Average Is Dead, Re-Skill To Be Relevant
Average is dead; one has to continuously re-skill to remain relevant. Fierce competition combined with technological disruptions are causing new skill requirements to emerge at a rapid pace and leaving workers with no other choice but to skill themselves, multiple times over, to survive in their field. Inability to keep up means potentially falling behind the learning curve. Some technologies that would dominate in the coming years include artificial intelligence, big data, analytics and robotics. The benefits of these technologies in terms of productivity are compelling. The gap can only be bridged with the help of training and competency building. Available data suggests that total jobs are falling at 7.5 percent in the IT/BPO sector. As many as 35 percent of low skilled IT/BPO jobs have 50 percent likelihood of being automated in the next four years. 15 percent of medium skill jobs in the sector also have 50 percent likelihood of being automated in the next five years while only five percent of High skilled jobs have 40 percent likelihood of being automated in the next five years. This would result in low skilled jobs falling by 31 percent, medium skilled jobs increasing by 13 percent and high skilled jobs increasing by 57 percent. The bigger picture here is not what is going away but rather what is emerging.
India accounts for around 3.5 million out of the 15 million or so global IT workforce. From a corporate perspective, this would mean a looming necessity for the need to up-skill close to one million employees so that they remain relevant. Therefore, providing employees with job retraining and enabling employees to carry out their tasks with new skills throughout their career could be critical to the success of a business. It is important to keep in mind however, that automation will not lead to a drastic decline in employment but would rather lead to workers taking on new tasks. Automation will have minimal effect on jobs that relate to people management.