Organisations around the world are dealing with disruptive changes in business and technology that will continue to have a major impact on economies and employment. As many companies in India are creating markets and revitalising industries, there are new dynamics shaping the global labour market.
The nature of work is evolving — and that is why so many technology-related jobs remain hard to fill. As industries from manufacturing to agriculture are reshaped by data science and cloud computing, jobs are being created that demand new skills — which require new approaches to education, training and recruiting. Skills matter for all of these new positions, even if they are not always acquired in traditional ways.
The economy has shown enormous growth potential and as a result, entrepreneurship in India has grown rapidly in the last few years. However, the looming skill gap is a major roadblock for India's growth. Most Indian executives agree that improved access to higher-quality skills will boost productivity and efficiency throughout the economy. New digital technologies are disrupting the business landscape and largely impacting how industries are structured and economic activity occurs. The emergence of the 'new collar' job community is embracing technology, forging deeper relationships with ecosystem partners and acquiring 'in-demand' skill-sets.
Many of these new collar jobs do not always require a four-year college degree, but rather sought-after skills in cyber security, data science, artificial intelligence, cloud, and much more. At Indian IT companies, we have seen countless stories of motivated new collar professionals who have built the skills they need to thrive in the digital economy.
The demand for new collar skills will continue to grow, and we need to increase the number and nature of opportunities made available to workers. Closing the high-tech skills gap could fill millions of jobs around the world — but only if large-scale training, and public private partnerships, can better connect many more workers to the training they need. New collar skills can be acquired via modern vocational training, innovative education programmes, coding camps, 21st century apprenticeships, professional certification programmes and more.
Outlook for the future:
By emphasising on new collar skills, organisations can focus on hiring for capability, not just on credentials, and on offering a greater range of pathways to career success.
We must work to reform education policies and strategies worldwide to address the shortage of high-tech talent and prepare more people to succeed in today's job opportunities, and build a future of growth and prosperity.
In order to create a distinct differentiation as an employer of choice, we will find organisations focusing heavily on building an inclusive global workplace and transparent culture to capitalise on the growing attention of job seekers.
Focus on skills as the new currency in new age industries will gather momentum. Protection of employee rights will have to have a balance so that organisations continue to remain globally competitive while generating new employment opportunities.
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