EMERGING TRENDS SHAPING THE FUTURE OF WORK

Nitesh Jain, Grant Thornton
Anupam Gakhar, Blitz Education

The evolution of work is currently being shaped by the merging of technological advancements, dynamic shifts in work environments, and overarching changes in global economies. This complex landscape, driven by automation, AI, and the rise of the digital world, is reconfiguring industries, creating new prospects while simultaneously replacing conventional positions. In this ever-changing landscape, a fresh approach to skill development is crucial, emphasising flexibility, ongoing learning, and integrating technical proficiency with interpersonal abilities.

Outlined below are key emerging trends shaping the future of work and their profound implications for universities, along with insightful strategies to prepare students for a future aligned with India’s progress. Indian universities, with their rich intellectual resources and commitment to nurturing youth, are poised to lead globally and produce future global leaders among their students.

Automation and AI: The forecast from McKinsey Global Institute in 2017 suggested that around 800 million jobs might confront automation’s impact by 2030. Fast forward to today, IBM’s report indicates that 77% of businesses are either utilising or contemplating integrating AI into their operations. Globally, approximately 120 million workers are gearing up for retraining within the next three years due to AI’s influence on job roles.

With an expected economic impact of $15.7 trillion by 2030, academic curricula should realign to focus on critical areas like data analysis, critical thinking, and innovation to complement AI capabilities.

Digital Literacy and Tech Skills: The future job market will heavily centre around technology fields, with pivotal roles like artificial intelligence and machine learning experts comprising an estimated 38%, followed by data analysts and scientists at 33%, and data entry operators at 32%. India’s proactive approach to the digital shift through initiatives such as the Digital Literacy Mission in 2015 and PMGDISHA has been instrumental in imparting basic digital literacy, particularly in rural areas. This highlights the escalating significance of tech skills not only for day-to-day living in a digital economy but also for employability. It underscores the increasing need for technological proficiency among students and emphasises the urgency to provide comprehensive programmes in AI, data analytics, and digital skills across all disciplines.

Data Literacy: India’s ambitious goal of a $1 trillion digital economy by 2025 hinges critically on data literacy. As digital tentacles reach into every sector, from healthcare to finance, agriculture to energy, the ability to comprehend, analyse, and interpret data becomes a non-negotiable skill. This data-driven landscape demands a vibrant education ecosystem, which encourages partnerships between departments such as computer science, economics, social sciences etc. Giving access to relevant datasets, cloud platforms, and analytical tools will further nurture a culture of data exploration and experimentation, training them to develop data-based solutions for real-world problems.

Environmental and Social Responsibility: The winds of change are blowing green globally. SEBI’s mandate for Business Responsibility and Sustainability Reports (BRSRs) and the 223% surge in India’s ESG sector tell a clear story – sustainability is no longer a fringe concern, but a boardroom priority. This seismic shift demands a workforce equipped with the skills to navigate this new landscape. Hence, academic programs should wholeheartedly embrace sustainability studies by providing specialized courses in environmental science and renewable energy, while actively cultivating partnerships to offer students invaluable hands-on experience.

Gig Economy: The emerging trends are compelling the modern workforce to shift away from the conventional notion of stable, long-lasting careers. The gig economy, with its flexible, project-based work arrangements, is rapidly expanding. As per a 2023 report of NASSCOM, it is expected to grow by 30% by 2025, creating over 3 million new jobs in India alone.

It places a responsibility on higher education institutions to prepare students for the gig economy. This can be achieved by offering industry-specific certifications and short-term courses in project management software, online payment systems, etc. Incorporating practical projects simulating gig work scenarios and collaborations with relevant industries for student internships, mentorship programs, and real-world insights, can comprehensively equip them for this dynamic field.

Entrepreneurial Mindset: India aims to generate 90 million new jobs by 2030, emphasising the significance of fostering an entrepreneurial mindset in the dynamic job landscape. Government initiatives, including skill programmes, incubators, and improved capital access, align with this aim. A 2023 report by the Global Entrepreneurship Network ranks India as the 3rd most entrepreneurial country globally, an aspect that universities must necessarily leverage.

Employees with an entrepreneurial mindset hold significant value for businesses, helping navigate a constantly changing economy, safeguarding jobs and profitability. Entrepreneurial mindset can be developed by adopting project-based learning and encouraging experimentation, establishing startup labs, promoting hackathons, and fostering cross-disciplinary collaborations to realise the goal.

Globalisation and Cross-Cultural Competence: By 2030, the World Economic Forum expects that 50% of all jobs will require a certain level of cultural intelligence. The Centre for Global Development’s study highlights that roles demanding high cultural intelligence are growing at twice the rate of other occupations.

The National Education Policy’s credit system empowers students to delve into diverse fields such as international relations, foreign languages, and intercultural studies, providing an opportunity to customise their education for an interconnected world. Through the integration of various perspectives, case studies, and international exchange programs, universities can substantially enhance students’ intercultural understanding.

Remote and Flexible Work: Technological advancements have accelerated the proliferation of remote and flexible work arrangements. In advanced economies like the USA, survey data revealed that around 15% of high-paying job listings are now dedicated to remote positions. A separate survey highlighted that a significant 79% of remote workers express loyalty to their employers, attributed to a healthier work-life balance. This emerging trend presents a win-win situation for both employers and employees.

As remote work grows, educational strategies should include training in remote collaboration tools, and skill development in time management, motivation, and advanced communication. Soft Skills and Emotional Intelligence: According to a 2022 NASSCOM survey, 77% of Indian employers prioritise soft skills in their hiring processes. A 2021 CII survey revealed that 90% of Indian CEOs consider these skills crucial for career success. Randstad India’s 2023 report shows that 92% of employers will pay more for individuals with strong soft skills. Thus, amid technological advancements, higher education institutions must implement robust programmes for skills such as emotional intelligence, team work, adaptability, initiative, creativity, leadership, and resilience.

Lifelong Learning: In today’s swiftly evolving tech landscape, continual learning is indispensable. NSDC’s 2021 projection showed India’s need to upskill 400 million people by 2022. A 2020 NASSCOM study highlighted that 93% of Indian employers highly value ongoing learning. Further, a 2020 WEF study forecasted that 50% of employees would require reskilling by 2025. This convergence of data solidifies a critical reality: lifelong learning is no longer a luxury but a necessity.

The National Education Policy aligns with this trend by emphasising flexibility, vocational training, and interdisciplinary learning. Universities must explore micro-credentials, online courses, and upskilling programmes across undergraduate, graduate, and various career stages, thus promoting lifelong learning.

Therefore, in the present dynamic work landscape, which is rapidly evolving as envisioned by global experts, the role of universities in shaping an adaptable workforce stands as the most significant factor. Whether through innovative teaching methods, fostering interdisciplinary collaboration, offering specialised programmes, or providing hands-on experiences, it is within these institutions that students will be readied for the transformative era ahead. By instilling adaptability and a proactive mindset, it is these academic institutions that will empower individuals for jobs and mould leaders capable of shaping the future.

The agility displayed by them in nurturing forward-thinking professionals will define India’s success and growth in the coming years.