05 Mar 2019
Changing Market Dynamics
The global economy has witnessed true transformation in the past few years. Factors like globalization, improved technology, demographics, and automation have rendered the job market more dynamic than ever. New jobs are replacing the old ones and there is an augmented need of skills and expertise to ensure success in the emerging new environment.
According to the India Skills Report 2019, almost 40-50% of existing jobs would get automated. The key sectors which would see this automation are IT, finance, manufacturing, transportation, packaging and shipping etc.
The past five years in India’s talent market have formalized the current job scenario of the country. The word “jobs” no longer refers to permanent jobs. With entrepreneurship and ‘gigs’ there is an entirely new ecosystem of jobs ready. Investment in highways, renewable energy, urban transport, shipping, affordable housing, smart cities, rural roads program, national waterways, airports and industrial corridors and other infrastructure has become one of the largest contributors towards this new ecosystem.
The demand for skills has evolved. Software and IT sectors which were known to hire for comprehensive coding skills are now hiring full stack developers and experienced professionals who are focused on and adapting advanced technologies such as Artificial Intelligence (AI), virtual and augmented reality etc. The automotive industry in its pursuit for alternate energy sources for energy is hiring experts for Electric Motor Vehicles like auto analytics engineers, sustainability integration experts etc. Even sectors like retail and banking are seeing a lot of change with customer care specialists having new roles.
However, this dynamic nature of businesses has increased the level of pressure on the leaders and decision makers to innovate and create something new continuously. The unavailability of talent for new age skills have made big organizations reskill their people quite ahead of the demand.
Being a country of 1.3 billion, with a median age of about 28, India sits at the center of any discussions related to Global Skills Landscape and is considered to be one of the few countries which has the capability to meet the talents globally.
Employability in India has been continuously rising and has attained new heights of 47% this year. Engineers are considered most employable of the lot. Electronics & Communication, IT, Electrical engineering are the domains where ample employment opportunities arise. This sector is closely followed by MBAs and B. Pharma students as far as employability numbers are concerned.
While Haryana, Rajasthan and Telangana made an entry to the top 10 states, states like Madhya Pradesh, Gujarat and Punjab moved out of the list. Delhi, Uttar Pradesh, Karnataka, Maharashtra, Andhra Pradesh, and Tamil Nadu retain their presence in the list of top 10 states.
To build future economies that are both dynamic and inclusive, it is essential to ensure that everyone has equal opportunities, irrespective of gender. Employability data reports show an increase in female employability from 38% to 46% while on the other hand male employability has grown from 47-48%.
CII India Skills Report
The first CII India Skills Survey was conducted in 2013-14 with the intent of creating a platform to analyze the supply and demand side of the talent supply chain. In current times when businesses are in the state of transition, this report has a much broader role to play.
CII Skill Initiatives
CII Skill Development is one of the most critical threads of India@75 vision which seeks to create an inclusively developed India by 2022 which shall mark the nation’s 75 years of independence.
CII has established 5 Model Career Centers with the support of Ministry of Labour and Employment, Government of India. This initiative aims to provide a variety of employment related services, focusing on Career Counselling. The CII along with the model career centers aim at enhancing employability of and entrepreneurship of youth. They assist in upgradation of skills of the existing workforce and meet the emerging skill requirements of the industry.
CII has played a pivotal role by way of policy advocacy, aligning its on-ground initiatives to the overarching policy framework and enabling greater industry participation.
With over 30 years of Skill Development Initiatives, the CII has trained and provided for a large number of youth, thereby making the transition into the ‘new world of work’ very smooth.