Bridging Competencies

 

AFTER THE PANDEMIC, THE RATE AT which tech transformation is taking place has a big impact not only on the organisation but also on the ecosystem around it, and the indi­vidual employees. It is changing the way we perform our jobs and the future of workplaces. The emerging digital tools allow flexibility and equip the workforce to per­form better. It has also forced employees and organisations to upskill, reskill, and unlearn a few things, improving the technical knowhow.

Upskilling and reskilling are also very important from a future business sustainability standpoint. Upskilling today has become the key driver that can help companies achieve their business objectives and stay ahead of the curve in a highly competitive environment. The importance of digital dexter­ity is more than ever, and nurturing talent in all core areas is a must to bridge skill gaps, catapult business growth and be ready for disruptions.

Building a bench of all-round talent is the need of the hour because, according to Korn Ferry research, there will be over 85 million unfilled jobs worldwide by 2030. This means that people will not have the right skills for the jobs which will be available in the market. Owing to this, the risks of lesser pro­ductivity, work satisfaction and unemployment challenges will increase manifold.

Today, businesses acknowledge that the skill gap has emerged as a major roadblock leading to an unskilled talent pool. They confirm that the widening gaps are impacting the quality of work, hampering expansion, causing revenue loss and restricting companies to fulfil market demands and needs of customers.

Most of the organisations demonstrated agile behaviour in adapting and responding well to pandemic-induced dis­ruptions with digitalisation. However, as per McKinsey’s global survey, 87 per cent of the organisations acknowledge that they’re experiencing a skill gap. Here, companies need to identify their problem areas since no one-size-fits-all will work here, evaluate needs, and examine skills that go well with their business operations and needs. They need to compare the existing and required skills to bridge the gaps and build a tech-savvy and future-ready workforce.

Technology has made it possible to analyse data and trends to get valuable insights into workplace and workforce needs, focus on weaknesses and improve the overall talent pool.

IT IS ENCOURAGING that companies have started reskilling and upskilling to help employees and support knowledge-building for new roles. Multiple startups are pro­viding solutions around this. As workplaces transform into a connected, digital ecosystem, the flow of data is constantly increasing. Organisations are generating, collecting, storing and analysing data on a regular basis, and professionals with knowhow in data science will be required to interpret huge data sets to help organisations make informed, data-driven decisions.

The online transformation, however, has also increased the risks of volatility, uncertainty, complexity and ambiguity, making businesses vulnerable to these threats. The field of cybersecurity is growing and more professionals with skills in cybersecurity will remain in demand.

While upskilling for digital dexterity is becoming an in­tegral part of companies’ long-term strategies, even higher learning institutes now have the added responsibility to add skill-based learning as part of their curricula to groom job-ready professionals. The institutes need to realise that to prepare for change and improve the knowledge and skills of students, there is a need to make the learning process holistic by integrating practical, skill-based methods.

Areas such as Sustainability, Digital, Robotics and Block­chain technology will take the centrestage in business op­erations very soon and universities will need to align their offerings to cater to the business world. Graduates skilled in these technologies will get preference over others. The focus thus needs to be pivoted on experiential learning that exposes students to the critical and complex world of digitalisation, artificial intelligence, and data visualisation, among others.

The conventional degrees solely cannot match the re­quirements of the boardrooms. The existing gaps can be bridged with short, specialised courses that meet the work­force’s needs. Additionally, universities should offer more online courses which can provide upskilling and training remotely with flexibility.

Businesses will become more competitive in the years to come. At this juncture, companies cannot afford widening the skill gap since it will prevent them from taking a lead in a technology-driven ecosystem. It is the collective responsibil­ity of organisations and learning centres to develop a clear roadmap to bridge the talent gap.

The future will demand professionals to have multiple skills. Having a sound knowledge and understanding of the job will not only help professionals in getting the desired growth for companies but will also unlock myriad career opportu­nities for them. Thus, institutions need to think about more seamless integration with industry experts, setting up centres of excellence in universities with the help of companies, and focusing on practical learning interventions.

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