the wave keeping a steady balance.
Online health consultation has bridged the barriers between patients and specialists separated by geographical distances. While the Electronic Health Records (EHRs) help collate important patient records at a centralized database, accessible by relevant agencies. Eventually coming in handy for enhanced patient care through precise sharing of patient information in times of need. Big Data and Cloud Computing play a significant role here.
While these only display the tip of the iceberg, it is a fact that more requires to be done to bridge the gap between the desired skill set and the skills currently available with ease.
These technological advancements across different industries and the continually enhancing demographic shift of the labor market is a thing to watch out for as the world forays into a new year and the years beyond it. How we decide to optimize our resources going forward will be highly dependent on interrelated technologies and how we make the best of it, will be dependent on our multi-skilled labor.
Industries will open up to work which brings in scalable and future relevant skillset. While robots take up a man’s role, there will be skilled workmen guiding the robot around and controlling the buttons. Workers who understand the relevance of technologies like IIoT and references drawn from the Big Data.
Salesforce which can connect with the customer real-time and enhance engagement levels. Yes, the coming years would call for all of this and more. Let’s accept the great wave of technology with complete conviction.