Unlocking the future job market in the fifth industrial revolution

India is slated to be the third largest economy by 2027-28, with a GDP of over USD 5 trillion, as mentioned by our Honourable Finance Minister Nirmala Sitharaman.

As we reach the Industry 5.0 era, the labour market is changing as a result of automation and digitalisation. In this changing landscape, the requirement for upskilling and reskilling is more important than ever, aligning the workforce with the demands of this new era.

The World Economic Forum predicts that technological advances will have a substantial impact on 1.1 billion jobs globally during the next decade. The Fifth Industrial Revolution is not only transforming existing jobs; it is also ushering in a flood of new opportunities.

These prospects, however, are reserved for individuals who are committed to continual learning, upskilling, and reskilling - the critical components for unlocking work opportunities beyond established norms.

According to projections, worldwide upskilling may increase the economy by $6.5 trillion, with India potentially gaining $570 billion by 2030. With India on course to become the world's third-largest economy by 2030, as anticipated by S&P Global Ratings, investing in upskilling is not a luxury; it is a requirement.

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In today's work market, there are numerous opportunities in fields such as Cybersecurity, Fintech, Investment Banking, Data Science, Full Stack Development, Digital Marketing, and Martech. These industries provide a variety of chances for competent workers who embrace continual learning and adapt their abilities to the changing technology world.

NLB Services’ report on GCCs titled ‘India Captivating’ found that nearly 78% of the existing GCCs have set up operations in India to create a superior talent pool. At the same time, the modern workforce is undergoing an evolution of traditional employment norms. The change is towards a more inclusive and varied paradigm that values individual abilities and talents.

In an increasingly interconnected and globalised society, developing alternate paths for job creation becomes critical to ensuring significant contributions from everyone. Beyond being a social gesture, workplace diversity is now a strategic need. Recognising the significance of various viewpoints, creativity, and innovation, businesses are broadening work prospects outside established norms to tap into a larger talent pool, enabling enhanced problem-solving and increased adaptability.

The Indian job market is estimated to witness 22% churn over the next five years, with top emerging roles coming from AI, machine learning and data segments, the World Economic Forum said in its latest Future of Jobs report.

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The top data science recruiters include Amazon and AWS, Bain and Company, Deloitte, Ernst & Young, and Google with average salary packages ranging from INR 6.5 lacs to INR 35.1 lacs. The conventional emphasis on formal education and degrees is being challenged by a notable shift towards skill-based hiring.

Recognising the significance of abilities obtained through nontraditional means, employers are opening doors to individuals who may not have taken a traditional educational path but have valuable competencies achieved through skill-centric learning, apprenticeships, or vocational training. As a result, increasing job chances entails resolving past imbalances and providing opportunities to underrepresented populations.

Through mentorship programmes, diversity training, and targeted recruitment, organisations are actively removing prejudices in hiring processes, encouraging a more equal employment market.

Furthermore, the gig economy has arisen as a dynamic force, providing job options beyond the traditional 9-to-5 model. Freelancers and gig workers contribute on a project basis, allowing individuals to choose projects that match their talents and interests, while corporations gain access to specialised expertise without the burdens of long-term commitments.

The increased acceptance of remote and flexible work arrangements, spurred by the COVID-19 epidemic, has expanded options beyond geographical boundaries.

In conclusion, the future of work is here, reshaping our expectations and demanding new skills. To navigate the tides of Industry 5.0, one needs to ditch the rigid compass of traditional norms. Embrace continuous learning, unlock the potential of underrepresented talent, and unleash the power of diverse perspectives.

(Authored by Nikhil Barshikar, Founder and CEO, Imarticus Learning. Views are personal)