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A Guide to New State of Skills

Industry News
A Guide to New State of Skills

If you need to survive in this market then you should know what skills you have and what skills you should get through upskilling. When people were asked about where their skills were presented, 21% said that online networks and communities stored the data. 34% feel that HR systems have the information. While 27% feel that skills are hidden in their resumes and a further 18% say that real-time information on skills is not available.

In India, 35% believe its on HR systems, 43% feel that skills are updated on online profiles and networks, 17% feel resumes contain the skills and 4% feel that it is not found anywhere. This means that there are gaps in conventional HR processes which cannot be filled by data architectures and AI.

How is data on skills entered into the HR systems?

Skill data is captured through job applications or internal talent profiles but 75% to 80% of workers don’t complete their HR system’s talent profile. It gets updated through periodic reviews, development plans, or assessments but 61% of workers do not get regular feedback on their performance or skills

Skill data is inferred from job descriptions, competency models, or other organizational data but 40% of employees say they frequently complete tasks outside their job description. It is inferred from credentials, online profiles, or other publicly available data but only 21% of workers say the most up-to-date data about their skills is in online profiles

Impact on the State of Skills

The global health and economic crisis has had three big impacts on the state of skills:
• The crisis is accelerating the need for new skills
• It is reducing opportunities for upskilling and reskilling and
• Making the workforce more stressed and vulnerable.

The pressure for new skills is strongest in India, Mexico and Brazil.

In-Demand skills

1. Advanced IT and programming
2. Leadership and management
3. Entrepreneurship and initiative-taking
4. Project management
5. Creativity
6. Advanced data analysis and mathematics
7. Critical thinking and decision making
8. Adaptability and continuous learning
9. Technology design and engineering

In-Demand Skills in India

1. Leadership and managing others
2. Advanced IT and programming
3. Entrepreneurship and initiative-taking
4. Advanced data analysis and mathematics
5. Creativity
6. Critical thinking and decision making
7. Adaptability and continuous learning
8. Advanced communication and negotiation
9. Scientific research and development
10. Technology design and engineering

Need for New Skills

Everyone from business leaders, managers and workers feel the pressure to upskill and reskill. 6 out of 10 express that COVID-19 and the economic crisis has accelerated the need to get new skills. Nearly half of workers (46%) say their employers have reduced upskilling and reskilling opportunities during the pandemic.

HR, marketing and IT face as a sudden change in the need to upskill and reskill. Telecom and technology sectors have the greatest demand to upskill followed by financial and business sectors and this is due to the shift in consumer habits.

46% of workers, managers, and business leaders believe their core job skills will be obsolete within five years. More than 36% expect their core job skills to decay within three years.

These 3 factors are more at stake than skills:
• People are at risk
• Communities are at risk and
• Businesses are at risk

The livelihoods and prospects of tens of millions of workers have already been damaged. 55% of workers that say that as confidence in their skills decreases, their stress levels increase. That stress doesn’t just affect those people and their families. It grows into becoming a weaker consumer demand that adds pressure to local governments and communities.

Anxiety and stress over skills can also impede workers’ productivity and performance, and intensify “people costs” like wellness, absences, and turnover. This in turn is bad for business.

There are several that feel that anxiety about skills is creating a mental health and wellness issue. Nearly 6-in-10 (55%) workers, managers, and business leaders said a lack of confidence in their skills makes their job more stressful. Nearly 4-in-10 (38%) say their mental health suffers. Workers in the healthcare, financial services, and retail industries are most prone to stress. Mental health is most at risk in the healthcare and business services sectors.

Instability of skills is a significant risk to workers’ productivity and performance. More than 4-in-10 (41%) people told us that a lack of confidence in their skills means tasks take longer to complete. More than one-in-five (22%) say their work is a lower quality.

Workers in the financial services and technology and telecommunications sectors are most likely to consider leaving their employer if they don’t see a commitment to upskilling. The declining availability of upskilling and reskilling opportunities is damaging people’s confidence in employers’ commitment to their growth — a core part of many companies’ employer value proposition. More than four-in-10 (42%) workers believe their company is more likely to lay workers off than to reskill them or move them into another role

Now that you have read about the state of skills, you should know that upskilling and reskilling are the best ways to stay ahead of the competition of finding your next job. Due to the number of professionals and the tough competition in India, you should create a niche skillset and find ways to boost your profile. Apart from technical skills, leadership and entrepreneurial skills are important.

Arnold Consulting Pvt. Ltd. is a globally recognized leader in staffing and recruitment for permanent and contract roles. We help hundreds of skilled candidates find their place in major MNCs. Our goal is to be time-bound and ensure that we help companies find the perfect talent that works on projects across the globe.

Get in touch with us and share your resume to careers@arnoldconsultants.com if you are looking for a change in role.

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