Indian professionals are increasingly concerned about job displacement due to technological disruptions, according to a recent study by Emeritus. The Emeritus Global Workplace Skills Study 2023 reveals that three out of four working professionals fear that technology will replace their jobs if they do not upgrade their skillset.
The study, which surveyed 1,720 professionals aged 21 to 65 across 20 tier-I and II cities in India, found that 92% of Indians believe they face a skill gap in terms of employability. This aligns with the World Economic Forum’s estimate that at least 40% of employees worldwide will require new skills in the coming years.
Professionals in sectors such as Finance and Insurance, Software and IT services, Healthcare, and Manufacturing expressed the highest concerns about technology replacing their jobs if they do not upskill. As technology penetrates various industries, 80% of Software and IT services professionals and 81% of healthcare professionals surveyed fear job displacement unless they continuously upgrade their skills.
The study also highlights the most sought-after topics for professionals in India, including digital marketing, data analytics, finance, management, and Artificial Intelligence (AI). However, there is a significant demand-supply gap for skilled AI/ML talent in the country, according to a report by Nasscom.
Mohan Kannegal, CEO of Emeritus, stated that the fear of job displacement due to technological disruptions is a growing concern among Indian professionals. However, he highlighted that 83% of the Indian respondents are eager to upskill through reputable learning providers to achieve their career goals.
The survey encompassed a wide range of sectors, including Software and IT services, Finance, Insurance, Education, Manufacturing, Technology and Innovation, Healthcare, Engineering and Construction, and Retail. The median age of the respondents was 39, with an average work experience of 12 years.
It is evident from the study that continued education and upskilling are becoming the norm in the Indian workforce. Professionals are realizing the need to stay abreast of technological advancements and acquire new skills to remain competitive in the fast-changing job market.
This study underscores the importance of online education as a means to navigate uncertain times. By investing in continued education, employers can boost job security, enhance skill sets, and increase employee loyalty. As technology continues to reshape every sector, it is essential for professionals to embrace the upskilling revolution and bridge the skill gaps for a promising future in the workforce.