Economic Slowdown

In 2019, India's GDP growth hit an over six-year low of 4.5 %. Many critical industrial sectors like Automobile, Real Estate, FMCG, Manufacturing, and Agriculture are lagging behind in achieving the desired growth rate. Therefore, jobs in these sectors are not only being reduced but also getting trimmed.

Upskilling in the times of economic crisis

To proof ourselves against the economic slowdown, upskilling is the need of the hour. It’s the lifeline, which transforms an unprepared employee into an agile resource, willing to take on new tasks confidently and execute effectively. Skill-building also empowers employees to survive yet another round of layoffs or find alternative jobs faster.

Even with its young demographic, India isn’t facing job insecurity, rather it is facing an acute shortage of talent skilled for the new-aged job requirements, especially in technologies like AI-ML, Blockchain, IoT, Cybersecurity and Data Analytics.

1.  Artificial Intelligence and Machine Learning
   
   Refined machines and adaptive software are the future of the business industry. This has made Artificial Intelligence (AI) and Machine Learning popular courses which can help one climb the corporate ladder much faster.
   
   According to research and advisory firm Gartner:
   • 75% of all registered Indian companies have invested or are going to invest in Artificial Intelligence, Machine Learning and Data Science
   • AI will create 2.3 million Machine Learning jobs by 2020
   
   
   These courses help in structured knowledge about AI-ML domain and how they can contribute productively to business objectives.
    
2. Big Data Analytics
   
   The course helps in understanding the concept of big data and how it can help business drive decisions, innovation and productivity. It helps professionals gain an understanding of how Analysts use big data analytics to draw insights, formulate and solve business problems and support managerial decision making in general. It also teaches how to use and apply selected data analytics software.
   
    
3. Global Supply Chain Management
   
   Globalization led growth across industry verticals, an increase in world trade and the influence of the competitive market trends among global drivers, has nurtured the development of global supply chains. Global supply chain management & development courses are designed to facilitate the development of practical problem-solving skills vis a vis complex area of the supply chain.
   
    
4. Digital Finance
   
   Emerging digital technologies are redefining finance by integrating it with Internet technology, expanding customers’ access, enhancing the reach of providers, lowering the cost of providing financial services and enabling new business models with the potential to create new revenue streams. Digital finance is fundamentally about saving, depositing and transferring money, accessing credit and insurance, and performing transactions via digital channels. The course on Digital Finance covers the entire spectrum of digital finance i.e. business model creation, product design, strategic risk planning, financial regulations, policy, technology and fraud management.
   
    
5. Blockchain
   
   The global Blockchain technology market is estimated to accumulate $20 billion in revenue by 2024. A study claims that Blockchain also can help reduce 30% of banks’ infrastructure costs thus resulting in cost savings up to $12 billion a year. The course covers the fundamental concepts around Blockchain, different industry use cases, present challenges around its implementation and future of Blockchain.
    

Conclusion

There are many organizations in which economic slowdown has triggered budget cuts, and the learning/ development funds are among the first to get cut. While it’s easy to understand why reduced revenues necessitate cost-cutting but halting investment in upskilling is a misstep that deprives organizations of opportunities they arise out of recessions.