Nikhil Barshikar is the Founder and Managing Director of Imarticus Learning, India’s leading professional education company that offers training in financial services and analytics. Nikhil has spent the better part of his 16-year long career in investment banking and capital markets, having held key leadership positions at some of the world’s largest finance and investment banks.
India’s education sector has grown leaps and bounds over the past few years. And although the pandemic disrupted several industries, including education, it fueled numerous innovations through technology adoption. Education is now no longer restricted to classrooms of schools and colleges or physical classroom-based learning from educational institutes. The dynamics have radically changed alongside the requirements for professionals across industry verticals from organizations.
Companies are constantly on the lookout for the crème-de-la-crème of the talent pool in every sector, making upskilling crucial for professionals and aspirants to thrive amidst the increasingly competitive market. This is the point where technology, upskilling, and education meet. The question is, how is the amalgamation of these 3 aspects helping to build a future-ready India?
Rapid digitization and the need for upskilling
Although digitization isn’t a new concept and was steadily catching on across industries, the onset of the global pandemic expedited the process. Today, nearly every business has incorporated technology in some form. As companies bolster their digital infrastructure, they are increasingly realizing the need for qualified, future-ready professionals who can adapt and learn quickly. But given that the pandemic has severely impacted physical classroom-based learning, organizations, and professionals, as well as education firms, have turned to online education, which has seen astronomical growth in recent times.
Imparting the required skillsets to the workforce
India has a large, steadily growing youth population, a majority of whom fall into the working-age category. However, despite the growing working population and evolving organizational requirements, there existed a skill gap. To bridge this, ed-tech firms took it upon themselves to offer both working professionals and aspirants in various sectors the skillsets they require to build strong careers.
Offering an array of professional certificate courses, executive MBAs, and more, education firms are leaving no stone unturned to shape learners into future-ready, skilled professionals. Additionally, with the emergence of new-age industries such as FinTech, AI, Supply Chain Management, etc., the demand for varied skillsets has surged further. Leveraging technologies and digital learning, education platforms are ensuring that learners gain access to tech-enabled learning methods with a curated curriculum.
To upskill themselves and avoid redundancy in today’s highly competitive market, aspirants and professionals are seeking out relevant programs that can help them lay a strong foundation for their careers. In fact, student enrollment in university education has increased by approximately 5% annually, indicating the growing urge to gain/hone skillsets. The government, too, has increased its investment in education to allow education firms and organizations to upskill learners/employees and enable them to become assets of the future.
Digitization and technology are here to stay. In fact, they will only continue evolving further and bringing about incredible transformations in businesses across verticals. However, charting a successful path will require every organization to upskill their existing employees and hire qualified candidates to elevate the business further. And the key to building a future-ready country and on its way to achieving its goal of becoming a USD 5 trillion economy lies in blending technology, education, and skillsets.