Understanding the Technological transformations in the world of work to develop skills for future jobs
The technological developments of recent years are taking the world by storm and reshaping the world of work. The adoption of generative AI, machine learning, and neural networks have proven their mettle in the ability to boost productivity and drive efficiency. This has led to a great deal of discussion on job displacement, however, studies conducted by forums such as the World Economic Forum indicate that the rise of AI will create more jobs than it is likely to eliminate. With all new developments, a structural labour market churn in 23% of jobs is in the offing. Digitalisation, automation, and generative AI are among the key buzzwords that are synchronously being touted to foretell a bleak future. However, the 2023 Future of Jobs report released by the World Economic Forum enumerated that of the 28 technologies only two (humanoid and non-humanoid robots) are likely to lead to job displacement. All the remaining 26 technologies are expected to be net job creators in the next five years. While new technologies will be the harbingers of substantial labour market disruption, the impact will be offset by job growth elsewhere to result in a net positive. The solution lies in our ability to recalibrate and reimagine our workforce.
Cloud, Data-driven Artificial Intelligence, and Cyber security
‘Change’, as the saying goes, ‘is the only constant’ and it is wise to embrace change rather than fight it, for then we are in a position to adapt and recalibrate. The future of work is in the throes of a technological transformation and employers and employees need to align on a plan that focuses on development, deployment, and engagement for the next 5-10 years. This will need to revolve around acquiring new-age skills in a world encircled by cloud, data, and cyber security.
Cloud heralds a new revolution
The industry is gradually transitioning from on-premise infrastructure to the cloud as it is scalable, economical, facilitates collaboration, enhances flexibility, is secure, and can enable disaster recovery. This will lead to high demand for a myriad of jobs in cloud technologies such as cloud management, cloud architecture, cloud engineers, network engineers, application developers, and DevOps administrators to name only a few. There is a specific set of skills that need to be acquired for each of these roles and hence offer a great number of opportunities for employability in the future.
AI is all set to fuel future growth
The 21st century is distinct from earlier centuries in that it has a digital record of most human activity. Data has been the power source of this century and has been used to create baselines, establish benchmarks, and set goals to move forward at the level of an individual, business, nation, and even the world. The data that has been collected, stored, maintained, and mined for critical insights has also laid the foundation for our transition into the technological wonderland that is artificial intelligence (AI). This critical and emerging technology is all set to revolutionize the world of work and business driving efficiency, precision, and accuracy. The global AI market size was estimated at $136 bn in 2022 and is expected to grow at a CAGR of 37% from 2023-2030. India is the 3rd largest contributor to the global AI talent pool with a 400K AI talent base. Moreover, India has 45000 open job openings in AI with a very good starting salary, especially for freshers. As more and more businesses embrace this new technology we mustn’t fall behind the curve when it comes to adopting AI in all spheres of life.
Cyber Security is the key to risk mitigation
As the world becomes fully digitized, cyber security, which involves protecting systems, networks, and programs from digital attacks will gain immense importance. Network security, cloud security, endpoint security, mobile security, IoT security, application security, and zero trust are the seven main pillars of cyber security. These applications will lead to the creation of a plethora of jobs that would require individuals with technical aptitude and problem-solving skills. Cybersecurity is a booming industry that will need skilled professionals to fill entry-level, mid-, and advanced-level jobs. Cybersecurity experts will be some of the most in-demand members of the labour force. India’s rapid digitization and the need to create secure infrastructure means that cyber security jobs can grow from 0.3mn to 0.41mn over the next three years.
Mitigating the skill deficit through apprenticeship
Disturbingly, employability data corroborates that less than 50% of youth in India are employable and the industry is witnessing a need for more talent as the most significant barrier to adopting a spectrum of emerging technologies. Big data analytics; climate change and environmental management technologies; and encryption and cybersecurity will be among the leading drivers of job growth. Opportunities are set to grow in agriculture technologies; digital platforms and apps; e-commerce and digital trade. All these sectors will require skilled professionals who can leverage new-age technologies to deliver unique and creative insights. Organizations and individuals must introspect and work together to mitigate the demand-supply gap for the available skills and resources. Apprenticeship programs can emerge as the game-changer in bridging the skill gap to cultivate the technological skills necessary to be future-ready.
Continuous Learning: Employability and Education
Apprenticeships are an excellent way to groom the next generation of workers to develop job-relevant skills and understand the dynamics of the workplace. Several countries, such as Germany, South Korea, and the UK, have found value in offering apprenticeship programs. In India, we must take a cue from South Korea’s policy of “Employment First, College Later” and rely on apprenticeship to promote skill development and employability among our youth. Besides, the development of the NEP 2020 and the NCrF provide the policy support necessary to leverage the advantages of Degree Apprenticeship Programs, which focus on skill development along with education. These programs can help mitigate the skill gap, improve employability numbers, and equip young people with the skills necessary to support economic growth in the age of automation.
Ride the tech wave by acquiring skills for the future
Individuals and organizations will need to develop the flexibility and dexterity to meet the demands of the new digital economy by acquiring tech skills sooner rather than later. We can lean on apprenticeship programs to help bridge the skill gap and be on the right side of the tech revolution. Hence, it would be beneficial for businesses to hire more apprentices to create a pool of talent equipped with targeted tech skills to meet the goals of a progressive economy. Learnability will need to be a key attribute of future employees as opposed to tenure and experience, which are much in favour of today. The working community of tomorrow must be prepared to participate in a continuous learning environment where skilling, upskilling, and reskilling in new technologies will need to be an integral part of every organization. To conclude, in the words of Steve Jobs, “Technology is nothing. What’s important is that you have faith in people, that they’re basically good and smart, and if you give them tools, they’ll do wonderful things with them.”
