With the emergence of new jobs that did not exist a decade ago and increasing competition in the job market, it has become imperative to focus on skilling, upskilling, and reskilling. Practical skill-based education can impart the knowledge and expertise required to excel in your career. So, let’s understand everything about skilling, upskilling and reskilling to be future-proof.

Key Highlights:

• Meaning: Skill, upskill and reskill
• Some interesting insights
• Importance of upskilling, reskilling and skilling
• How can you upskill yourself?

Meaning: Skill, upskill and reskill

• Skilling: Skilling is acquiring specific skills critical in your area of work. In today’s dynamic and competitive business world, skill sets are the centre stage. The employers will focus on the specific skills the candidates possess as per the company’s requirements. For instance, if you have completed your under-graduation in Computer Science but want to build a career as a Data Analyst. You will now have to learn these specific skills required to flourish in the Data Science domain.
• Upskilling: Let’s say you finished your graduation some 3 years back, but innovation has introduced new trends. The skills you learnt are partly no longer relevant, and so you have to learn this latest development to be competent to deliver your performance at work. Upskilling means upgrading your existing knowledge, for which you can opt for upskilling programs.
• Reskilling: It is as simple as relearning to be proficient at your work. For instance, you have completed your PG in Finance and joined a new company. Your organisation holds small training programs to ensure all the employees know new RBI rules and the existing procedures you need to follow, which you are already trained for.  

Some interesting insights

• The latest study states that ~70% of young professionals intend to upskill with the latest digital skills.
• According to a recent survey, ~85% of Indian professionals aspire to upskill to be future-ready.
• The popular sectors that witnessed a massive upskilling wave are IT, BFSI, Manufacturing, Education and Training, Healthcare and Pharma.
• As per World Economic Forum, 50% of human resources will have to be reskilled by 2030 due to emerging jobs.

Importance of upskilling, reskilling and skilling

• Stay ahead in the digital world

In Industry 4.0, businesses have embraced technologies creating steep demand for an efficient workforce that can work on technological projects. So, tech-based jobs are flourishing, from Big Data to Blockchain Technology and from Artificial Intelligence to Machine Learning. Even if you are not from a technology background, you will always benefit from learning some latest digital skills.

• Address skill gap

If companies observe a skill gap, it may trigger massive layoffs. In such situations, your industry-specific skills can give you a competitive edge over others. Please remember you must always be ready with the latest knowledge, even before such scenarios occur.

• Welcome new opportunities

An impressive skill set is your ticket to transition from academics to career, build a long-term career, and acquire new roles in new organisations. Continuous learning is essential whether you want a promotion or unlock C-suite level openings.
The advantages of skilling, upskilling and reskilling are enormous. If you are well-equipped with relevant skills, it will boost your confidence too.

How can you upskill yourself?

• Know what you want

Several mainstream universities and other online platforms offer skill, upskilling and reskilling programs. So, you must self-introspect to understand which course will suit you, considering your academic background and career goals. Understanding the future job market is also crucial to stay relevant in the longer run. So, research to map the scope of your dream job.

• Follow the path

These programs can be super expensive but don’t let the cost bother you. If you worry about the cost, you will face challenges in building a promising career. You can hop over your financial hurdles by opting for a loan for education. If you want to pursue these courses overseas, a study loan for abroad education is available too. Student loans are a fantastic way to finance your studies independently.

Please remember whether you choose a mainstream study program or skilling, upskilling and reskilling courses, Avanse Financial Services, will always be with you. At Avanse Financial Services, we offer education loans for various study programs. If you want more information, please feel free to connect with us. We will be glad to assist you.