“Mass layoffs at leading global technology and e-commerce companies Facebook and Amazon have once again put the spotlight on the importance of skilling and upskilling.
Going by the mass layoffs at these organisations it’s evident that no role or function in any industry or established organisation is safe. Economic upheavals coupled with bad business environment and dwindling company fortunes can make even safest of companies an unstable place. Of all things, rapid digitalisation and technology adoption is fast making many in-demand skills and roles redundant.
Various functions across organisations and businesses are becoming obsolete with the adoption of large-scale automation. In such a fast-changing and volatile market, it’s important for employees to reinvent themselves by acquiring and developing new skills.
Professionals at all levels particularly at mid and senior levels should focus on upgrading their skills and work towards picking up new skills. This will help them stay relevant in the volatile job market. Companies will consider such professionals as eager learners and an asset to their business increasing their chances at retaining their jobs in times of crisis and mass layoffs.
“With the widespread adoption of automation and technology at large scale across industries, a lot of job roles will cease to exist. Alongside, economic disruptions and resulting slowdown will further shake up the job market.
In such an environment, it’s imperative that both experienced and young professionals reinvest in their skills. More so at a time when the world is entering into a new age of workspace where specialists will have an edge over the generalists.
To survive the job market turmoil professionals will have to look at staying competitive through upskilling, sharpening expertise in specific domains, and continuously develop their communication and soft skills.”– Vikas Gupta, Chairman – Miles Education
“Layoffs are present-day reality in a market where a lot of roles and profiles across functions are becoming redundant. Sadly, at a time when the world economy is going through a downturn, layoffs unfortunately turn out to be the first response of lot of businesses to cut costs and survive.
Notably, most of these layoffs are happening at the mid- to-senior employee level. Freshers have not been impacted by layoffs as hard as senior professionals. This has to do with the skill sets that young professionals bring to the table. Lower employee cost too plays a role in their retention more so in an unpredictable economic environment.
Importantly, professionals need to continue upskilling, acquire new skills in their field of domain. Clients at Futurense too are increasingly seeking specialists. Investment in self-development through upskilling has never been as important as it’s now.” – Raghav Gupta, CEO – Futurense Technologies
“Given the lightening-fast pace of our industry, upskilling is a way of life at Consilio.
As technologies evolve, we are committed to ongoing technical education and cross-training. Beginning with our Apprentice programs and continuing throughout
our team members’ careers, we stay focused on the emerging platforms, programming, AI, and analytics capabilities they need to be successful.
This focus ensures we can continue to anticipate our clients’ needs and bring them valuable insights.
However, technical skills are only part of the equation. Through our Boost, Consilio in Focus, and Mastermind training programs, we are investing in our managers so they can provide great support to their teams.
We are fortunate to have both long-tenured and many new employees as part of our Consilio family.
I’m confident that commitment to continuous learning makes us unique in our industry – and provides a strong “insurance policy” against any unexpected market pressures.” – Brandyn Payne – Chief Employee Experience Officer, Consilio
“In mid-March 2020, the world went into various forms of lockdown, businesses started massive layoffs and the economy contracted dramatically in ways not seen in 90 years. The layoff trend has continued and so for IT professionals, continual learning, upskilling and staying relevant matters.
They need to keep up with the technology, standards, and business trends as well as the regulatory landscape that are constantly changing.
The rise of artificial intelligence, machine learning and other automation technologies means many hard skills are being automated.
According to LinkedIn’s 2022 Workplace Learning Report, employee retention and internal mobility aren’t at the top of the business’ to-do list, whereas leadership and management training, upskilling and digital transformation have made it to the top.
The number of skills required per job is increasing, and the skills that were once crucial are expiring much more quickly. IT professionals need to analyze the skills currently in the enterprise workforce and the gaps that the enterprise will need to fill in the future.” – Chetan Anand, Information Security and CISO, Profinch Solutions, ISACA Global Mentor