The current economic slowdown has once again proved that upskilling is an effective antidote for unemployment and underemployment, says Deepshikha Kumar Anand
A year back, no one would have ever imagined that striving for sustenance will turn into survival for existence. Though pessimism is a curse to progressive mentality, for a long time, year 2020 will be remembered as the bane of the millennium. The pandemic caused more pain to unskilled and semi-skilled workers in unorganised sectors. In contrast, talents equipped with specialised skills and training programmes are least affected by company redundancy policies.
The tentacles of Coronavirus are pervading across the globe and have deeply shaken the economies. The impact is so huge that except a few sectors, the majority of businesses were forced to curtail operational cost through furlough and layoffs. In India alone, more than 40 million people have lost their jobs and tens of millions are receiving deducted salaries. Though India is a developing country, the scenario of developed countries is also quite bleak. The unemployment list of the world's largest economy, the USA, got further increased with 30 million more jobless people. Also, the average salary of Americans dropped by 12 per cent as per a recent survey.
In contrast to the growing economic upheavals, a trend that is quite palpable in the international job market is the improved job immunity of employees who are constantly up-skilling themselves. Still, such professionals are enjoying Covid-proof career growth and their employers are not apprehensive about offering them handsome compensations and lots of other benefits.
Recently, while delivering a convocation address, Prime Minister Narendra Modi, strongly emphasises on skilling, reskilling, and upskilling and mentioning them as the need of the hour. The current economic slowdown has once again proved that upskilling is an effective antidote for unemployment and underemployment. Business leaders and recruitment experts in India and abroad also believe that organisations need to make themselves stronger, competent, and smarter through advanced technologies and practices.
In fact, adaptation to Industry 4.0 is not only quintessential to make them competent but also to make them immune against various unforeseen threats. This transformation is impossible without the deployment of reskilled and upskilled workforce. However, employees reluctant to learn fresh skills will have limited roles to play. On the other hand, organisations which will facilitate and foster learning for their people, will emerge as long-run winners.
Today, to counter the ramifications of COVID-19 on the world economy, there is an urgent need to adopt an open talent economy based on intellectual & skill collaborations.As per McKinsey's latest report, titled, "COVID-19: Implications for business", many organisations are finding new leaders during this ongoing pandemic. Their young managers at mid-level are defying the challenges and problems of this testing time to achieve better than others. These organisations are intelligently working upon the employees' motivation programmes and management practices.
With better digital infrastructure and high penetration of communication devices, businesses across the world are benefitting their employees with bespoke learning programmes and training modules. And, unlike exorbitant conventions and seminars involving hefty consultation fees of industry experts, venue expenses, and a large amount of logistics, e-learning encompasses myriads of advantages. Besides, e-learning training programmes are useful in developing both hard and soft skills among employees. Detailed and interactive videos by the seasoned trainers can be replayed n number of times by an individual to derive maximum from a course module. Hence, as learning is the part and parcel of growth and it cannot be stopped so long as businesses have desires to survive and grow, e-learning will stay as a bulwark against potential threats.
The writer is Founder & CEO of SpeakIn