Let’s dive deeper into how the combination of technology, education and skills is the recipe for success in today’s digital age.
Unlike the Industrial Revolution of the previous century, when an invention took years or at least months to reach the masses, today’s groundbreaking ideas are almost immediately implemented in the real world. And, in the wake of the continuous tsunami of technological change brought about by AI, automation, and machine learning, a technology-driven economy that emphasizes the need for rapid adaptation to new opportunities will present significant challenges. Therefore, in order to stay ahead of the curve and keep pace with the fast-changing, technologically-intelligent world, appropriate changes need to be made.
As a result, companies are focusing on hiring technically skilled candidates for current job roles and those who are willing to learn new skills to join the workforce ready for the future. So, let’s dive deeper to understand how the combination of technology, education and skills will lead to a future-ready India.
Upskilling to match the digital world
The epidemic has undoubtedly accelerated the pace of digitization, rapidly transforming how we work. Also, with the advancement of technology, businesses are focusing on acquiring qualified, future-ready professionals to keep pace with changing business conditions. However, as the epidemic has severely damaged physical classroom-based education, companies, professionals and educational institutions are turning to online education to train future workforce.
Empower the workforce with the necessary skills
India has a huge and rapidly expanding youth population, most of whom are employed. In addition, India will have the world’s largest workforce by 2027, with 1 billion people between the ages of 15 and 64. Despite the growing workforce and changing organizational demands, providing adequate, relevant and job-ready skills to young people for the digital economy remains a significant challenge. . According to the World Economic Forum, by 2025, half of all existing employees will need some re-skilling, and more than 2.5 million employment opportunities in India will remain unfulfilled, requiring an urgent skills increase.
With the ever-changing demand for skills, there is a need to train professionals to keep up with the new requirements. As a result, ad-tech companies are on a mission to equip both professionals and aspirants with the skills needed to succeed in the digital age. Educational institutions are offering a wide range of professional certificate courses, executive MBAs and other programs to help students become future-ready, qualified professionals.
Accessible, quality education for equal opportunity
With the rise of new age industries such as FinTech, AI, and supply chain management, the demand for a wide range of skills and knowledge has increased. So education needs to be arranged for a huge population. Understanding this, education platforms are moving forward to ensure that technology-enabled learning methods and access to a selected curriculum are accessible through the use of technology and digital learning. Furthermore, aspirants and professionals recognize that they need to acquire high skills to thrive in this competitive market; Therefore, they are looking for relevant programs that can help them excel in their careers and secure a secure future.
Indeed, the number of students enrolled in university education has increased by about 5 percent each year, reflecting a growing desire to learn new skills. And also, the government has shown its inclination towards strengthening the education system by increasing the budget allocation for education under the whole education (school education sector) from Rs. 31,050 crore in 2021-22 to 37,383 crore in 2022-23.
With ever evolving technology, 90 percent of future value will be driven by AI, robots and machine learning. Therefore, in order to keep pace with this digital revolution and create the future workforce, skill transformation is needed. However, it is not that easy; Much effort is needed to ensure that everyone learns, works and participates in the digital world of the future. Thus, to transform this skills challenge in India into an opportunity, all decision makers, academics and business leaders need to come together. And if we imagine reaching the goal of becoming a 5 trillion economy, the combination of technology, education and skills is the only recipe for success.