Job retention confidence plummets to 62% among Indian professionals amidst tech disruptions and macroeconomic situations
- Upskillingholds the highest importance among professionals with over 17 years of experience
- Only 29% of entry-level professionalsexpress confidence to retain their jobs in FY25
- Data Science, Artificial Intelligence and Machine Learning emerge as the most preferred domains to upskill in FY25among professionals
India, 24th June 2024: Great Learning, a leading global edtech company for higher education and professional training, has released the third edition of their ‘Upskilling Trends Report 2024- 25’. The report summarizes the learning trends observed through Great Learning’s programs in India over the past year. Additionally, in collaboration with a research agency, Great Learning conducted a comprehensive study with over 1000 professionals across major sectors to unearth key trends and factors influencing the upskilling preferences of Indian professionals in the coming year. The report aims to assist professionals and businesses in comprehending how these trends will impact jobs, predicting the required skills, and preparing themselves to stay ahead of the competition.
79% of professionals highlight the importance of upskilling to future-proof their careers in FY 25
79% of the surveyed professionals highlight upskilling as necessary for future-proofing their careers in FY25. Upskilling holds the highest importance among professionals with over 17 years of experience, with 92% of such respondents attesting to the same. Additionally, professionals with engineering degrees and those employed in the IT/Telecom/Tech sector consider upskilling crucial for them. This could also be because hiring in the IT sector has decreased by 16% as per the latest report by Naukri. With industries in India undergoing rapid transformation due to technological disruptions and changing market dynamics, professionals are becoming more aware of the need to acquire newer specialised skills to meet employer expectations.
Job retention confidence plummets to 62% among Indian professionals amidst tech disruptions and macroeconomic situations
The confidence among Indian professionals to retain their jobs sees a notable decline, with a nine percentage point drop from the previous year. In last year’s study, 71% of professionals expressed confidence in job retention, whereas this year, the figure has decreased to 62%. This sentiment can be attributed to the globally prevalent macroeconomic conditions and the widespread layoffs. Only 29% of entry-level professionals are confident about retaining their jobs. Various industry data mirror this sentiment. In March 2024, the Naukri JobSpeak Index, India’s most comprehensive measure of white-collar hiring, stood at 2657, an 11% dip in the number of job openings compared to March last year.
85% professionals planning to upskill in FY25; Bangalore and Chennai display the highest intent
85% of professionals in India are planning to invest in upskilling in FY25 overall. Interestingly, the intent to upskill among freshers has grown by eight percentage points, standing at 83% this year as compared to 75% in FY24. In fact, Great Learning also witnessed an 18% increase in demand for upskilling from freshers and entry-level professionals (0-3 years of work experience) in FY24. Among key sectors, the intent to upskill in FY25 was highest among professionals from Manufacturing, Engineering, Capital Goods, and BFSI. Bangalore and Chennai have displayed the highest intent to upskill this year compared to other metros in India, with 87% of professionals planning to invest in upskilling in FY25 in both these cities.
In FY25, Data Science, Artificial Intelligence and Machine Learning emerged as the most preferred domains professionals are looking to upskill, followed by Software Development and Digital Marketing. In the survey of the hiring partners, these three domains emerged as the top areas where enterprises plan to hire the most candidates in FY25.
Career growth within their organisation remains the ultimate motivation to upskill
39% of the surveyed professionals are motivated to upskill for career growth within their current organisation, followed by 17% driven by personal interest. Fear of skills becoming outdated motivates 15% of the professionals, while 13% cite meeting employer expectations as their primary motivation for upskilling. In terms of the hurdles to pursuing an upskilling program, professionals say that being busy with office work is the most significant hurdle, with 34% of them citing the same, while 19% of the professionals cite financial constraints as a barrier. Additionally, 14% cite family and other social commitments as a reason why they can’t take out time for upskilling.
Commenting on the report, Hari Krishnan Nair, Co-Founder Great Learning, said, “Since last year, challenging economic conditions and an unstable geopolitical situation have made it difficult for many businesses to access capital and expand profitably. To stay competitive in this dynamic environment, continuous learning and upskilling are crucial to adapt and evolve. It is encouraging to see professionals adopting a proactive approach to navigate this disruption by acquiring specialized skills to meet evolving employer demands. Government initiatives aimed at promoting skill development have further amplified this awareness. Through the Upskilling Trends Report 2024-25, our objective is to help learners, professionals and companies with valuable insights, empowering them to strategize effectively for FY25.”
