TeamLease Degree Apprenticeship, an apprenticeship program from the TeamLease Services group, has released a niche report for CHROs on ‘Skills Strategies for a Strong, Sustainable and Balanced World of Work.’ According to the report, India will need 30 million digitally skilled professionals by 2026 and 50% of the current workforce would need to re-skill themselves in areas of emerging technologies.
Sharing her views on the need for conducive skill strategies, Rituparna Chakraborty, Co-Founder & Executive Director, TeamLease Services, said, “Today India has about 500 million people of working age and despite that, we continue to face a skill crisis. Industry data suggests that only 49% of the total youth (age group of 22-25 years) in the country is employable. In fact, our own surveys have indicated that 75% of companies face skill gap in the industry.”
The report from TeamLease Degree Apprenticeship highlights a seven-step skills strategy for corporates, which can directly impact their workforce productivity, revenue and growth.
Chakraborty further adds, “Labour and skill shortages are among the second most important external factors disrupting business strategy. In fact, over 2 million jobs in AI, Cyber Security, and blockchain are expected to remain unfilled in 2023. Additionally, the workplace is evolving so rapidly that 76% of the global workforce is not equipped with the requisite skills to function in the new digitally focused workplaces.”
As organizations across the globe adopt new pedagogies for skilling, it would serve them well to look upon skill development as an integral step to creating long-term value for the organization.