Constant innovation has changed the face of several industries ranging from banking to healthcare. As technological progress transforms existing sectors, the skills that professionals possess will become obsolete in no time. In such a dynamic job landscape, professionals need to constantly upskill and reskill themselves, lest they become irrelevant in their job positions.
Research conducted by NASSCOM suggested that over 40% of India’s existing workforce needs to upskill itself to remain relevant in the new-age job landscape. Technologies such as Artificial Intelligence (AI), Machine Learning and IoT are now major focus areas for industries, and professionals are expected to adapt to them in the near future.
Here are 10 sectors that will demand reskilling and upskilling in the next year.
1. IT / ITeS
The IT/ITeS sector is perhaps the most impacted by the current wave of technological disruption. New technologies such as AI, machine learning and data analytics have streamlined several processes. However, there still exist roles that cannot be replaced by machines. These roles, however, will require professionals with highly advanced technological skills. As the IT/ITeS sector in the country is projected to witness 9% growth in 2019, IT companies need to gear up and hire professionals that can adapt to the evolving industry. Furthermore, upskilling in the aforementioned technologies is essential to chart the next level of growth within the sector.
The fourth industrial revolution has caused major disruptions in the Banking, Financial Services and Insurance (BSFI) sector in India. Currently, the sector is valued at over USD 292 billion with sustained growth predicted for the future. Leading banks across the globe are investing in large-scale technological uptake and revamping their systems to adopt digital and mobile banking to cater to increasingly tech-savvy customers. Numerous banks are partnering with fintech companies to serve their customers in a better, more efficient manner. With fintech revolutionizing banking services, there is a dire need to upskill the existing workforce to match up to these changes. Adaptability and agile skillsets are, therefore, the need of the hour.
Numerous jobs in the manufacturing sector are projected to become obsolete by leading industry experts. This, however, is true only to an extent. Robots have replaced several human workers in manufacturing and warehousing units ever since the US initiated the trend in the 1960s with automotive factory robots. While these automotive robots only performed simple tasks, new-age industrial robots are capable of much more. These advanced robots can do the lion’s share of work in manufacturing units, which is why human jobs are quickly being replaced. However, human workers with advanced technological skills will also be required for the maintenance and monitoring of these robots.To remain relevant in the increasingly tech-centric industry, professionals in manufacturing will be required to acquire skills In automation, 3D printing, digital design and more.
As of now, it is a known fact that multiple retail jobs will become redundant in the next few years. At a time when online shopping is becoming the new normal,data and technology now form the foundation of major retail operations. The technological disruption in the retail industry, along with the shifting expectations of customers, make it imperative for professionals to acquire ample knowledge about new-age retail. To that end, companies are addressing the widening skills gap in the retail sector by offering robust training programs to their employees within the workplace. From basic IT skills to advanced technologies such as AI and Machine Learning, professionals in this sector are quickly acquiring all-encompassing skillsets.
E-commerce has made significant waves in the Indian market ever since its inception. The industry currently stands at USD 18 billion and is going through massive changes on the back of technological advancements. For instance, leading online shopping platforms are honing the power of SEO to penetrate through the increasingly competitive market. Further, data analytics is being widely used by e-commerce websites to map the needs of customers accurately and efficiently. In fact, data analytics, SEO and advanced AI are just some of the factors driving the growth of this booming sector. In order to remain relevant in such a rapidly evolving sector, professionals will indubitably need to reskill and upskill themselves.
6. Wholesale Trade
Wholesale trade, which is another essential contributor to the Indian economy, has undergone significant shifts due to technological intervention. The industry is also one of the top hiring sectors in the country. While ample jobs exist in the sector, these can only be fulfilled by highly skilled professionals. Currently, there is an acute lack of professionals with customer service, inventory management and soft skills. While this could spell the gradual demise of the sector in the near future, sufficient training and skill enhancement can truly uplift the industry’s prospects.
A recent Economic Survey revealed that the logistics industry in India is likely to reach USD 215 billion by the year 2020. Further, it mentioned that this growth will march on the shoulders of automation, technology and robust reskilling of the entire workforce. Logistics is a key sector that caters to multiple other sectors that are also going through technological transformations. The training system that governs logistics jobs, therefore, needs to focus on quality-driven training instead of its previous quantity-driven approach. Employees need to acquire specialized skills in areas such as supply chain management and operations in order to evolve with the changing times.
Evolving from the traditional approach of blackboards and textbooks, classrooms now equip cutting-edge technologies ranging from digital learning platforms and education apps. This has changed the way educators teach in classrooms, making it essential for them to acquire the relevant skills utilized in smart classrooms. Across the globe, schools are now spending a huge amount of money in adopting education technology. At this juncture, the upskilling of educators is of the essence. As they play a vital role in educating and training the future generations, they need to stay abreast with evolving trends and technological innovation. Educators can enhance their skills through regular upskilling programs that are aimed at the teaching profession.
One of the first sectors to be impacted by the technological wave was healthcare. Technological innovation in the healthcare sector has successfully saved multiple lives and enhanced the quality of life for numerous others. Apart from disruptive technologies that help patients, the healthcare sector has also adopted technologies that make life simpler for healthcare professionals. Doctors can now utilize Electronic Health Records (EHRs) to enhance patient care and improve public health, while also lowering down treatment costs. Online health and wellness platforms have also been game-changers in the sector, as patients can now get digital consultations from doctors without having to physically visit them. Technologies including cloud computing and big data are majorly impacting the healthcare sector, and it is pivotal for professional to upskill themselves in the same.
In the opinion of the Telecom Sector Skill Council (TSSC), which is the skill development body for telecommunication, the next 5 years will witness the emergence of over 14.3 million new jobs in the sector. While the industry experienced significant job losses due to the recent wave of consolidations, this prediction seems like the light at the end of the metaphorical tunnel. While the numbers are promising, the industry needs widespread upskilling to be able to fulfil the evolving, tech-centric job roles. As numerous jobs within the sector have already undergone transformation, it is even more important to upskill professionals at a rampant pace.
The author is Founder and MD at Imarticus Learning