In today's rapidly evolving job market, the talent gap has emerged as a critical challenge. The recent India Skills Report found that the overall youth employability is only 50.03%. Furthermore, the Project Management Institute's Talent Gap Report reveals that by 2030, India is projected to face a significant skills gap, potentially causing a loss of up to $28.1 billion in South Asia's GDP. This alarming gap in skills demands immediate attention and proactive measures on the part of business leaders and industry bodies to address it effectively.
The pandemic has accelerated the need for specific execution skills such as effective project management with emphasis on digital technology expertise, design thinking, critical and metacognitive thinking, and self-management capabilities encompassing active learning, problem-solving, logical reasoning, collaboration, and communication. With how common layoffs have become in recent times, upskilling might be the only way to mitigate the impact. As the job market transforms at an unprecedented pace, continuous learning has become more of a necessity rather than an option for organisations. In fact, investing in upskilling and reskilling will have a positive business impact in the long run, by enhancing organisations’ capability to meet their goals
The government's upskilling focus and collaborative success
To tackle the talent gap, the government has diligently prioritised initiatives aimed at empowering youth with essential skills. Flagship programs like the Skill India Mission, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), and National Apprenticeship Promotion Scheme (NAPS) have played a vital role in this endeavor.
Collaborative success: FutureSkills Prime and KASE
The seamless collaboration between industry bodies, skill councils, and the government has become a formidable force in driving upskilling initiatives. By leveraging their collective strengths and expertise, these stakeholders have forged a holistic ecosystem that nurtures talent and accelerates skill development.
One shining example of this collaboration is the FutureSkills Prime initiative, a transformative digital skilling program launched in collaboration between the Government of India and NASSCOM that offers a range of foundation, bridge, and deep skilling courses in high-demand domains like AI, IoT, Big Data Analytics, Cloud Computing, etc. With the aim of reskilling/upskilling about 1.4 million employees in the next 5 years, FutureSkills Prime exemplifies the commitment to fostering a skilled workforce and driving economic growth, using a Private Public Partnership (PPP) model.
Another example that comes to mind is the collaborative efforts of the Kerala Academy for Skills Excellence, established by the Government of Kerala as the State Skill Development Mission. KASE has implemented unique and impactful skilling models, setting it apart from other initiatives. Programs such as the OET testing centre assess language communication skills of healthcare professionals, ensuring their readiness for an English-speaking work environment. The Multi-Language Learning Institute, in partnership with ODEPC, offers IELTS/OET courses to make nurses employable in the international market. KASE has also established the Centre of Excellence in Capacity Building in Renewable Energy, promoting renewable energy projects and imparting skill development training.
Unleashing the potential
In today's dynamic job market, it is important to make young learners’ job ready. Empowering them with skills to take up new roles, recognising their learning certifications and investing in their growth can help us make significant contributions to the job market in India. Embracing innovative and immersive methods such as gamification, augmented reality, and virtual reality-based training can heighten engagement, interaction, and knowledge retention. This not only benefits individual employees but also drives overall growth and competitiveness.
To further enhance impact, organisations like ours are actively aligning upskilling initiatives with the government's vision and strategic agenda. Making project management mainstream and taking it to early learners across the country is the cornerstone of our growth strategy in the region. For this, collaboration with government, industry bodies, skilling platforms and educational institutions is the way forward to deliver impact and contribute towards making India’s workforce future ready.
(The writer is the regional managing director for South Asia at Project Management Institute)