BML Munjal University launched a report at an industry conclave titled, “AI & Future Of Work: Redefining Future Of Enterprise”, that is organized today. The report summarizes the opportunities and challenges brought about by the new age technology revolution and presents a roadmap for academic institutions, corporate and government to work together to help fulfill India Inc. demand for technology professionals in new age exponential tech – AI, IoT, Cybersecurity and RPA. The report was released by Mr. Sunil Kant Munjal, Chancellor, BML Munjal University. Expert speakers from renowned corporates such as PepsiCo., Ernst & Young, Microsoft and Citibank shared insights on the subject.
“Today, we are witnessing an unprecedented change in the exponential technologies where legacy skills, tools and technologies have become obsolete. New-age digital professionals proficient in AI, IoT are being called upon to enter the talent workforce – with a new set of skills. One of the core competencies of the Indian technology workforce has been its ability to onboard new talent at a rapid pace. Now, organizations will be deeply tested as they attempt to respond to a changing landscape over the next decade”, said Sameer Dhanrajani, CEO, AIQRATE Advisory & Consulting, an author of the report.
As per industry estimates, the Indian IT industry will reach a value of US$ 200 Bn by 2021. Globally, the share of digital technology spend is going to increase to 75% by 2025 from 10% in 2014. With new-age exponential technologies – AI, IoT, Cybersecurity, Blockchain, RPA coming into the mainstream, India Inc. appetite for talent will be insatiable and the lack of it is putting extreme pressure on the IT industry to remain competitive at the global level. The traditional technology workforce pyramid has started bulging in the middle owing to its inability to meet these new skill requirements. Estimates suggest that only 20 percent of engineers are employable. This suggests that nearly 2 million freshers and existing technology workforce will need to be skilled in exponential technologies in the next 3 years. The good news is that the raw talent pool is available to be skilled with annual enrolments reaching 34 million students in higher education institutes.
The report calls for academic institutions to up their game through meaningful changes/additions to curriculum that is contemporary with a strong emphasis on role learning. Personalized learning techniques need to be incorporated to make a faster deployment.
For enterprises, the report suggests the development of a culture of continuous self-learning while engaging in meaningful collaborations with academia and students. It further highlights the need for new career frameworks and roles to be identified that helps employees to move from people manager to skill-based experts. It calls for a change in performance management systems, innovation around training methodologies to be developed and a focus on senior leadership training for change management.
Further the report suggests a roadmap for contribution by the Government, whose support will be integral to building a future-ready tech talent pool. It makes recommendation of government allowance for reskilling; a one-step education, training and career guidance portal; assist SME’s to better recruit entry level professionals, train and manage people by offering bite-sized and targeted learning options and incentivize mid-career professionals above 40 years to get subsidy on course fees for identified programs to hone their skills.
Dr. Vishal Talwar, Dean – School Of Management, BML Munjal University, said, “Through synergistic efforts of industry, academic institutions and government, India’s demographic structure can become a true dividend for the nation. It will not be an exaggeration to call the present scenario the largest talent challenger ever, and it is knocking hard at the gates of the Indian technology industry and academic institutions. In the wake of this challenge, we are pioneering a course specialisation in AI and Data Engineering in our MBA program from the new batch of 2020, to allow a more comprehensive understanding of a subject that will be of prime importance in the future. The conclave today is yet another way to elevate and lead the conversation on the future of the tech workforce. We have enriched ourselves from the accomplished participants in this area today and thank everyone for their opinions and participation.”