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Unemployment Issue- Lack Of Jobs Or Skilled Candidates?

The technological advancements have penetrated all sectors and hence made it imperative for the current workforce to re-skill and upgrade their knowledge

With the ever-evolving nature of jobs in the digital age, there is hardly any sector that has complete immunity to the advancements bought about by the technological upgradations. Right from IT to Banking, Market Research to Manufacturing, the technological advancements have penetrated all sectors and hence made it imperative for the current workforce to re-skill and upgrade their knowledge.

Let us take the example of a HR Manager. Until the recent past, human intervention was the most quintessential aspect of recruitment. It would typically start with screening of the CV’s and mapping the candidate skills sets with the job requirements. However, with the advent of technology and AI, a huge part of these tasks have been replaced with artificial intelligence and human workforce involvement in these stages of recruitment has been replaced by machine processes. In some organizations, basis sentiment analyses – the initial round of interviews are also conducted by AI. This leaves HR managers a lot more time to focus on higher order work like analytics, strategy, personalization of HR policies etc. While corporate have begun to embrace the changes bought upon by the advent of the digital age by acquiring and mentoring start-ups, the workforce on the other hand has a lot of re-skilling to do to if they are to work hand-in-hand with AI and shift their focus to more value added work. 

In a recently concluded survey by Shine.com, about 95 percent of the respondents agreed that professionals needed to re-skill themselves to stay relevant in today’s economy. While there has been no dearth of jobs listed in prominent employment portals, an alarming find from our survey revealed that over 60 percent of the current professionals believed there would be a shortage of skilled candidates in the market as per demand in the next 5 years. The key point to note here is that the workforce needs to be re-skilled to be placed in newer jobs and not the fact that that jobs don’t exist or are in the verge of extinction. If the job market is to be analysed closely, one gets to understand that while the hiring has not gone down drastically, it is the lack of relevant skill sets among the workforce that is a major cause of concern for employers.

The survey conducted by Shine.com sheds light on the fact that while there will be a continuous effort from recruiters to look for skilled candidates, the following sectors stand at the risk of facing a shortage of skilled employees:

E-Commerce and Technology

Manufacturing

IT Software

Banking & Finance

Healthcare & Pharmaceuticals

Media

Retail

The HR industry is not immune to such technological advancements either. There is a plethora of tools the hiring sector use to streamline its hiring processes. Today, a new hire in the hiring space is expected to bring in a productive blend of soft-skill aptitudes and the know-how of technological implications to the workplace.

While it does not take much perspective to realise that the jobs executed by the current workforce were unheard of about 20 years back, there definitely will come a time when jobs that will be executed in the future are seldom spoken of about today. This change is bound to happen sooner than later. The need of the hour is now to invest in skill development to improve the employability ratio among millennials. In the current scenario, the workforce is most employable only if they have a broad-based training and education. 

While it does not take much perspective to realise that the jobs executed by the current workforce were unheard of about 20 years back, there definitely will come a time when jobs that will be executed in the future are seldom spoken of about today. This change is bound to happen sooner than later. The need of the hour is now to invest in skill development to improve the employability ratio among millennials. In the current scenario, the workforce is most employable only if they have a broad-based training and education. 


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.


Tags assigned to this article:
jobs unemployment skilled talent


Zairus Master

The author is CEO of Shine.com

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