Strategies to Upgrade BFSI Talent Pool through Upskilling and Reskilling

• L&D programs use technology to provide training to BFSI professionals for niche roles. This includes interactive story-based learning, scenario-based e-learning platforms, virtual classrooms, and gamification.
• Gamification can significantly increase employee engagement in L&D programs in the BFSI sector. Turning training modules into interactive and enjoyable experiences can improve completion rates and enhance learning outcomes.
• Leaderboards, scoring, badges, and levels motivate learners. They engage in problem-solving and remember information. This helps them apply what they’ve learned in their jobs.
• Another critical benefit of gamification is its ability to provide companies with real-time and actionable data. This data helps organisations track employee progress and find areas for improvement, making data-driven decisions to improve training programs.

Driving Success: The Positive Impact of Upskilling and Reskilling in BFSI

Employee Retention: Continuous upskilling and professional development significantly impact employee retention. A good learning culture helps keep employees engaged. Investing in L&D is important for this.

In-demand skills: Software development, IT banking, insurance expertise, and financial analysis are needed by employers. L&D can significantly contribute to developing these skills.

Employer Brand Development: L&D results improve a business’s brand, allowing it to attract and keep top talent, increase employee involvement, and, in the end, boost efficiency and performance.

Conclusion

The Banking, Financial Services, and Insurance (BFSI) sector stands out as a strong base in the complex Indian economy. It supports economic growth, financial security, and job possibilities. The statistics for the last five years underline its unwavering growth trajectory, with bank credit and deposits witnessing substantial expansion.

To keep growing and adapting to changes in the BFSI sector, L&D programs are necessary. These programs must adapt to meet the evolving needs of both customers and employees. This includes upskilling and reskilling initiatives that empower professionals with digital literacy, data analytics, cybersecurity, and soft skills.

The positive impact of upskilling and reskilling in BFSI is far-reaching. It leads to improved employee retention, specialised skill development, and an organisation’s employer brand enhancement.

BFSI companies can become industry leaders by investing in their workforce. They can also drive innovation and ensure financial inclusion and stability for millions in India. Continuous learning and development are crucial for the BFSI sector’s success in the ever-changing business era.

The introduction of 5G report by TeamLease with its promise of enhanced connectivity and reduced latency, is one such initiative that will have a cascading effect on various economic facets.  It will contribute to enhancing the quality of work and promoting the talent development of the entire workforce. Expanding coverage to remote areas and enhancing the user experience with augmented reality and virtual reality technologies will have an impact on multiple other industries, including healthcare, agriculture, education, and disaster management, resulting in the creation of jobs and the widening of the urban-rural divide. 5G will also enable the development of new IoT-powered services and products, which will in turn drive the development of new business models. The rise of IoT will create entirely new job roles and opportunities. For example, IoT architects, data scientists, IoT security specialists, and connectivity experts will become sought-after positions in various industries. Additionally, it will revolutionise the transportation and mobility industries and enable remote working models. Adoption of new 5G-enabled technologies in the manufacturing sector will increase productivity, decrease downtime, reduce waste, and thus control costs. The Telecom Regulatory Authority of India has encouraged telecom operators to share infrastructure like towers and fiber networks to reduce duplication and improve cost-efficiency. It will also facilitate the development of smart structures and smart cities, which will have a substantial effect on security and surveillance. India Inc. must imitate the telecom industry’s 5G deployment model by embracing new technologies, implementing talent development, and expanding the scope of work beyond urban centers.

Telecom Regulatory Authority of India conducts regular consultations with stakeholders and issues recommendations on various aspects of the telecom industry, seeking to align regulations with industry needs and technological advancements.

From network engineers to cybersecurity experts, telecom jobs in India are buzzing with opportunities. Moreover, the surge in e-commerce, digital payment systems, and remote work has further boosted the demand for robust telecom infrastructure. This translates to a growing need for professionals who can design, build, and maintain the networks that keep our digitally interconnected world functioning smoothly. It is estimated that over the next five years, an increase in mobile-phone penetration and a decrease in data costs will add 500 million new Internet users to India, creating opportunities for new businesses comprising from online insurance coverage to online food delivery. India will require a 22 million skilled workforce by 2025 to operate hardware, software-defined networks, computer data, and manufacturing in 5G-centric technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and the cloud. The increase in daily subscribers, along with the creation of new jobs and business opportunities, encourages investment in this sector. As India inches towards becoming a global digital leader, the telecom sector stands at the heart of this transformation. This presents an exciting opportunity for individuals to contribute to India’s digital journey while carving out rewarding career paths in the dynamic realm of telecommunications.

Some of the D2C space for Cosmetics & Beauty Business:

One of India’s leading E-commerce platforms for Beauty Products began as a beauty marketplace and has expanded to become a significant player in the Indian e-commerce sector. The online store has expanded beyond cosmetics, entering the fashion industry, introducing private label products across various lifestyle categories, and preparing to enter international markets.

The leading e-commerce platform in the Indian beauty industry has consistently impressed observers with its rapid expansion. The fashion entity of this company struggles to maintain its current market share in the face of rising competition from well-funded rivals.

Even now, it is one of the few successful startups. However, its parent company reported a 71% decline in net profit to 8.5 crore in the December quarter of 2022-23 compared to the same period a year earlier. Its margins were eaten up by the cost of renting shops, offices, and warehouses. Positively, profits increased by 63% from the previous quarter, which ended in September.

One of India’s biggest Department store chain’s fourth quarter consolidated revenue was Rs 923.90 crore, a growth of 29% from the same period in the previous fiscal year. In addition to opening 12 new beauty locations and renovating five others, it has secured exclusive distribution for 15 cosmetics lines. This company also announced additional investment in its Global Beauty Brands subsidiary of up to Rs. 25 Crores in one or more tranches.

TATA Group’s E-commerce platform, founded in 2016, has recently raised Rs 1,600 crore. The platform’s strategic focus is on expanding its customer reach within tier 2 and 3 cities, where there has been a notable increase in demand. Simultaneously, the platform anticipates sustained growth within tier 1 and metro cities, consequently leading to a significant uptick in hiring activities.

India’s second-highest-valued startup in cosmetics experienced a notable growth of 71.6% in its revenue from operations, which increased from Rs 128.15 crore in FY21 to Rs 219.88 crore. These figures are based on the company’s consolidated financial statements submitted to the Registrar of Companies. Aside from its online sales platform, it manages a network of over ten offline stores across India, including prominent cities such as Mumbai, Pune, and Bangalore. This expansion trajectory consequently results in the recruitment of an increased workforce.

An omnichannel beauty retailer launched in 2023 could become a formidable rival to all the above-mentioned E-commerce spaces. It opened a second store in India after the success of its first location on Jio World Drive in April by moving into the Infinity Mall in Malad. Now its store model could be expanded to as many as one hundred Indian cities with local variations. This expansion plan is expected to result in a substantial augmentation of the workforce.

New Companies are entering this space

India’s personal care and cosmetics industry shows annual growth of 3.86 percent and year-over-year volume growth of 143 percent defining the future of retail sector in India. The market is predicted to top $100 billion globally in 2023. Countless new cosmetics companies have appeared, and manufacturers now employ a dizzying array of novel ingredients in their concoctions. Various online platforms offer a wide range of beauty products directly to consumers. However, these products are predominantly sold in retail stores.

Impact on the workforce with a rising retail market

The cosmetics and beauty retail industry is experiencing a substantial 35-50% increase in demand for beauty advisers, sales personnel, and beauticians. This growth surge transforms consumer preferences and creates a cascade of job opportunities across various sectors.

Retail stores are at the forefront, offering roles ranging from sales associates to beauty advisers, catering to personalised shopping experiences. Distribution centres are also booming, demanding logistics, inventory management, and supply chain optimisation experts to keep products flowing smoothly.

The digital landscape is evolving, too, with e-commerce operations requiring professionals skilled in customer service, digital marketing, and online sales management. Blue-collar workers are essential, handling tasks like stocking shelves, arranging displays, and maintaining store operations. Warehouse and delivery services are adjusting to increased demand, opening up roles in warehouse management and efficient last-mile delivery. As the industry expands, these diverse job opportunities are shaping the future of the job market, offering a range of careers for various skill sets.

Effective strategies for smooth volume hiring

• Technology Integration: Embracing technology, such as Applicant Tracking Systems (ATS), streamlines mass hiring. ATS manages candidate data, automates communication, and centralises team collaboration.
• Data-Driven Decisions: Data analytics identifies candidate trends, improving hiring choices and reducing turnover for higher-quality hires.
• Pre-Employment Assessments: Pre-employment assessments filter unqualified candidates tailored for blue-collar skills and attributes.
• Virtual Hiring Events: Virtual career fairs expedite hiring, allowing connecting with many candidates at once, enhancing the candidate experience, and offering initial screening.
• Collaborative Hiring: Engaging hiring managers and team members distributes workload, ensures fair candidate evaluation, mitigates biases, and boosts hire quality.
• Automated Communications: Implementing automated tools like chatbots improves the candidate experience by offering updates and answers from application to onboarding.
• Diversity and Inclusion Initiatives: Promoting diversity by training hiring teams and setting diversity targets, can help create a more inclusive workforce.
• Onboarding Efficiency: Developing structured onboarding speeds new-hire integration and boosts productivity.
• Upskilling: Amidst swift technological advances and industrial shifts, upskilling becomes crucial. Evolving industries require the workforce to adapt, making upskilling the vital link between skilled labour demand and the available workforce.
• Apprenticeship: Apprenticeship programs offer a potent solution for closing skill gaps. Through hands-on training and mentorship, individuals gain practical expertise and confidence, fostering a strong sense of unity among workers. Aspiring artisans, mechanics, and craftsmen benefit immensely from this direct route to mastering their chosen trades.

Key trends & pay dynamics for bulk workforce strategy

Amidst evolving industries, exploring the Jobs and Primer Salary Report FY 2022-23 report can provide invaluable insights and guidance. This report not only helps businesses navigate the complexities of bulk hiring and competitive compensation in an evolving job market but also holds special relevance for temporary job recruitment.

Way forward

While the scarcity of skilled labour can pose challenges, temp workers offer a solution to the surges in seasonal demands that organisations often encounter. Overcoming the talent acquisition challenges of bulk recruitment for junior and entry-level positions requires innovative approaches beyond traditional strategies. Not just e-commerce, but various industries are witnessing steady growth and demand this festive season as BSFI sector is projecting about 50 000 people to get jobs in the coming festive season, and phone manufacturing is expecting 40,000-60,000 direct jobs pan India by March 2024. As the demand surges, and so thus the competition for hooking skilled workforces. Thus, to cruise through large-scale staffing demands and unique strategies by leveraging skilling-upskilling programs, technology, data-driven insights, and innovative approaches to candidate engagement, organisations can effectively navigate the complexities of recruiting in volume hiring.

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Implications of IoT on the Job Market

5G: Powering the Next Generation of Transportation

The advent of 5G technology brings ultra-fast and reliable connectivity, enabling real-time communication and data exchange between vehicles, infrastructure, and pedestrians. With its low latency and high bandwidth, 5G accelerates the deployment of autonomous vehicles, advanced driver-assistance systems (ADAS), and smart traffic management. It is estimated that by 2025, 5G-enabled transportation will account for over 20% of the total 5G-enabled devices, according to GSMA.

Increased Demand for Technical Skills: As IoT adoption grows, there will be a higher demand for professionals with expertise in IoT development, data analytics, cybersecurity, cloud computing, and artificial intelligence. Companies will need skilled talent to design, develop, and manage IoT devices and networks.

Emergence of New Job Roles: The rise of IoT will create entirely new job roles and opportunities. For example, IoT architects, data scientists, IoT security specialists, and connectivity experts will become sought-after positions in various industries.

Focus on Cybersecurity: With the increasing number of connected devices, the risk of cyber threats and data breaches also rises. Organizations will need cybersecurity experts to protect their IoT networks and safeguard sensitive information.

Adaptation of Existing Roles: Existing job roles will also evolve to incorporate IoT skills and knowledge. Professionals in fields like manufacturing, logistics, and healthcare will need to upskill to leverage IoT technologies effectively.

Changing Skill Requirements: As IoT technologies advance, traditional job roles may require additional technical competencies. Employees will need to engage in continuous learning to remain competitive in the job market.

The Internet of Things is a transformative force that is reshaping the way we live and work. As IoT adoption continues to expand, its implications on the job landscape cannot be overlooked. Organizations will need to attract and retain talent with specialized technical skills to leverage the full potential of IoT. Meanwhile, professionals must embrace the opportunities offered by IoT and invest in upskilling to stay relevant in a rapidly changing job market.

The report by TeamLease on 5G technology and the Internet of Things heralds a new era of connectivity and communication. 5G’s ultra-fast speeds, high capacity, and low latency empower IoT to thrive and revolutionize industries ranging from healthcare and manufacturing to transportation and smart cities. As 5G continues to roll out globally, the true potential of the IoT-5G partnership will unfold, creating a future where everything is interconnected, intelligent, and enabled to drive innovation and improve lives.

Data-driven insights: Collecting and analysing vast amounts of data related to talent acquisition and hiring processes has been enabled through digital transformation. These data-driven insights help recruiters make more informed decisions, identify areas for improvement, and optimise recruitment strategies.

Skills assessment and testing: Digital tools have made it easier to conduct skills assessments and testing, allowing recruiters to gauge a candidate’s abilities accurately and objectively. Online skill assessment platforms offer a wide range of tests, from technical skills to cognitive abilities.

Automation of administrative tasks: Digital transformation has automated many administrative tasks involved in the staffing process, such as document management, contract generation, and background checks. This allows recruiters to focus more on strategic tasks and building relationships with candidates and clients.

Improved employee engagement: For companies, digital transformation has extended beyond the hiring process. It has also improved employee engagement and productivity within the organisation. Tools like collaboration software, project management platforms, and HR analytics enable better team communication and performance monitoring.

Personalised learning and development: Digital revolution has facilitated the delivery of personalised learning and development programs for temporary and contract workers. This enhances their skills and makes them more marketable in the evolving job market.

Overall, leveraging technology enhances process efficiency, cost reduction, and quality, leading to a more effective on-boarding experience. Digitisation or digital revolution has undoubtedly brought about significant benefits and opportunities like streamlined processes, fast hiring, and augmented access to talent pools, opportunities for improved efficiency and cost-effectiveness. However, it also comes with its fair share of challenges that job seekers and employers must navigate.

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Common misconceptions about recruitment and selection

Common misconceptions about recruitment and selection often lead to misunderstandings and ineffective practices in hiring. These misconceptions include beliefs such as finding the perfect candidate is easy, HR being solely responsible for the process, and blue-collar recruitment being less challenging than white-collar recruitment. By debunking these myths and shedding light on the realities, HR professionals can gain valuable insights and develop effective strategies to attract and select the right talent for their organisations. Here are seven prevalent myths surrounding recruitment and selection.

Myth #1: Blue-collar recruitment is less complex than white-collar recruitment.

Reality: Blue-collar recruitment brings unique challenges, such as a wider talent pool, skill evaluation, and retention strategies, making it equally complex and demanding as white-collar recruitment. Think about it: manufacturing, construction, logistics, and other industries heavily rely on these skilled blue-collar workers to get the job done. They are the gears that keep the machine moving. Skill assessment is crucial for identifying candidates with the right expertise. Retention strategies, including a supportive work environment and growth opportunities, are critical to keeping blue-collar employees engaged. Balancing these complexities is essential for successful blue-collar recruitment and maximising organisational success.

Myth #2: All HR cares about are policies and procedures

Reality: HR ensures compliance with laws and regulations to protect employees and the business, among other responsibilities.

Myth #3: Online job portals are the only effective recruitment solution.

Reality: While online job portals are widely used, combining them with other channels like social media, employee referrals, and industry-specific platforms can enhance the reach and quality of candidates.

Myth #4: Hiring solely based on qualifications and experience guarantees success. 

Reality: While qualifications and experience are necessary, cultural fit, attitude, and growth potential are equally vital for long-term success within an organisation.

Myth #5: HR functions end once the candidate is hired.

Reality: Effective onboarding, continuous training, and development programs are crucial to ensuring new hires’ successful integration and retention.

Myth #6: Recruitment and selection are cost centres.

Reality: Strategic hiring processes can result in significant cost savings through reduced turnover, increased productivity, and improved organisational performance.

Myth #7: The role of HR has little impact on employee engagement and retention.

Reality: An effective talent selection process focusing on employee fit and engagement significantly improves retention rates and overall job satisfaction.

Final notes

While recruitment and selection are essential HR functions, debunking some common misconceptions surrounding these processes is crucial. Streamlining the talent acquisition procedure is not about compromising quality or excluding diverse talent. Instead, it is about optimising procedures for efficiency, objectivity, and a positive candidate experience. Through technology integration, collaboration with hiring managers, and standardised methods, organisations can attract and retain top talent while making informed hiring decisions. Continuously evaluating and refining strategies to meet evolving market dynamics and candidate expectations is crucial. By debunking myths and embracing effective practices, organisations can build a strong workforce that propels success.

TeamLease is a specialised staffing firm, providing temp and contract staffing solutions. We serve across the country with our presence spread over 7500+ pin codes. To explore the crucial aspects of recruitment and selection within HR functions and access valuable insights and expertise in attracting top talent for your organisation contact us.

How to reduce unemployment in India? Plausible strategies

Several plausible strategies can be employed to reduce unemployment in India. Strengthening the rural economy, improving agricultural productivity, and enhancing access to credit for small farmers can also mitigate unemployment in rural areas. Lastly, fostering a conducive business environment, simplifying regulatory frameworks, and ensuring ease of doing business can attract investments and stimulate job creation across various sectors.

Here are some of the plausible strategies on how to reduce unemployment in India:

1. Promoting skill development and vocational training: Investing in skill development and vocational training is crucial to enhance employability. The government should collaborate with private institutions and industry experts to offer comprehensive training programs aligned with market demands. This would equip individuals with industry-relevant skills, making them more employable.
2. Encouraging entrepreneurship and startups: Promoting entrepreneurship can create new job opportunities and stimulate economic growth. The government can establish incubation centres, provide financial incentives, and simplify regulatory procedures for startups. Encouraging a culture of innovation and entrepreneurship will generate employment and foster a culture of self-reliance.
3. Strengthening the manufacturing and industrial sectors: Revitalising the manufacturing and industrial sectors can significantly impact employment generation. Emphasising government initiatives such as the PLI Scheme can be instrumental in attracting domestic and foreign investments, streamlining regulations, and supporting infrastructure development. This, in turn, facilitates the establishment of new industries, expansion of existing ones, and subsequent job creation.
4. Enhancing rural employment opportunities: A substantial portion of India’s population resides in rural areas, where employment opportunities are often limited. By focusing on rural development schemes, such as agriculture modernisation, rural infrastructure development, and skill training for rural industries, employment prospects can be improved in these areas. Additionally, promoting decentralised industries and encouraging rural entrepreneurship can uplift rural economies.
5. Encouraging public-private partnerships (PPP): Collaboration between the public and private sectors is crucial in tackling unemployment. This can be achieved by implementing investor-friendly policies, tax incentives, and support for job-oriented initiatives. The Indian government is actively promoting Public-Private Partnerships (PPP) to encourage private participation in infrastructure development. These initiatives include Viability Gap Funding (VGF), Indian Infrastructure Project Development Fund (IIPDF), Indian Infrastructure Finance Company (IIFC), and Foreign Direct Investment (FDI).
6. Harnessing the potential of digitalisation and technology: Embracing digitalisation and leveraging emerging technologies can unlock new employment avenues. Digital transformation is sweeping across industries, fundamentally changing how businesses operate and engage with customers. Initiatives such as promoting digital literacy, supporting digital platforms for gig economy work, and fostering technology-driven sectors like e-commerce and fintech can create jobs and empower a digitally skilled workforce.
7. Strengthening education and industry collaboration: Bridging the gap between education and industry requirements is crucial to reduce unemployment. Collaboration between educational institutions and industries can lead to the development of curriculum aligned with industry needs, internship programs, and vocational training tie-ups. This would equip students with practical skills and improve their employability.

Empowering India’s demographic dividend and reducing unemployment in India

India’s demographic dividend, characterised by a significant young population, holds immense potential to address the pressing issue of unemployment in the country. To effectively reduce unemployment, it is crucial to empower this demographic dividend through skill development and job creation initiatives. By prioritising quality education, vocational training, and entrepreneurship programs, India can equip its youth with the necessary skills and knowledge to meet the demands of the job market. Encouraging public-private partnerships and industry collaborations can facilitate the creation of more employment opportunities that align with the skills and aspirations of the young workforce.

Additionally, promoting innovation, supporting start-ups, and enhancing access to finance can nurture an entrepreneurial ecosystem, enabling young individuals to create their own job opportunities. By empowering India’s demographic dividend, the nation can harness the energy and talent of its youth to drive economic growth, alleviate unemployment, and foster a prosperous future for all.

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Benefits of Smart factory

1. The Inclusive and Integrated Manufacturing Strategy: Industry 4.0 provides an inclusive and integrated manufacturing strategy that connects the physical and digital realms. This connectivity improves collaboration between departments, leading to enhanced efficiency and productivity across the entire value chain.
2. Bridging the Skill Gap: To fully leverage the potential of Industry 4.0, businesses require a skilled workforce. Educational institutions play a pivotal role in addressing the skill gap by incorporating new courses that align with emerging technologies in the manufacturing sector.
3. Collaboration with Industry: To ensure the relevance of educational programs, collaboration between educational institutions and industry players is vital. By establishing partnerships, educational institutions can align their curriculum with the evolving needs of the manufacturing sector, preparing students for Industry 4.0 careers.

Impact of Smart Factory on Jobs

The impact of Smart Factory on jobs is multifaceted and can be both positive and negative. There are few pointers to be considered:

1. Job Displacement: Automation and new technology might replace laborious and repetitive human activities. Manufacturing, logistics, and customer service may lose jobs. Self-checkout systems and assembly line robots can replace cashiers.
2. Job Transformation: Smart factories creates new employment and possibilities while eliminating some jobs. Data analysis, cybersecurity, software development, and digital marketing requires skilled people. Jobs that require complex problem-solving, creativity, and interpersonal skills are difficult to automate.
3. Job Augmentation: Smart Factory Technology can improve human competencies and job functions without replacing them. Collaborative robots  (Cobots) work alongside humans that help employees and boost their productivity. Human-machine collaboration improves workplace efficiency and safety.

Conclusion

Industry 4.0 and the rise of smart factories are transforming the manufacturing landscape by integrating advanced technologies and data-driven processes. This new era requires a skilled workforce with digital literacy, data analysis capabilities, and a fundamental understanding of automation and robotics. The transition from Industry 3.0 to Industry 4.0 represents a significant leap in terms of connectivity, intelligence, and efficiency in industrial operations.

To fully embrace the potential of Industry 4.0, businesses and educational institutions must collaborate closely. Educational institutions need to update their programs and include courses that cover emerging technologies such as IoT, cybersecurity, robotics, and 3D printing. This will equip future engineers and workers with the necessary skills to thrive in the Industry 4.0 environment.

Smart factory offer numerous benefits, including an inclusive and integrated manufacturing strategy that enhances collaboration between departments, bridging the skill gap through education-industry partnerships, and optimizing operations for improved efficiency and productivity across the value chain.

As Industry 4.0 continues to advance, it is crucial for businesses and educational institutions to embrace the changes, adapt to the evolving demands of the manufacturing sector, and nurture a workforce that can leverage the potential of smart factory. By doing so, we can unlock the full benefits of Industry 4.0 and shape a more efficient, connected, and intelligent future for manufacturing.

Top and bottom paymasters

In recent years, several industries in India have witnessed significant salary growth. Telecommunication, Media & Entertainment, and  IT & Knowledge Services are the top three industries that have experienced notable salary growth in FY 22-23. While BFSI, Automobile & Allied, and Agriculture & Agrochemicals have witnessed relatively lower salary growth in FY 22-23.

Industries with steady and quick job growth

Agriculture and Agrochemicals industry has experienced a remarkable digital transformation, leading to the emergence of highly lucrative “hot jobs.” IT and Knowledge Services industry remains committed to offering attractive rewards across job categories and prioritises investment in growth-focused roles.

The BFSI industry is actively generating diverse job roles in both hot and longstanding sectors while optimising payouts. BFSI industry is leveraging technology to improve efficiency, drive innovation, and stay competitive in an increasingly digital world.

Resilience amidst attritions, layoffs and changing world of work

While it is assumed that the storm caused by various global headwinds has begun to subside and transition into a phase of recovery, it is crucial to acknowledge that salary continues to be a significant motivating factor for candidates when deciding where to work. In the aftermath of the Great Resignation, layoffs, and attrition, companies should proactively review their salary structures and explore non-monetary strategies to enhance talent attraction and retention.

Implementing learning solutions and upskilling initiatives can be a powerful strategy to combat organisational attrition. By offering employees opportunities to enhance their skills and knowledge, companies demonstrate a commitment to their professional development and growth. Upskilling programs equip employees with the necessary competencies to thrive in their current roles and provide them with a sense of purpose and motivation to stay with the organisation. Companies can cultivate a culture that values growth and creates a positive work environment by prioritising continuous learning, investing in employee development, fostering engagement, and implementing strategies to reduce attrition rates. Moreover, employees who feel supported in their professional growth are more likely to remain loyal and contribute to the organisation’s long-term success.

The future belongs to those who are resilient and agile. In today’s rapidly changing work scenario, adaptability is crucial. Willingness to embrace and invest in new technologies, work methodologies, and skilling programs will help businesses stabilise and foster long-term growth.

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Reskill existing or hire new?

The green economy will require new labour market skills, profiles, qualifications, and training, particularly in areas related to environmental sustainability. Companies must prepare their workforce for the upcoming sustainable changes, including the rise of green collar jobs such as environmental consultants, solar panel installers, and wind energy technicians.

A significant question arises: should organizations reskill their existing workforce or hire new talent for the emerging green economy? Both strategies can effectively address the growing demand for green jobs, which are crucial for economic growth and the transition to electric vehicles.

Reskilling existing blue collar workers has several advantages, including cost-effectiveness and fostering loyalty. This approach can help organizations adapt to the needs of the green economy while utilizing the experience of their current workforce.

Conversely, hiring new talent can introduce fresh perspectives, skills, and ideas. Bringing in green collar workers can diversify the workforce and provide access to a larger talent pool. New hires may possess specialized skills in renewable energy technology or environmental policy, which are essential for advancing environmental sustainability initiatives.

Initiatives taken by Indian Government to upskill the workforce

The Indian government has taken several initiatives to upskill the workforce for green-collar jobs. Here are some of the key initiatives:

• National Skill Development Corporation (NSDC): The NSDC is a public-private partnership promoting youth green jobs by developing skills in various sectors, including renewable energy and sustainable agriculture. NSDC develops and implements skill development programs to promote green jobs in India by leveraging the expertise of training providers, industry associations, and other stakeholders.
• National Action Plan for Climate Change: The Indian government’s National Action Plan for Climate Change focuses on creating a skilled workforce for the green economy. The plan includes initiatives such as the Green Skill Development Program, which provides training in solar energy, sustainable agriculture, and waste management.
• National Solar Mission: The National Solar Mission aims to promote the use of solar energy in India and create job opportunities in the solar energy sector. The mission includes initiatives such as the Surya Mitra program, which provides training for solar photovoltaic technicians.
• National Mission for Sustainable Agriculture: The National Mission for Sustainable Agriculture focuses on building the skills of farmers and agricultural workers in sustainable farming practices.

Conclusion

Green-collar jobs are becoming increasingly important as the world addresses climate change and seeks sustainable solutions. The demand for skilled workers in renewable energy, energy efficiency, and sustainable agriculture is growing. Building a job-ready workforce for the green economy is critical and requires collaboration and investment in skills development across the board. Organisations can choose either to reskill their existing workforce or hire new talent for the green economy, with each approach having its advantages, but action and momentum are imperative to keep in step with the future that is already here.

• On-the-Job Training: One effective learning solution for combating attrition is on-the-job training provided at TeamLease Skills University. This can involve mentoring, job shadowing, or cross-training opportunities that help employees develop new skills and gain practical experience. For example, an employee in a customer service role could be given the opportunity to shadow a sales representative, gaining insight into the sales process and developing a better understanding of the products they are selling.
• Continuing Education: Another learning solution is continuing education for long term retention. This could involve offering courses, workshops, or conferences that help employees stay up-to-date on the latest trends and best practices in the healthcare industry. By investing in their employees’ professional development, companies can create a more knowledgeable and skilled workforce that are better equipped to adapt to changes in the industry.
• Providing leadership development programs is another effective way to combat attrition. These programs can help employees develop the skills they need to take on more senior roles within the organization. This could involve training in areas like communication, decision-making, and conflict resolution. By investing in the development of their employees, companies can create a culture of growth and opportunity that encourages employees to stay with the company long-term.
• Career Development: Consumer healthcare companies could also offer career development programs that help employees set goals and develop a plan to achieve them. This could include career counseling, online certification programs, skills assessments, online degree/diploma programs from India’s best universities,  that help employees identify their strengths and areas for improvement. By providing employees with a clear path for growth and development, companies can help to increase job satisfaction and reduce attrition.

Finally, creating a positive work environment is key to combating attrition. This could involve regular feedback and recognition, team-building activities, and opportunities for employees to provide input and feedback. By creating a culture of openness and transparency, companies can foster a sense of community and belonging that encourages employees to stay with the company long-term.

In conclusion, implementing learning solutions-a combination of both ongoing byte sized programs and long term courses is one of the critical employee retention strategies in the consumer healthcare industry. By providing employees with on-the-job training, continuing education opportunities, leadership development programs, career development initiatives, and employee engagement activities, companies can create a more skilled, engaged, and productive workforce. By investing in their employees’ professional growth and well-being, organisations can foster a culture of growth and opportunity that encourages long-term commitment and loyalty.