The youth of our nation is responsible for shaping the economic, social, moral and cultural landscape. With the emerging job market, our youth will need to step up to stay ahead of the learning curve. In such a scenario, upskilling plays a crucial role. So, this World Youth Skills Day, let's dive in to understand various aspects of upskilling to be future-ready.

Key Highlights

• The significance of World Youth Skills Day
• Upskilling meaning
• Why upskilling is important?
• What is reskilling
• Upskilling and Reskilling: Primary differences at a glance
• Upskilling and reskilling examples

The significance of World Youth Skills Day

Back in 2014, the United Nations General Assembly declared 15 July as World Youth Skills Day. This day is celebrated to spread awareness about the importance of skill development, which can unlock several opportunities for employment and entrepreneurship. The message for everyone on this day is loud and clear - empower yourself to thrive in your academics and professional career.

Also Read: Unlock your potential by skilling, upskilling and reskilling

Upskilling meaning

Upskilling is learning a new set of skills and gaining expert knowledge in any chosen domain. When you level up your skills, you bridge the existing skill gap in the market or your organisation. Please remember, there is no age limit for upskilling, and anybody can upskill, from a student to a professional and also an entrepreneur.

Why upskilling is important?

Did you know India is known as a young nation, with over 40% of the population under 25? The youth will steer the nation through several challenges, and upskilling is of utmost importance in empowering our future leaders. If you are wondering why upskilling and reskilling are important, please remember we are living in an era which has witnessed Industry 4.0, leading to several emerging careers that have turned several job roles obsolete. As per recent reports, approximately 97 million new jobs will emerge by 2025.

Why upskilling is important for employees

The business landscape is dynamic and undergoes constant changes. We now have career avenues such as Virtual Reality Developers and Driverless Car Engineers, which did not exist some 20 years ago. The job market is highly volatile, and therefore, you need to be equipped with the latest skills.

Also Read: Essential skills required to be a Software Developer

Some employee upskilling advantages

• Career advancement
• Cross-functional movement
• Bridging the skill gap
• Increased productivity at the workplace

Why upskilling is important for students

These days, students opt for upskilling courses post-completion of their education so they can enjoy a competitive advantage when transitioning to their career and also to future-proof themselves. This also provides them with additional knowledge that some courses may not offer. For instance, an IT bachelor's student aspiring to be a Data Scientist can pursue an online upskilling course on coding to prepare for higher education or a career in Data Science.

Upskilling advantages for students

• Improved confidence
• Wide range of career opportunities
• Identify new interest areas
• Increased earning potential

Also Read: Why problem-solving skills are essential for academic aspirants

What is reskilling

Many students may think that upskilling and reskilling mean the same. Although they may be similar in some ways, as both involve learning skills, they slightly differ. Reskilling is lateral learning, which means you can develop cross-functional expertise or gain competence in your current role. Reskilling will enable you to take up a new role or widen the scope of your current role in the existing organisation or domain. After completion of your studies, when you start working, you can opt for reskilling courses to stay competent or take up additional responsibilities.

Upskilling and Reskilling: Primary differences at a glance

Reskilling and upskilling are crucial in both your academic life and your professional career. Learning is a continuous process, and upskilling and reskilling will keep you relevant in this ever-changing business environment.

Particulars	Upskilling	Reskilling
Meaning	Upskilling is to upgrade your knowledge and skills in your chosen domain to gain a competitive advantage.	Reskilling is learning additional domain-specific skills or cross-functional skills to open new pathways in your career.
Impact on career	As a student, you gain in-depth knowledge in your preferred area. For professionals, it will open new pathways in their careers.	You can don multiple hats in your existing role or switch roles in your industry.

Upskilling and reskilling examples

Executive MBA courses are in demand as the employees can upgrade their knowledge and polish their management skills to climb the corporate ladder. Such executive education can be called upskilling. If a Commerce student aspires to explore Web Development, they pursue a diploma, degree or certification program to reskill in their preferred domain.

Also Read: What are the top 10 benefits of STEM education

On this World Youth Skills Day, you can embark on your academic quest. Regardless of the study program you opt for, a loan for education is a prudent choice to finance your higher independently. At Avanse Financial Services, we offer student loans for a plethora of courses. Please get in touch with us if you have any queries.