The past few years have definitively established the magnitude of the AI revolution that is making waves across the global economy. As companies rush to reinvent themselves and thrive in this new paradigm, India’s formidable tech talent holds the potential to fuel a new AI boom for businesses. Since the emergence of new AI technologies has led to the creation of a specialized discipline seemingly overnight, on-the-job upskilling has become one of the most essential components of talent management to ensure the success of organizations in the new dynamic landscape.
The AI revolution presents an opportunity for India to cement its position as a global tech hub for the new era, by leveraging its skilled tech workforce.
As AI technology is rapidly evolving and being integrated into the existing technological infrastructure, its development is significantly outpacing the traditional education system – creating a widening skill gap that poses a significant challenge for companies to stay on the cutting edge in this competitive segment. This presents a significant challenge for companies striving to stay on the cutting edge in a highly competitive environment, as they may struggle to find or develop talent with the necessary expertise in rapidly evolving AI technologies. A strong and established base of talent is essential for tech businesses to continue innovating, as engineers cannot push the boundaries of existing technology until they fully understand its capabilities and potential. Given the breakneck pace of development in the sector, the longer a skill gap is left unaddressed within the workforce, the greater the effort required to overcome it and match up to modern standards. On-the-job upskilling is thus the key to addressing this issue as a direct and effective solution, as it offers training and development opportunities within the course of professional practice for talent, helping teams stay up-to-date with relevant current industry trends and technologies and thus capitalize on business opportunities in the shortest possible window.
While this does incur a notable expense in modern training, the returns on this investment in the form of improved workforce capabilities far surpass the upfront cost. In this case, offering internal upskilling programs not only improves the capabilities of the existing teams at the company but also becomes a prominent attraction for new talent, acting as powerful non-financial incentives for candidates to join a company. An April 2023 survey by Pearson found that 88% of Indian employees see upskilling as a career priority, and 92% of employees avail of upskilling resources available with their employers. Thus, companies that are willing to invest in the long-term professional development of their employees will not only be better suited to attract top talent but also improve their employee retention.
Also read: Salil Lal elevated to the position of Head HR in Maruti Suzuki
From an employee perspective, upskilling also acts as a great equalizer that ensures a greater degree of inclusivity in the workplace. Many modern teams have members with varying formal qualifications or specialized degrees due to unequal accessibility. On-the-job upskilling levels the playing field, offering opportunities for candidates with limited specializations to build skills and knowledge in a practical setting. At our organisation for example, we believe in the MOSA framework – which stands for Mindset, OKR/Goals, Skills, and Activities – and provides the company and employees clarity on the expectations, skills, and goals each employee needs to be successful. We believe that when each employee has the right MOSA, the result is higher results from a highly engaged and productive workforce. We are still taking baby steps in this journey but if you zero down on the “Skills” part, especially in the various lines of Products that have a pure Generative AI+ base, we go down deeper than Skills, even into Micro skills. The creation of these Micro skills and the learning habits around them through videos, pods, or class training is done within the technology teams themselves and has become an integral part of the feedback system. This approach promotes inclusive growth within the company for employees and also leads to more innovative problem-solving by creating more diverse and capable teams that can tackle challenges better.
In the modern economy, however, even capable teams and businesses must plan carefully for the uncertainty of the emerging AI sector. Amid the headwinds facing the global tech market, the resilience and agility of businesses are dependent on the confidence and capability of their teams. On-the-job upskilling helps improve these traits within high-functioning business teams, as employees are better equipped to respond to changing market conditions, keeping in mind new trends and harnessing the latest technologies. This adaptability enables companies to pivot quickly seize opportunities even in turbulent times and eke out successes in uncertain markets.
The AI revolution presents an opportunity for India to cement its position as a global tech hub for the new era, by leveraging its skilled tech workforce. On-the-job upskilling is one of the prime catalysts to this development and will be of paramount importance as the Indian economy moves towards realizing its full potential. By investing in the continuous development of its talent pool, the tech sector in India can stay ahead in the global AI race and make the country a thriving hub for AI innovation. As AI technology continues to advance at breakneck speed, there will be clear winners and losers that will emerge in the race over the coming years, with companies that prioritize upskilling being the best positioned to thrive.
Stay connected with us on social media platforms for instant updates click here to join our LinkedIn, Twitter & Facebook
