News provided byGreat Learning
16 Sep, 2024, 14:44 IST
- Four out of five companies experienced reduced hiring costs in FY24 due to effective internal talent development
- 64% focused on developing emerging skills in early-career professionals to drive business growth
- Looking ahead, organisations are continuing to prioritise training in Artificial Intelligence, Data Science, and Cyber Security, reflecting the ongoing demand for these critical skills
BANGLORE, India, Sept. 16, 2024 /PRNewswire/ — Great Learning (GL), a leading global edtech company for higher education and professional training, has released the “Workforce Skills Evolution Report 2024-25”. Based on trends observed among Great Learning’s client partners across various sectors and insights from a survey of over 100 learning and development (L&D) and business unit heads, this report offers a comprehensive look at key training trends and forecasts for FY25. It synthesises these insights to illustrate how organisations plan to harness talent development to drive growth, foster innovation, and build a sustainable competitive advantage.
GENERATIVE AI TRAINING REQUIREMENTS FOR ORGANISATIONS TO EXPAND BEYOND TECHNICAL ROLES IN FY25
Interest in Generative AI surged across sectors in FY24, driven by its potential to enhance decision-making, foster innovation, and improve competitiveness. In FY25, at least 50% of organisations plan to advance their teams’ skills in Generative AI, responding to strong market demand. Notably, enterprises are set to broaden GenAI training beyond technical roles, aiming to include a wider array of functions to automate repetitive tasks and boost efficiency.
Operations emerged as the leading non-tech function targeted for GenAI upskilling, followed by Customer Service and Human Resources. This strategic shift aims to automate repetitive tasks, boost efficiency, and reduce human dependency (potentially impacting labour costs). Overall, this trend reflects a broader organisational move towards integrating AI-powered solutions to drive innovation and operational improvements across various functions.
OVER 58% OF ORGANISATIONS REPORT INCREASED L&D BUDGETS IN FY25
In FY24, four out of five companies reported reduced hiring costs due to effective internal talent development. For 64% of these enterprises, the main goal of investing in workforce training was to cultivate emerging skills among early-career professionals to fuel business growth. Meanwhile, 36% of organisations focused on enhancing productivity, innovation, and creativity to improve overall effectiveness and foster a culture of innovation. Building on these trends and recognising the value of a skilled workforce, 58.5% of organisations in India have increased their L&D budgets in FY25.
AI, Data Science, and Cyber Security Remain Top Workforce Training Priorities for FY25
In FY24, Indian enterprises placed a strong emphasis on training in AI, Machine Learning, Data Science, and Data Engineering, with 76.6% of companies prioritising these areas. The IT sector led these investments, closely followed by firms specialising in analytics and digital solutions. This focus is expected to continue in FY25, as the survey shows that most organisations plan to increase their investment in training employees in these critical fields. This ongoing commitment underscores the essential role of data-driven insights and Machine Learning in advancing business innovation and operational efficiency.
For FY25, Data Science and AIML remain top priorities, particularly in the Consulting (44.4%) and Energy (41.7%) sectors, underscoring their drive for strategic decision-making and business innovation. Cyber Security continues to emerge as a crucial focus area in the BFSI sector in FY25, reflecting the need to protect sensitive data and comply with regulations. It is also significant in the IT/ITeS sector due to the extensive volume of digital transactions and data. Additionally, Cloud Computing is a key priority in both the IT/ITeS and Energy sectors, underscoring the growing importance of scalable and efficient digital infrastructure.
GCCS SHAPING FUTURE WORKFORCE TO BECOME INNOVATION HUBS
In FY24, Global Capability Centres (GCCs) concentrated their L&D strategies on enhancing agility and future-proofing their talent, with a focus on critical areas such as AI, Machine Learning, and Data Science. As we move into FY25, GCCs are set to maintain this emphasis on future-ready skills while broadening their L&D initiatives to include emerging technologies like Generative AI, Data Analytics, and Cloud Computing. This expansion aims to drive global innovation and boost organisational efficiency, positioning GCCs as pivotal hubs of technological advancement and operational excellence.
80% OF L&D PROGRAMS FOR EARLY-CAREER PROFESSIONALS LASTED 2-12 WEEKS IN FY24
More than 80% of L&D initiatives for early-career professionals, particularly in the IT/ITeS, Analytics/Consulting, and BFSI sectors, were structured as 2-12 week programs, with an average of 15 hours of training per week. These programs aimed to bridge the gap between academic learning and industry skill requirements. Meanwhile, over 67% of training for mid and senior-level executives in Manufacturing and Retail/E-commerce focused on data-driven decision-making and technical skills, typically requiring just a few hours per week to avoid disrupting productivity. For senior leaders, enterprises preferred 1-3 day capsule workshops that combined new technology training with leadership development.
Commenting on the report, Ritesh Malhotra, Enterprise Head at Great Learning, stated, “The report underscores a unanimous shift towards developing an adaptable workforce and moving away from a one-size-fits-all approach to training. Organisations now recognise that Generative AI training is crucial for achieving business objectives across all employee levels. By extending this training beyond traditional tech roles, companies are adopting a strategic L&D approach that enables their workforce to streamline processes, automate routine tasks, and drive innovation more effectively, resulting in significant cost savings. Today, Global Capability Centers (GCCs) are evolving from being mere recipients of change to active enablers of it. They are investing heavily in training for cutting-edge technologies like Generative AI, Data Analytics, and Cloud Computing to fuel global innovation and enhance organisational efficiency.“
About Great Learning
Great Learning is a leading global ed-tech company for professional learning and higher education. It offers comprehensive, industry-relevant, hands-on learning programs across various business, technology, and interdisciplinary domains driving the digital economy. These programs are developed and offered in collaboration with the world’s foremost academic institutions in various formats such as – certificate programs (ranging from 3-11 months), online degrees as well as hybrid degrees. Great Learning is able to leverage the highly qualified, world-class faculty at these universities together with its vast network of 7000+ industry expert mentors to deliver an unmatched learning experience for over 11 million learners from over 170 countries around the world.
Great Learning for Business, the enterprise arm of Great Learning, helps partner organisations build proficiencies in emerging skills at scale. Its consultative approach and experiential learning resonate with sectors like IT/ITES, BFSI, GCCs, Consulting & Analytics, e-commerce, and others. It offers talent transformation solutions that are industry-created and industry-focused, empowering organisations to achieve their business goals.
MEDIA CONTACT:
Navami Ajayan
navami.ajayan@greatlearning.in
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