In December 2020, the International Labor Organization said in a press release that approximately 81 million jobs were lost in Asia-Pacific alone during the first wave of the pandemic. Less than a year later, days before the G20 leaders’ summit in 2021, the International Labor Organization has warned of a stalled global labor market recovery. This period also marked the beginning of the great era of quitting, with everyone from new hires to seasoned professionals choosing to leave their jobs. In the space of a year, the global economy has seen professionals and businesses bear the devastating impact of the pandemic.
There’s an interesting trend if you look, every decade there’s a shift in what companies need to get to the next goal versus whether their existing workforce has the right skills to get there. . Such recalibration, coupled with the turn of the economy, often leads to the kind of devastating impacts we have witnessed during the pandemic, but not on this large scale. As the economy begins to show promising signs of recovery across all sectors, new opportunities are opening up for professionals with the right kind of skills. This growth is driven by technology and professionals with technology skills.
Take the example of hyperlocal deliveries, Indian companies Zomato and Swiggy, mainly food delivery platforms, have ventured into the grocery zone, brought convenience and safety to grocery delivery during the multiple waves of the pandemic. These two startups rely on a robust set of artificial intelligence, user-friendly APIs and powerful machine learning algorithms capable of analyzing real-time data from their logistics fleet and using it to determine the best routes, the nearest stores and the fastest delivery times. . What makes these companies thrive in tough times is the technology stack they have invested in and the incredibly skilled, skilled and capable teams to deliver impactful solutions using technology.
A key lesson from successful hyperlocal delivery is that technology will continue to be crucial in driving growth across all industries and, by extension, people skilled in modern and upcoming technologies will come out on top. On the heels of International Labor Day on May 1, 2022, one of the big three statistical ratings organizations, Fitch Ratings released a commentary saying the United States should recoup all pandemic-related job losses. by the third quarter of 2022.
A few years ago, in June 2017, the CEO of an Indian niche software development company, Kreatio Software, Krishna Kumar, caused a stir on Twitter with his storm of tweets exposing the widening gap between skills whose industry needs and what is taught in colleges, the redundancy of certain skills over time and the need for professionals, as well as companies, to rethink the approach to retraining, to remain relevant, to make a difference and create solutions that lead to positive change. From agriculture and waste management to finance and education, many companies today carry the suffix -tech, i.e. agritech, fintech, edtech, etc. There is a simple reason for this: it is the importance of technology in changing the way these sectors work and driving sustainable growth in all industries.
As the modern workforce and employers learn to balance industry needs with available skills and the growing role that different technologies will play in catalyzing this growth, there will be a vacancy for people who embrace technology and master its uses to solve modern problems. Businesses and individuals can close this gap when they choose to invest in retraining at the micro and macro levels. Where results-based learning is encouraged, the workforce is freed from redundancy and deeply invested in the growth of the organization, as the organization is invested in theirs. The good news, according to a recent World Economic Forum report, is that 73% of global companies are looking to provide retraining and upskilling opportunities for most of their staff! This simple act sets the stage for growth for the next decade.
Written by: Mr. Subramanyam Reddy, Founder and CEO, KnowledgeHut