The industry requirements and opportunities have been battling hard to manage the routine Industrial activity in the New Normal. The changing environment has mandated companies to adapt and adopt the technology assistance and upskill their workforce to meet the upgraded levels to achieve performance of 100% post covid.
Education Pundits From the IT domain have predicted that the skillsets for more than half of its jobs would see a sweeping change by 2020. A few months ago, it took the leap to future-proof the company by reimagining how its workforce could stay agile. Imagine the same scenario being playing out in different industries, at scale. What we are watching right now is a revolution in corporate learning! Not just globally, but here in our country as well. Organizations are overhauling how learning is delivered, logging on to online learning platforms, assist their employees never-before access to relevant, in-demand skills and technologies( AI/ML, DataScience, Python, Cloud, Security, Automation, PLM, Agrotech, NLP, Digital Marketing, Data Analysis and Visualization, E-commerce, Virtual Learning). The country has seen a surge in companies across multiple domains like financial services, IT, technology, Marketing, training, banking, telecom, consumer goods and professional services, amongst many other sectors, are leading this revolution in corporate learning.
Coming from an Advanced Computing finishing school (IACSD) I can realise the vagaries and necessity of virtual classrooms and the challenges to maintaining the delivery, quality, effectiveness and relevance in the online mode. India being one of the fastest growing knowledge-based economies, has cusp of a massive social, economic, political and cultural transformation. Our huge young population must equip itself with skills that complement the country’s growth and global competitiveness. The new batch for the DAC and DBDA was launched online on Sep 29, 2020. The launch session was by Mr. Amit Raj ( Hoonartek)
Role of Virtual/Online Training
Education startups will play a pivotal role in achieving this and lead disruption in the sector especially in higher education and continuous learning. The ever growing crowd looking forward to education as a base for employment throws an undaunting task to be fulfilled. I also recommend reading the blog Published by mrpgelda
In Finishing Schools/Professional Institutes and training centres higher education, classroom based traditional curriculums will need to be updated or supplemented to keep up with increasing multi skill requirements. Let us take the case of traditional engineering which is slowly fading and students aren’t taught data science, Machine Learning, Artificial Engineering, NLP, Quantum Computing etc. at formal education level.
By now we know that these emerging technologies are no longer limited to tech or data teams, but have extended to other sectors as well – like applications of AI and Data Analytics in, Marketing, HR, Logistics for example. This accelerated technology landscape is reshaping the way an organization needs to upskill its workforce and scale. There has been a renewed focus to bridge the gap.
The skill gap has lead to several Indian companies facing a resource crisis today. If you think about it, some of the most sought-after skills in the current job market did not exist 10 or even 5 years ago. It is estimated that anywhere between 30-60% of skills of the future do not exist within the workforce today. Staying agile and responsive will need constant reinvention, retooling and upskilling, reskilling & Cross-domian expertise.
Education startups are efficaciously integrating technology with quality education to seamlessly deliver accessible and affordable learning solutions for a larger audience. Simply Learn, Unacademy, Upgrad are creating an opportunity for both students and professionals to gain real-world experience and facilitate knowledge transfer beyond boundaries.
In the past the VC’s were very hesitant in investing in a Edtech start Up( Ex : Educomp). The investments in 2015 were a mere $178M out of 81 deals in Education StartUps, $269M out of 58 deals in 2016 and $162M out of 38 deals in 2017. Deals in EdTech startups were a very small fraction of the total funding. But now we are witnessing a reversing trend.
Engaging talented workforce: Meeting aspirations of the millennials
The next most important factor propelling this shift in professional learning is millennials and their aspirations. This is a big factor in India where 65% of the population is below 35 years of age.
Millennials have been more of tech-savvy, always connected and on the go, familiar with all the Hardware/Software. A study has shown that average millennial is expected to change jobs 13-14 times in the course of his / her career. These young turks are well settled and have dreams which goes beyond the basic financial commitments.
Most of the companies have addressed the learning aspirations of this demographic segment by incorporating suitable programmes. The access to learn is available now with a click of button hence, challenge is how to retain this group, while still meeting their learning aspirations and boosting business agility.
The importance of Classroom Training
Class room training has been a Integral part of our education systems and in any situation it cannot be replaced by online training but the technology always has to assist the advancement in the field of advanced training. It should provide a complementary model of knowledge delivery providing time, cost and quality advantage. In the coming few years the edutech segment specially for ( AI/ML/Cloud/Security) market is poised to grow exponentially, thereby positioning our country as the most preferred investment destination globally for Virtual Learning.