Let’s take an in-depth look at how the confluence 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 even months to reach the public, today’s revolutionary ideas reach and are implemented almost instantly in the real world. And, given the ongoing tsunamis of technological change driven by AI, automation, and machine learning, a tech-driven economy that underscores the need for rapid adaptability to new opportunities will present significant challenges. Therefore, it is necessary to make appropriate changes to stay ahead and keep up with the fast-paced and tech-savvy world.
As a result, organizations are focusing on hiring technically sound candidates for the current role who are ready to learn new skills to join the future-ready workforce. So, let’s dive deeper to understand how a combination of technology, education, and skills will lead to a future-ready India.
Developing to adapt to the digital world
The pandemic has unquestionably accelerated the pace of digitization, rapidly transforming the way we work. Additionally, as technology advances, companies are focusing on acquiring skilled, future-ready professionals to keep up with changing business conditions. However, since the pandemic has severely damaged physical learning in the classroom, businesses, professionals and educational institutions have turned to online education to train the future workforce.
Equip the workforce with the necessary skills
India has a large and rapidly growing population of young people, most of them of working age. Also, India will have the largest labor force in the world by 2027, with 1 billion people aged between 15 and 64. Despite the growing workforce and changing organizational needs, providing young people with adequate, relevant and ready-to-use skills for the digital economy remains a significant challenge. . According to the World Economic Forum, by 2025, half of all existing employees will need some retraining, and more than 2.5 million job opportunities in India will be vacant, which will require an urgent imperative. of improvement.
With constantly changing skill requirements, there is a need to train professionals to keep up with new requirements. As a result, ed-tech companies are on a mission to equip professionals and aspirants in various fields with the skills they need to succeed in the digital age. Education companies go to great lengths to turn students into skilled, future-ready professionals, offering a wide range of professional certificate courses, executive MBAs, and other programs.
Accessible and quality education for equal opportunities
With the rise of new era industries like FinTech, AI and supply chain management, the demand for a wide range of skills and knowledge has increased. Hence the need to manage the education of a large population. Understanding this, educational platforms are stepping forward to ensure that learners have access to technology-enabled learning approaches and selected curriculum through the use of technology and digital learning. Furthermore, aspirants and professionals recognize that they need to improve their skills to thrive in this competitive market; hence, they look for relevant programs that can help them excel in their careers and have a secure future.
In fact, the number of students enrolled in university has increased by about 5% per year, demonstrating a growing desire to learn new skills. And also, the government has shown its tendency to strengthen the education system by increasing budget allocation for education under Samagra Shiksha (school education sector) from Rs. 31,050 crore in 2021-22 to Rs 37,383 crore in 2022-23.
With ever-changing technology, 90% of future value will be generated by AI, robots and machine learning. Therefore, to keep up with this digital revolution and create the future workforce, there is a need to transform skills. However, it is not that simple; a lot of effort is needed to ensure that everyone learns, works and participates in the future digital world. Thus, to turn India’s skills challenge into an opportunity, it is necessary for all policy makers, educators and business leaders to come together. And if we are to achieve the goal of becoming a $5 trillion economy, the confluence of technology, education and skills is the only recipe for success.