Driven by technological advancements, the global job market is rapidly changing towards a knowledge-based economy. In such a dynamic scenario, upskilling has become the need of the hour for the Indian learner’s community, as it offers a pathway to staying ahead in an intensely competitive job market. The COVID-19 pandemic has further caused a major upheaval in the job market, significantly impacting workers globally. Over a third of the workforce has either faced job loss or had to accept reduced working hours due to business closures or slowdowns. This situation underscores the critical importance of individuals continuously upgrading their skills and knowledge to remain adaptable and resilient in the face of unforeseen disruptions.
By 2030, the global e-learning industry expects to reach an astounding $648 billion, which reflects the increasing demand for upskilling programs worldwide. In India, upskilling has gained significant traction, especially with the advent of artificial intelligence (AI) technologies like ChatGPT. The surge has disrupted the traditional job market and intensified the need for digital skills, making it imperative for individuals to stay current with their knowledge and expertise.
Upskill trends that have evolved in 2023
Upskilling has become the driving force behind career development as new trends emerge to meet the demands of the ever-evolving industry. According to a recent report, 83% of Indian professionals view upskilling as crucial for career growth and success.
One notable trend that has gained traction is the popularity of online courses and e-learning platforms, which have witnessed over 13.6 million Indian learners enrolling in at least one of the following courses to upgrade their skill sets:
- Data Science and Machine Learning
- Digital Marketing
- Cloud Computing
- Artificial Intelligence
- Agile Project Management
- Cybersecurity
- Blockchain
- Business Analytics
- DevOps
- Metaverse
Additionally, employers now emphasise soft skills like communication, teamwork, and adaptability. They seek candidates with technical prowess and the ability to adapt to changing circumstances. On top of that, there is a growing demand for cohort-based certifications and specialised MBAs as they provide targeted training and networking opportunities that can help individuals gain practical skills and industry-specific knowledge.
Emerging Educational Hubs for Student Upskilling
The pursuit of upskilling has become a worldwide phenomenon as students from various corners seek opportunities to enhance their career prospects. A study by VmapU revealed that more than 1.5 million students plan to go overseas in 2023 for potentially lucrative job opportunities. While European countries like Germany and Switzerland are good options for further education, the United Kingdom continues to top the list of preferred upskilling destinations due to highly-ranked universities and excellent extracurricular and post-study opportunities for students. Countries like Singapore, Japan, and Australia have also emerged as attractive destinations for upskilling, thanks to their cutting-edge technology, cultural diversity, work opportunities and courses aligned with industry demands.
Top choices of Indian students for Management and Executive Education
Although the increasing use of automation worries many, it appears to have a significantly lower impact on individuals holding advanced university degrees. Such individuals are confident in their ability to avoid being replaced by machines, leading to a surge in demand for upskilling among learners (particularly in management and executive education). Consequently, India has experienced a 68% increase in such demand. Many students now seek admission to top universities both domestically and internationally, motivated by a desire for knowledge and skill enhancement.
Some of the most sought-after institutions among Indian students looking to enhance their skills and knowledge include Harvard Business School, Stanford Graduate School of Business, the Wharton School of the University of Pennsylvania, the Indian Institute of Management (IIMs) and the Indian School of Business (ISB). These universities are renowned for their innovative teaching methods, strong reputations in finance and entrepreneurship, and high demand among Indian learners.
Understanding Indian students’ preferences for skills development
According to a recent survey, Indian students tend to prioritise digital and IT fields such as software development, data analysis, and digital marketing, which has resulted in India ranking 56th globally in this domain. Moreover, more than half of the engineers surveyed have expressed a keen interest in pursuing online certification courses that can help them enhance their knowledge and skills relevant to their current or future job demands.
While technical skills are undoubtedly crucial, soft skills such as communication, leadership, and teamwork are also highly valued in the job market. Nearly 50% of recruiters give priority to candidates with excellent soft skills. Overall, Indian students are enthusiastic about upskilling and are actively seeking out online courses that are not only affordable but also relevant and valuable to their career goals. As a matter of fact, the percentage of individuals leveraging online education providers or mobile applications for learning purposes (48% and 36%, respectively) has seen a significant surge since 2018.
The bottom line
Investing in oneself is a wise decision that can bring many benefits, and upskilling is an excellent way to achieve this goal. By acquiring new skills and knowledge through upskilling, individuals can unlock significant career growth and improved job prospects. However, the advantages of upskilling are not just limited to career advancement; it also presents opportunities for individuals to explore new avenues and possibilities.
Views expressed by Sayantan Biswas, Co-Founder, UniScholars.
