UpSkill to Stay Competitive In a Cut Throat Job Market

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Up-Skill to Stay Competitive In a Cut-Throat Job Market 

“Who moved my cheese” is a best seller, which sold 28 million copies world wide, authored by Dr Spencer Johnson.

It’s a parable of two little people and two mice in a maze, searching for cheese, where each character represents a different mindset towards change, with cheese being what we consider, as success or goals.

In essence, it gives a strong message that we shall become extinct if we do not adapt and change. This book has become a workplace manual and has been referred by numerous Management Consultants.

Effect of the Raging Pandemic on Economy

In view of the current context and the global pandemic sweeping all over the globe there is widespread disruptions in the workplace, job market, in the industry and in all the economies of the world.

CMIE (Centre for Monitoring Indian Economy) in a recent study that a minimum of 75 lacs have been impacted,with changes in role,salary cuts etc.

Another study revealed that close to 10.9 million jobs were actually lost and out of that 5 million jobs were in tourism and hospitality sector.

The unemployment rate in India is about 9.1 percent, the highest for quite some time.

A number of corporates have announced closures/shut down like Hero, Honda Motor Cycle, Scooters India, Maruti Suzuki, Toyota, MG Motors etc. More closures are likely to follow.

WAYFORWARD

Mckinsey study reveals that there is a 87 % skill gap that exists which needs to be bridged in Human Resources and Training domain.

The following are some areas that have to be focused to improve the economy by the respective stakeholders:

Government & Institutions:

National Skill Dev. Mission is a Govt body under Ministry of Skill Dev. which has trained 1.07 Crore resources till Jan 2021. The mission is focused on vocational and job oriented training for improving the livelihood of the youth. The ambitious target is 40 Crores by 2022. 

Other Govt institutions include those under MSME,ITI  NRLM etc.

Corporates:

Among the various those have taken measures are- Maruti (Tech Training),

TataMotors (Aprentice Training)Volvo(Driver’s Training) TCS(Learning/Assessment) Godrej(Salon Training for women) Mcdonald(Retail Ops) Reliance(Animation)

A number of Corporates are also using the CSR route to train and skill resources thereby fulfilling their social obligations.

Individuals:

As a result of the job losses and upheavals in the industry it is evident that all concerned have to quickly adapt to the changed environment.

This can be done by upskilling or reskilling.

Upskilling is the process of learning new skills  to close the skill/talent gaps.

Reskilling is the process of learning new skills so that different jobs or opportunities may be explored.

In finance related domains, candidates may opt for CMA/CPA/ACCA/FRM etc.

Based on the inclination and interest levels,the courses on offer may be chosen.

This will  definitely provide a cutting edge advantage and help career pathing as well as growth.

As all of the above certifications are globally accredited, it will also open up global opportunites.

Further, as the concept of Work from Home and Remote Working is here to stay for some time, it is also important to hone relevant skill sets, both for employees and employers.

Consequently, selflearning, e- learning portals and training modules would be an important medium for bridging the skill gap.

IOT/RBA/ERP knowledge and blockchain are emerging areas, and a professional would do well to embrace technology with open arms, to give them an edge. This will help in enhancing their value proposition for their career growth, as well as the growth of their corporates.  

John Naisbitt, the American bestselling Author/ Public Speaker once said:

“In a world that is constantly changing, there is no subject or set of subjects that will serve you for the foreseeable future, let alone for the rest of your life. The most important skill to acquire now is learning how to learn”.

Author

G.SRIKUMAR,FCA. INDEPENDENT DIRECTOR

Currently having a Sole Proprietorship Firm styled as G.SRIKUMAR & Co.

Currently with JRS & Co, Chartered Accountants, as Director (formerly Partner for 10 years) in charge of the Bangalore Branch. The Firm has 5 offices (Bangalore/Kochi/Kollam/Trivandrum/Dubai). The Firm offers services of Accounting/Auditing/CFO Services and Taxation Advisory Services.

Holds Independent Director Role with TJL Ltd for last two years.

Holds Governing Council role in an E Education LLP