The global job landscape is changing rapidly, with AI and automation, most of the traditional jobs will soon be eliminated from the industry. With the advancements in technology, traditional jobs will be replaced by skilled job profiles. It is estimated that 9% of India's total workforce will be taking up the new jobs.
FICCI-Nasscom & EY report suggests that by 2022, 9% of country's 600 million workforce (54 million) will have taken the new jobs. The companies will struggle for the next two years to restructure their business models to meet the requirements of 2022. The entire job landscape in the country will go through a drastic change in the next 5 years. (Source: www.deccanchronicle.com)
The report also highlights the impact of demographics, globalization and exponential technologies on the job landscape in the next five years. Approximately 54 million employees will have shifted to new jobs that do not exist today. 37% employees will update their skillset to keep the same jobs and 21% will be working in positions that face an existential threat.
Anurag Malik, Partner of People & Organization and advisory services at EY said, "The adoption of exponential technologies is disrupting industries by creating new markets and India is on the cusp of this change." He also highlighted that rapid embracing of exponential technologies has a high potential to transform the unorganized sectors in the country.
Sectors like transportation, maintenance, software development services and food catering are highly unorganized right now. By 2022, these sectors and services around them will transform into organized ones. The employment in manufacturing and services sector will increase from 38 million to 46-48 million in next five years.
For the next few years, the economy will focus on transforming unorganized businesses into organized ones. This will help in creating more sustainable jobs. By 2022, around 10% of the total workforce (60 million) will be working in the organized sector. The report included over 130 business leaders, academicians, and industry representatives.
- Rajat Kabade