Future of Work in India in Context with Higher Degrees
Dr. Asmita Chitnis, Director, Symbiosis Institute of International Business (SIIB)
Disruption in any form throws open several doors, signaling change. With unprecedented technological advancements, India is looking at the cusp of a change that can redefine the way its workforce functions. Currently, in its fourth industrial revolution, India is embracing the age of automation, with its scope increasing exponentially over the coming years. With major industries looking at automation, its impact on the economy will be enormous, with changes being seen in the nature of work, redefining job roles, and having a cascading effect over roles that are redundant in the modern era of automation.
While this disruption is ushering a new age of industrialization, individuals and organizations are expected to adopt learning methodologies that are continuous, agile and adaptable. Through digitization and technological adoption, production processes, global value chains and business models are welcoming numerous positive possibilities that include the likes of accessible livelihood opportunities, safer and more secure jobs, productive and better-paying jobs, access to social security and protection among many others. According to the 'Future of Jobs in India' report by Ernst and Young, exponential technologies in advanced markets is expected to improve productivity by 15-20 percent in the next five years, making these changes imperative for organizations from all across sectors.
"Technologies can be used in extracting accurate insights to take timely and informed decisions, along with augmenting the capabilities of employees"
With factors like machine learning, internet of things (IoT), cloud computing being responsible for self-employment and technology aggregator models, the Indian job landscape is going through a major overhaul. In these changing times, the government is also taking numerous proactive steps with initiatives like 'Skill India' which aims at training 4 crore people in different domains. The government is giving a major thrust to developing and regulating the construction sector, along with catalyzing micro-entrepreneurship models to encourage more start-ups. With impetus being laid out on sectors that promise higher employment elasticity to catalyze job creation, the market is hoping to get right manpower with the right kind of skill set in the coming future.
One of the striking facts of the Indian economy is that 92 percent of employment is not formal. There is a high frequency of non-regulated forms of employment that comprise provisional work, low maintenance and impermanent work - a pattern that is stifling our economy. In India, most of the laborers are not utilized in firms that are law-fully obliged to give them government policies and assurances. With organizations' expanding inclination for autonomous specialists and a rising enthusiasm for independent and carefully empowered work among the younger generation, there is a dire need for new models of government policies and privileges that are legitimately offered to the people in spite of having strong resistance from the employer's side.
So, there is a need for all stakeholders to make conscious efforts to create an ecosystem which will facilitate the transition of more specialists into the paid economy; and to guarantee that autonomous labourers approach bigger markets and standardized savings and insurances, while empowering the adaptability required for firms to conform to innovative change.
In spite of the constant frenzy over that machines and developing innovations dislodging human specialists, organizations in India are foreseeing job creation, not job cuttings. Numerous organizations are looking at enlisting specialists inferable from the presentation of new advancements over the recent five years, contrasted with those that reduced their staff. While a few occupations will wind up repetitive tasks in the wake of automation, this is welcome, especially if robotization can supplant perilous and bothersome employments.
Among the many technologies that are being implemented in modern-day workforces, the most notable ones are visual, low-code process automation, cloud-based communication platforms, AI-driven technologies, digital talent platforms and quantum computing. These technologies can be used in extracting accurate insights to take timely and informed decisions, along with augmenting the capabilities of employees.
Amidst these rapid disruptions that have been triggered by technological advancements, there is a priceless opportunity for India to implement these transformative technologies across work, jobs and skills. By welcoming these changes, India will be able to create employment opportunities for its gigantic workforce, improve the living conditions and enhance output productivity whilst accelerating social inclusion and growth. Active collaboration between the government and the private sector can ensure immense opportunities for the entire country. This revolution will holistically develop all parties leading to the configuration of the workforce, which will shape the future of work.
Dr. Asmita Chitnis, Director
A post graduate in Statistics, Asmita holds a Ph.D degree in the field of Operations Management. She started her career with National Institute of Bank Management (NIBM) as a researcher and worked on different projects of Reserve Bank of India (RBI) during this tenure. Then, she moved into the teaching domain and ever since has more than 29 years of academic and corporate training experience to her credit. She is currently serving at Symbiosis Institute of International Business (SIIB), Pune as its Director.
While this disruption is ushering a new age of industrialization, individuals and organizations are expected to adopt learning methodologies that are continuous, agile and adaptable. Through digitization and technological adoption, production processes, global value chains and business models are welcoming numerous positive possibilities that include the likes of accessible livelihood opportunities, safer and more secure jobs, productive and better-paying jobs, access to social security and protection among many others. According to the 'Future of Jobs in India' report by Ernst and Young, exponential technologies in advanced markets is expected to improve productivity by 15-20 percent in the next five years, making these changes imperative for organizations from all across sectors.
"Technologies can be used in extracting accurate insights to take timely and informed decisions, along with augmenting the capabilities of employees"
With factors like machine learning, internet of things (IoT), cloud computing being responsible for self-employment and technology aggregator models, the Indian job landscape is going through a major overhaul. In these changing times, the government is also taking numerous proactive steps with initiatives like 'Skill India' which aims at training 4 crore people in different domains. The government is giving a major thrust to developing and regulating the construction sector, along with catalyzing micro-entrepreneurship models to encourage more start-ups. With impetus being laid out on sectors that promise higher employment elasticity to catalyze job creation, the market is hoping to get right manpower with the right kind of skill set in the coming future.
One of the striking facts of the Indian economy is that 92 percent of employment is not formal. There is a high frequency of non-regulated forms of employment that comprise provisional work, low maintenance and impermanent work - a pattern that is stifling our economy. In India, most of the laborers are not utilized in firms that are law-fully obliged to give them government policies and assurances. With organizations' expanding inclination for autonomous specialists and a rising enthusiasm for independent and carefully empowered work among the younger generation, there is a dire need for new models of government policies and privileges that are legitimately offered to the people in spite of having strong resistance from the employer's side.
So, there is a need for all stakeholders to make conscious efforts to create an ecosystem which will facilitate the transition of more specialists into the paid economy; and to guarantee that autonomous labourers approach bigger markets and standardized savings and insurances, while empowering the adaptability required for firms to conform to innovative change.
In spite of the constant frenzy over that machines and developing innovations dislodging human specialists, organizations in India are foreseeing job creation, not job cuttings. Numerous organizations are looking at enlisting specialists inferable from the presentation of new advancements over the recent five years, contrasted with those that reduced their staff. While a few occupations will wind up repetitive tasks in the wake of automation, this is welcome, especially if robotization can supplant perilous and bothersome employments.
Among the many technologies that are being implemented in modern-day workforces, the most notable ones are visual, low-code process automation, cloud-based communication platforms, AI-driven technologies, digital talent platforms and quantum computing. These technologies can be used in extracting accurate insights to take timely and informed decisions, along with augmenting the capabilities of employees.
Amidst these rapid disruptions that have been triggered by technological advancements, there is a priceless opportunity for India to implement these transformative technologies across work, jobs and skills. By welcoming these changes, India will be able to create employment opportunities for its gigantic workforce, improve the living conditions and enhance output productivity whilst accelerating social inclusion and growth. Active collaboration between the government and the private sector can ensure immense opportunities for the entire country. This revolution will holistically develop all parties leading to the configuration of the workforce, which will shape the future of work.
Dr. Asmita Chitnis, Director
A post graduate in Statistics, Asmita holds a Ph.D degree in the field of Operations Management. She started her career with National Institute of Bank Management (NIBM) as a researcher and worked on different projects of Reserve Bank of India (RBI) during this tenure. Then, she moved into the teaching domain and ever since has more than 29 years of academic and corporate training experience to her credit. She is currently serving at Symbiosis Institute of International Business (SIIB), Pune as its Director.
