A newly born baby, Kaya, may drive a driver-less car in other 18 years. The kind of auto insurance the industry sells today not remain relevant. Kaya has been DNA tested for all possible diseases she is vulnerable too. Her requirements for health and life insurance policies will change, too.
She may need employment insurance more than the general insurance in the coming years. This reflects the changing needs of the insurance industry in the coming years.
But not just the insurance business, entire industry including information technology (IT), telecom, banking and retail, is on the verge to witness a massive shift in the skill set to deal with the new age customers, technologies and changing organisational structures.
Before your boss tells you that you are no more employable, up-skill yourself, warns the headhunters. While the job market is regularly discarding the employees which are not re-trainable, headhunters believe that in the next five to seven years, the skills in demand today will become absolutely obsolete. “The process of re-skilling will become never ending now. After every five to seven years, employee will need to embrace new skill set and employers will not think twice while hiring or discarding a person for the sake of right skill match,’ said Amit Malik, chief people officer at Aviva Life Insurance.
Malik was speaking at HR Summit organised by NHRD, Faculty of Management Studies and Manav Rachna International University.
Learn to shift industries, advices recruiters. Already, IT is suffering the brunt of raising protectionism where Infosys has announced the plan to hire 10,000 Americans, surviving in IT will remain a challenge. “About one million young graduates who plans to enter the IT industry every year, should now try to match their skill set with other industries as well instead to looking for jobs in crises filled IT companies,” said Mamata Vegunta, director, HR at Invesco, an American investment management company.
With the merger of Idea and Vodafone along with the entry of Reliance Jio, telecom sector is passing through the phase of people consolidation. The companies would only retain people who are required to reach the organisational goals, train the selected few and discard the remaining. “Re-skilling is the only way to save the job. If you want to be future ready, you need to have three basic skills – understanding of digital medium, design thinking skill and problem solving nature,” said B Srikanth, global chief HR officer, Bharti Airtel.
