A leading IT company has recently decided to resize its workforce by letting go its 200 senior executives. Last year, voluntary retirement scheme was offered to around 400 employees by the same organization. Meanwhile, a TOI report revealed that TCS hired 1000 freshers with new age skills, as part of its latest recruitment drive. The candidates who qualified the digital-skill based examination were offered almost double the average entry-level salary. This is a good indicator that organizations today are taking these decisions to align their human resource pool with the new age business requirements.
In the present day skill-driven employment market, traditional resumes are dying a slow death. According to a study by E&Y and NASSCOM titled the ‘Future of Jobs In India’, around 46% of jobs would require re-skilling of the majority of the workforce by the year 2022.
Staying at the Top of Your Game
Skill-based hiring is visibly gaining popularity and resumes are further getting limited to just words. It is important to constantly add value to one’s resume and acquire domain expertise to remain relevant. Business-driven re-skilling is essential to maintain a constant growth chart. Here’s what can be done to keep one’s profile valid in the current market:
Acquire New age Skills: The digital infrastructure is getting stronger and companies prefer hiring people with competencies in new age skills. In a study by Gallup, 59% of executives were reported to believe that data science and analytical skills will become equally important as communication skills in their companies in the coming five years.
An analysis by NASSCOM on the skilling/re-skilling programs conducted in 2017, reported that more than 50% of professionals in large organizations have already been trained in digital technologies. In the same study, around 97% of respondents said re-skilling will be an important initiative to prepare for the changing business scenario.
Skilling/Re-Skilling in Artificial Intelligence (AI)/Machine Learning: Google recently scaled up Gmail and Google photos using AI products. AI-driven changes in technology are expected to make about 70% of the current jobs redundant. Increased dependence on AI products is evidently making the resumes even more lifeless. However, it has also led to a surge in demand for AI-related skills.
The research study by a job portal, Indeed, reports a constant growth in demand for employees with AI skill in the past 18 months. The study reported a 179% increase in the number of AI-related jobs searches in India in the past two years. In addition to this, the research finds that the demand for AI skill workforce has almost doubled during this period. Acquiring AI skills can surely keep the job seekers well ahead of the crowd.
Become data Literate: Given the growing reliance of businesses on data for decision making, data smart employees are in high demand today. The present-day demand for data scientists in India is predicted to be around 90,000. Concurrently, a report by IBM predicts 28% surge in the demand for data-savvy professionals in India by 2020. India is facing a data scientist supply crunch today, even as the demand for analysts, data analysts, analytics consultants is increasing with every passing day.
According to Analytics Jobs Study 2018, in India, approximately around 78,000 data analytics related positions are currently open. Data science related courses are, therefore, becoming milestones in career progression roadmap.
Invest in market-driven programs: The Artificial Intelligence Index 2017 report by Stanford University, finds that enrolment to an introductory course on artificial intelligence has increased 11 times since 1996. The changing dynamics of business in lieu of data explosion has made the traditional higher education courses misaligned. Contrary to this, market-driven courses which connect learning and work offers the best return on investment in the present scenario. A study by Analytics India Magazine interestingly finds that about 15% of the employers are looking for non-B.E/B. Tech degrees to fill analytics related positions. Additionally, the report also shows that an MBA/PGDM degree is specifically required to fill around 8% of these jobs.
Choosing the right course and the right institution is becoming very crucial for professional development today. No matter how premium the institution is if the course is not aligned with the changing needs, career stagnation is inevitable. While there are premium institutes like Indian School of Business, and the University of California, there is the skill-based institution like Institute of Product Leadership which offer relevant courses designed for the Global business leaders of tomorrow and can spur career growth at any given stage.
In the current data-driven employment market, new age digital skills are playing an important role in career acceleration and transition. Pumping up life in the dying resumes with an investment in relevant new age skills is, therefore, a future-proof career planning.