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Skill: - The New Business Currency for 2020

Any business in today’s scenario require

1. Faster time-to-market thus reducing time and eliminating barriers of red tapism associated with business-as-usual.
2. Better product and service quality (SERVQUAL)
3. Cheaper administrative and operational costs where manual, non-standard, paper-based bureaucracy are replaced with uniform technology-triggered interactions.

However to do this efficiently across platforms, we require a combination of human skill and easy platform usage. This makes us realize that it is not just platform but skilled humans i.e. workers which makes us validate the statement that ‘Skill is the new currency in businesses today i.e. 2020.’

The future looks promising for India’s economy, fuelled by an entrepreneurial culture and youthful workforce, among other advantages. However, a looming talent shortage could threaten the future talent. New technologies, ever-changing skills requirements and outdated curriculum are challenging India’s conventional higher education system in its efforts to equip graduates with job-ready skills and employability.

To address these challenges, India’s education leaders, think tanks and governing bodies should consider providing students with pre requisite skills by partnering with industry veterans and adopting new learning technologies, pedagogy and delivering experience-based, applied learning. Joseph Jayakumar, Director Amstar Technologies, IT thought leader shares his excerpts on Skill as the new currency in technology. Please read further.

A.What skills should the future workforce require to remain relevant in a dynamic environment like India?
Our future workforce requires deep technical skills as well as broad domain expertise. We are seeing a tectonic shift towards full stack technology-based roles. In this volatile environment, the ability and open mindset to learn and perform is very important. Apart from the ability to work with data and analytics, other areas which will pave the way in IT are Cloud, Cyber security, Artificial Intelligence, Machine Learning and Blockchain applications.

A.How is AI transforming HR and RPO operations?
We see that AI as a tremendous untapped opportunity to transform the way companies attract, develop, and build the workforce for the decades ahead. We are also embedding AI and digital technology throughout the entire employee lifecycle. For eg:- IBM Watson Recruitment advisor is an AI-powered solution which increases recruiter’s efficiency and enables HR teams to improve and accelerate people’s impact on the business.
We help teams and candidates to get skilled on this platform via multi course module learning. This helps them to analyze and ranks the candidates that are the best match for the job, removing any human bias and empower RPO and HR professionals to choose the most promising candidate based on the merit of their skills and experience alone thus building efficiencies in the process.

Also our Learning platform powered by cognitive capabilities creates a personalized learning environment for each employee, providing a 24×7 interface that responds quickly, flexibly and creatively to the changing technical and business landscape. It provides search, browse, skilling roadmaps, plus customized modules for development thus improving overall business impact.

C. What are your key priorities as a Reskilling Partner to IBM?
As Skill becomes the new currency across businesses globally. One of my key priorities as a thought leader is to include training a competitive workforce that is ahead to the market shifts demands and which can compete in the era of AI, cognitive and cloud at ease. We call this platform agnostic and ensure that they keep up with the changing market landscape and emerging technologies the workforce needs to constantly up-skill itself to be relevant in the coming years.

D. What is your advice to companies looking to build an agile workforce?
To build an agile workforce, companies have to think differently about their traditional ways of approaching work. Leaders have to start with outcomes and experiences in mind, and create patterned teams that are empowered to work flexibly and independently. This means less focus on process control and top-down management and more focus on small, nimble teams making rapid progress.

What are your views and opinions on Skill as the New Business Currency for 2020? How can reskill be really useful in long term? Please share your valuable feedback here.

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