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Indian companies are struggling to keep pace with the rapid advancements in technology and the growing challenge of equipping their workforce with the skills needed to remain competitive. A new report reveals that in 2024, upskilling and enhancing workforce capabilities have emerged as key priorities as organisations seek sustained growth amid these challenges.
The ‘SkillScape 2024’ report by HR media platform People Matters and online learning platform UNext highlighted critical trends in India’s corporate learning and development (L&D) strategies. The report noted that a staggering 82 per cent of companies express dissatisfaction with publicly available courses, which they believe fail to adequately prepare employees for project-ready roles.
To address the growing need for technical skills, 55 per cent of companies identify data science, analytics, cybersecurity, and IoT as critical for navigating the complexities of a volatile, uncertain, complex, and ambiguous (VUCA) world.
Sourcing and developing talent in next-gen technologies remains a significant hurdle, with 72 per cent of organisations finding it difficult to recruit skilled experts, the report highlighted. This talent shortage is further exacerbated by the rise of new job roles, as 50 per cent of companies believe that emerging roles will transform the skilling landscape.
Additionally, 60 per cent are prioritising skill development to facilitate tech-driven transformations.
The report further noted that despite the pressing need for agility, only 20 per cent of companies regularly assess employee competencies, leaving them vulnerable to skill obsolescence. The lack of frequent evaluations results in outdated knowledge, reduced innovation, and an inability to harness the full potential of new technologies.
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Post-training assessments fare better, with 68 per cent of companies conducting evaluations to measure return on investment (ROI), though many still lack readiness for third-party assessments.
In the pursuit of effective skilling, 71 per cent of companies are turning to certifications from Tier-1 universities. These partnerships enhance the value of training programs, attract top talent, and promote a culture of continuous learning.
Work-integrated learning programs (WILP), which blend formal learning with real-world application, are also gaining traction, with many companies experimenting with this approach to foster deeper knowledge retention and immediate skill application.
However, companies that rely on internal subject matter experts (SMEs) for training face retention challenges. Over time, the reliance on SMEs will create sustainability and scalability issues, hindering the ability to build long-term capabilities.
Leadership development also emerged as a priority, with 61 per cent emphasising change management and organisational agility as key competencies. The report advocated for regular skill assessments and work-integrated learning programs to stay competitive in the evolving tech landscape.
As businesses strive to overcome these hurdles, the focus remains on developing robust L&D strategies that align with technological advancements and ensure a future-ready workforce, the report said.
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