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In the past few years, we have witnessed our country’s economic growth touching limitless heights driven by the rise of new-age enterprises and startups. In fact, we are expecting India to remain the fastest growing economy in the world with an estimated GDP growth rate of 7.9% in the fiscal year ending March 2018. It is the high disposable income and the increasing purchasing power that is driving this growth as well as demand for a new level of service quality, resulting in the need for skilled manpower in the country. Although, under the Prime Minister Narendra Modi’s Skill India initiative, skill-based courses were being integrated with academics in schools and imparted in colleges to train the young workforce, the rapid change in technology is changing the landscape. And how? The skills that the workforce gains in school/university are no longer sufficient to sustain them in this ever-evolving job market.
Today,technologies such as artificial intelligence, robotics, automation, cloudcomputing, and analytics to name a few, are creating a wave of academicrevolution. The lengthy and fast changing working lives are urging recruitersto look out for candidates with specialised and niche skill sets that are acombination of understanding the domain and knowing the technology, aspectswhich are usually missing at junior levels. This is when frequent corporatetraining becomes essential, to nourish the business growth and keep themomentum going.
There aremany service sector industries in the country at present that are facing veryhigh attrition rates. This constant turnaround of staff is making it difficultfor companies as well as new-age entrepreneurs to hire and train new members interms of time and resources. Moreover, they don't even find it cost effectiveto train the new entrants on skills that they need because it takes an averageof 45 days to hire someone at a junior to mid-management level and then reskillthem. The lack of training creates a skill gap, which results in a crisis inthe workforce and eventually leads to lay-offs.
While manycompanies are pushing their employees to join massive open online courses(MOOCs) offered by the top colleges to reskill themselves, many companiesprefer working with online training solutions providers for specialized andsometimes customized learning programs that encourage employees to brush uptheir technical and soft skills to stay employable. They are catering toprofessionals that are looking to upgrade their own skills on their own time.In fact, millennials are making a beeline to work with companies that offersuch programs because these courses have the potential to add great value totheir résumés at a time of rapid digital disruption and also enable them tomulti-task. As a bonus, employees find it easier to switch from one departmentto another as per their skill set.
Today’sworkforce isn’t convinced with the idea of merely moving up the hierarchy butalso desire having a relevant career driven by experiences and lifelonglearning. The aspect of uninterrupted learning for existing employees helps thecompanies in making a rapid distribution of skilled resources and creating astrategic talent pool that can boost their delivery competencies across diverseskills.
Whileemployers see value in such courses, there are many training platforms thatmiss out on the factor of following up but in the end, “the proof of thepudding is in the eating”. It is essential to apply the learning in order toretain the knowledge gained and it can be possible only with the platformsproviding recurring training as well as detailed reports so that employees canpinpoint their training impact and stay ahead of the competition.
Businessesand technology are moving at a breakneck speed today and only a work culturethat prioritizes ongoing learning in the workplace can induce a pleasant and energizingwork environment with top-performing employees who can steer through difficultsituations and help themselves as well as their companies succeed.
By- Arjun Gupta, CEO Courseplay.