A CHRO’S INSIGHT FOR INDIA’S FUTURE WORKFORCE
I was recently invited by a prestigious educational institution to give a message for the batch passing out of their program this year. The focus for this was primarily that in the current scenario, placements are far and few, and the students ran the risk of feeling demoralised. While doing some research and writing the message, it got me thinking that I should publish a piece on how every adversity is an opportunity!
With fresh headlines constantly blaring around us, news outlets fighting to break stories and social media updates available every minute of the day, there is a clear risk of misinformation spreading at an alarming rate. More so, uncertainty is a breeding ground for fear and panic. The world is currently facing the COVID-19 pandemic which is an obvious health crisis, but looming in the shadows is a mental health crisis that stems from living in a constant state of anxiety and isolation.
The rightfully common recommendation to alleviate anxiety that stems from misinformation is by equipping yourself with facts encompassing a range of aspects that affect our every-day lives.
Data shows light at the end of the tunnel
India’s economic growth is estimated to recover by 2022, and, it won’t be a straight and simple path to recovery. However, with the easing of restrictions, Vishrut Rana, an economist at S&P Global Rating, estimates that the resumption of normal economic activity will drive growth and households will begin to spend normally again. Additionally, it is no surprise that spending on non-discretionary items like groceries and other essentials has not been affected.
It’s also important to note that on the plus side, assuming a normal monsoon, agriculture could soften the blow by growing at 2.5%. With crude oil prices expected to average $30 per barrel in 2021, this will help the economy further.
Future industry trends show the way forward
There are a few prominent industries setting up new trends post-COVID. With safety being the utmost priority, this is how the new normal will look in the following industries:-
- Workspace
Since the work-from-home trend is here to stay, different kinds of tech will be utilized, leading to a spike in demand for remote working and digital tools. These include tools ranging from communication and team collaboration to tighter data security!
- Education
Digital education has seen a rise of LMS platforms being used for pre-recorded videos and animation. These are used for instructional purposes and to deep-dive and explain assignments as well. Ed-Tech platforms, for example, have taken the education space by storm.
- Hospitality
Although hotels and restaurants have been hit hard, those focusing on safety and hygiene will continue to attract consumers through relevant branding and by partnering with delivery companies.
The AI revolution sheds light on what to learn
A paradigm shift is underway with the adoption of artificial intelligence (AI) technologies in the production o f goods and services. AI has been referred to as the fourth industrial revolution and will accelerate at breakneck speed post-COVID. India’s future workforce will benefit by learning new skills, especially in areas like technology and digitization. The economic revival and the development of these skills is crucial to contributing to the growth of the country.
A data-driven report from Mumbai-based credit ratings agency CRISIL showed that if India’s economy grows at 7% between 2022 and 2024, the loss from permanent damage would be only 10%!
Keeping data as the driving force behind reskilling and up-skilling initiatives will help India’s future workforce to rise up to the challenge and finding creative ways to overcome current hurdles.
It’s important to take a step back every now and then from the overwhelming volume of information around us, and look at the facts objectively. This might not always be easy, but it is crucial because it’s this objectivity that will allow us to see the positives of today and the opportunities of tomorrow. The times are tough, yes, but as always, the times are also changing. A rebound is inevitable, if approached strategically!
Ruhie Pande 