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Global Slowdown Sees A Rise In Skill Enhancement & Up-gradation Programs Among Corporate Executives

Global economic recession is something that everyone has been talking about for quite some time. In India too, the effects of the economic downturn have affected people from urban and rural India as well.

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Indian professionals are using the period of the current slowdown to upgrade their skills and stay relevant.

Global economic recession is something that everyone has been talking about for quite some time. In India too, the effects of the economic downturn have affected people from urban and rural India as well. There has been an unprecedented loss of jobs among the working population across the board.  It has created a kind of mass hysteria with certain industries facing most of the brunt. Cost-cutting is the order of the day and jobs are the first to be axed when it comes to trimming down costs. 

According to recent reports if we consider the last couple of quarters only in auto-sector approximately 3 lakh people lost their jobs. India's unemployment rate in October jumped to 8.5 percent, which is the highest in over three years. If we talk about more current data Centre for Monitoring Indian Economy (CMIE) data shows that the unemployment rate in India has increased to 7.2% in February 2019 vis-a-vis 5.9% in February 2018. Also, the technological advancement is changing the landscapes of industry requirements is making the degrees one possesses obsolete within a couple of years and with the outdated knowledge and degrees, the executives are finding it difficult to hold onto their jobs for long. So, the only logical and probably the most effective solution for the professionals is to up-skill, re-skill and new skill themselves to stay relevant to their respective industries.

Fortunately, today's professionals understand the importance and need for constantly upgrading themselves and do not shy away from going back to schools as it proved to be beneficial for them time and again. They have gradually accepted the need and inevitability of the lifelong learning process. So, when the news of looming recession hit the market many executives turned to the B-schools and universities to enroll themselves in most relevant professional courses as per their field of job. Hence, the huge jump in the demand for professional courses at the moment. Also, the Skill India initiative by the Govt. of India to emphasize the skill development of the youth has been welcomed with much enthusiasm in the past couple of years.  

Unsurprisingly, the most popular choice among the alternatives available at the moment is Executive Education. According to a report executive education market in India to reach INR 10.9 billion by FY 2020 which is quite impressive The fact that these kind of courses are available with the weekend in-class sessions making it convenient for the executives who do not need to take the time of their jobs to attend the classes. Also, the online availability of updated study materials enables them to study on the go. This feature is particularly helpful for the learner who has to travel a lot. The sheer range of different formats for executive education is making it easier for the professionals’ right from the in-class module or interactive live learning programs or the mix of both can be chosen as per the convenience. Institutes like IIM, XLRI, ASM Group of Institutes, etc. have recently got huge popularity among the working professionals for their courses focused on upskilling the professionals. The courses cover a wide range of subjects and also available in the form of durations giving the learner the liberty to choose a course that suits them the most.

The increasing demand in executive education has also propelled a number of global education leaders like Harvard, MIT and others to extend their internationally recognized courses to Indian learners. For example, Harvard Business Online courses or IIMBX which is the collaboration between EdEx and IIM Bangalore are now offering blended learning on various subjects in Executive Education formats. Interestingly these courses have been receiving a very positive response from the Indian professionals, encouraging them to enhance their collaboration with Indian institutes more aggressively. 

All of the above points are reasons enough for someone worried about a possible pink slip to rush to enroll them for an up-gradation course. However, I would like to suggest that even if you feel that you are not in immediate danger of being replaced at your job, you should go ahead with some relevant professional courses. This will not only boost your confidence immensely but add a great deal of value to your profiles. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

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global slowdown skill development

Dr Sandeep Pachpande

The author is Chairman, ASM Group of Institutions

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