Upskilling important in boosting organisations performance: Survey

With emerging technologies most companies believe that upskilling played a key role in boosting their organization's performance and 53 percent said they have already set aside a budget for employee tech upskilling, the survey said. According to a survey by edtech platform Great Learning on the 'State of Tech Skilling Landscape in India', 47 percent of the surveyed companies are yet to assign a budget for upskilling.

The rest of the 53 percent said they have set aside a budget for employee tech upskilling, it added. When it comes to the size of the upskilling budgets, close to 30 percent organisations spend more than a lakh per employee per annum on upskilling.

Around 14 percent (43 companies) spend more than Rs 3 lakh per employee per annum for tech upskilling, the survey revealed. "Rapid advances in emerging technologies are happening in smaller cycles, changing the nature of the jobs and the skills needed to do them. In such an environment, companies need to look at upskilling to stay competitive," Hari Great Learning co-founder Krishnan Nair said.

It is good to see 30 percent of the companies are spending to train their employees. We are confident this will grow as more companies will witness the impact upskilled employees have, Nair said. This survey was done among 307 corporates, ranging from SMEs to large corporates.

According to the survey, 25 percent of the companies surveyed believe that Artificial Intelligence and Machine Learning (AI/ML) are the most crucial skills needed to ensure an organization's future growth. Digital marketing emerged second with 19 percent finding it most crucial followed by Design Thinking, which 10 percent of companies indicated as most important.

Besides, skills related to the Internet of Things (IoT), robotic process automation (RPA) and natural language processing or generation (NLP/NLG) each garnered around 5 percent votes, it added. About 40 percent of companies said they are looking to bridge the tech talent gap by upskilling their current workforce, while 37 percent are using hiring to make up for the demand and supply gap.

Interestingly, 22 percent of companies are hoping to beat the talent gap by outsourcing these roles, it added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)