Lack of talent in emerging technologies is putting pressure on the IT industry, according to a report launched at an industry conclave by the BML Munjal University.
The report titled ‘AI & Future of Work: Redefining Future of Enterprise’ said there is a need to skill two million freshers and existing technology workforce in the next three year to remain competitive at the global level.
The launch of the report was part of BMU AI Conclave 2020, a confluence for thought leaders, influencers, academicians and business builders to discuss the AI (artificial intelligence) landscape and trends that are shaping the workplace of tomorrow.
“We are witnessing an unprecedented change in exponential technologies where legacy skills, tools and technologies have become obsolete. New-age digital professionals proficient in AI and IoT (internet of things) are being called upon to enter the talent workforce with a new set of skills,” Sameer Dhanrajani, CEO of AIQRATE Advisory and Consulting and the author of the report, said.
The report focuses on the opportunities and challenges brought about by the new age technology revolution and presents a roadmap for academic institutions, corporate and government to work together to help fulfil India Inc’s demand for technology professionals in new age exponential tech such as AI, IoT, cybersecurity and RPA (robotic process automation).
As per industry estimates, the Indian IT industry will reach a value of $200 billion by 2021. Globally, the share of digital technology spend is going to increase to 75% by 2025 from 10% in 2014. With new-age exponential technologies coming into the mainstream, India Inc’s appetite for talent will be insatiable and the lack of it is putting extreme pressure on the IT industry to remain competitive at the global level, the report said.
Enterprises need to develop a culture of continuous self-learning while engaging in meaningful collaborations with academia and students, the report said, while adding that new careers frameworks need to be built to help employees move from being people managers to becoming skill-based experts. It also called for a change in performance management systems, innovation in training methodologies and a focus on senior leadership training for change management.
The government could help with reskilling, it said, by introducing a one-step education, training and career guidance portal, assist SMEs to recruit entry level professionals, train and manage people by offering bite-sized and targeted learning options, and incentivise mid-career professionals above 40 years to get subsidy on course fees for identified programmes to hone their skills.
The report was released by BML University chancellor Sunil Kant Munjal. Experts from corporations such as PepsiCo, Ernst & Young, Microsoft and Citibank shared insights on the subject.