“High-skill but temporary work will be the new face of employment” Prime Minister Narendra Modi have pointed out in this year BRICS summit in Johannesburg.
He said India wants to work with BRICS nations on the Fourth Industrial Revolution and called for sharing the best practices and policies in the area. The Fourth Industrial Revolution (4IR) is the fourth major industrial era since the initial Industrial Revolution of the 18th century.
It is characterised by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres. He also said the Fourth Industrial Revolution will have more importance than the capital.
We stand on the edge of a technical revolution that will basically alter the way we live, work, and tell to one another. In its scale, scope, and difficulty, the alteration will be unlike anything humanity has practiced before.
We do not yet know just how it will disclose, but one thing is clear: the reply to it must be integrated and inclusive, connecting all investors of the global organization, from the public and private sectors to university and civil society.
This unparalleled speed of change, as well as the extent and the depth of many fundamental changes released by new digital, robotic and 3D technologies, is taking major influences on what we produce and do, how and where we do it and certainly how we earn a living.
And while the alteration will continue differently in advanced and emerging parts of the world, no country or market will be secure from the tidal upsurge of change.
Technology Impact value of workers skill:
It is no secret that progresses in technology can greatly affect the value of workers’ skills. Grown-up workers frequently find the apprising of multifaceted technology uneconomical, while younger workers obtain and readily employ skills custom-made to the latest technology.
The result: the latter group’s output rises, lessening the worth of output shaped by their grown-up counterparts.
While knowledge may offer the grown-up worker a certain amount of income protection, technology improvements always turn them into has-beens to some degree. Unless older workers have a superior benefit in appraising their skills, developing technologies will tend to criticize those skills.
This is because currently trained workforces enter the market and drive down the price of whatever services the old and young provide.
Companies must also consider the consequences of employees’ investments in technology-specific skill sets. A technological change that makes outdated the human capital of most of the workers leaves the firm with the undesirable choice of happening with the same work force against competitors trained in the better technology, or putting off workers, breaking implicit promises to them, and living with the resultant reputational damage.
In demand skills:
Organizations need to take awareness of the changing talent necessities and redefine it in view of that. There are skills which are getting momentum, such as data science and statistical modeling, and then there are expertises which are re-shaping the aptitude scenario in the IT industry such as full-stack developers.
A full stack developer’s role includes an extensive variety of accountabilities such as server hosting, designing, integration competence, safety and compliance, API, etc. A perfect candidate for this must know all the areas in small quantum and have a complete approach towards it. Organizations must redefine the capability framework to know what the stack is.
The heap must include knowledge of back-end, front-end, design and API at least. A full stack developer will function like a bond linking the technological end with customer facing designs and must have an understanding of the significance of all the domains.
There are numerous knowledge programs for organizations and its staffs to grow their skills. From Hackathons to open source boot camps, there are numerous events which not only permit people to learn new skills but also support them to gear up their networking.
Employees looking to improve their skills on their own can also choose for online courses which will enhance value to their collection and benefit them to study anytime and anywhere according to their agenda.
The reskill-upskill drive in talent transformation is a great classification of how skill development need be taken forward. Re-skilling is receiving a new set of skills which might be completely dissimilar from their present skills and job role whereas up-skilling is improving skills within the same role or occupation.
With a universal change in the way the millennial workforce functions, there has been a change in workplace dynamics. Earlier, the IT industry used to function on prescribed terms which defined period and accountabilities whereas now in the gig economy, millennial workforce wants to control their own work, time-frame, etc.
Organizations need to select whether they want to switch to the conventional contract basis model or wish to source talent from the open market or gig economy constructed on its efficiency to reduce above costs. Based on the talent group, organizations also want to design the training packages and choose if they want to re-skill and re-deploy the inner talent for upcoming chances or hire from the open marketplace.
At the BRICS session in Johannesburg with fellow BRICS leaders, Prime Minister shared thoughts on various global issues, the importance of technology, skill development and how effective multilateral cooperation creates a better world”.
In India, we have been able to handle the disruption efficiently by moving at the pace of technology and having enough learning and awareness regarding relegation of some jobs. We have a great opportunity as people have started realizing the value of augmentation.
Say for example, AI has evolved at a tremendous rate because of the availability of skills and acceptance from the consumers in last two years. The digital revolution has brought new opportunities to the BRICS and other emerging economies and it is crucial that the countries are ready for the change brought by the artificial intelligence and big data analytics. Technological revolution will completely depend on the pace at which we adapt to the disruption in the industry regarding skill development and redesigning the talent competency frameworks