Edtechs have become the new fuel to drive the future of education in a data-driven environment. To increase agility, accelerate innovation, and formulate an inclusive job-ready workforce, edtechs have put competitive technologies and automation at the forefront to achieve this goal. To meet the challenges and notch the prospects in an Industry 4.0 environment, edtechs are turning their spotlight on three key areas – finance, automation, and data sciences. On the other hand, to overcome the future global talent crunch at 8.5 trillion, edtech leaders have take the onus of making upskilling and niche courses to fuel the future talent ecosystem of the country.
To gear students and professionals with core competency (problem-solving, decision-making, and leadership), and land in competitive careers with rewarding salaries, edtech leaders agree the below trends would upend and take preeminence the talent space in 2023.
The current job market is driven by specialized education. A recent McKinsey report states that over 6-12 million jobs would be generated by niche technologies in the next 10 years. This prediction has triggered edtech leaders to offer niche programs and certifications in data sciences, full stack, Java, data analytics, human resource and people analytics & digital fInance transformation to stand-out in a competitive job market. Inviting frontline domain experts and hosting engagement activities can accelerate the visibility of skills and career vision. Another bottom line is to keep the course more flexibile, affordable, immersive, and career-focused.
India has 34% of Gen X and Z millennials. Said that, the new normal is making Big 4 and top MNCs to look for tech-savvy, agile and forward thinking professionals to drive performance and business success. This has even shifted the hiring trend from generalized to specialized talent. According to government statistics, nearly 7.68 lakh job have been generated by the edtech startups. Some of the critical reasons cited by tier 2 and 3 talent for getting upskilled is career immobiility, economic insecurity, conventional educations system, social backwardness, low salary and unpreparedness for the future of work. To support long-term career ambitions and talent guage, edtechs leaders must take a lead in expanding upskilling opportunities and engagement platforms.
Partnerships for Development
Edtechs must engage in strategic partnerships with universities and companies across all levels to understand the talent need. In the process of collaboration, you can identify the internal workings of the organization by assessing manpower strength, exploring productivity loopholes, technical skill gaps, technology use, business processes, partnering with clients, target audience, operational zones, and performance rate to offer better and advanced talent solutions. By offering key solutions, you can help companies reduce organizational costs while hiring a new person, keep productivity and engagement high of serving employees by cutting down turnover, avoid customer service errors, zero down cultural imperatives and drive performance and business outcomes.
Skills under Spotlight
In an open innovation era, hiring managers focus on new-age digital skills and domain-specific talent to drive business value and organizational success. Said that, the Big 4 and top MNCs have only a net skill of 60,000. A recent study shows that over 40% of hiring managers cite upskilling as a key to business success while the World Economic Forum of Job Report (2020) places technical, analytical, problem-solving, leadership, decision-making and creativity as key market-driven skills. To meet this increasing demand, edtech leaders should consider offering niche courses and certifications in the field of data sciences/analytics, DevOps, cloud tech, virtualization, cybersecurity, finance, audit/tax, advisory & consulting, risk management and others to meet 97 million new jobs by 2025.
The recent layoff of 85,000 workers by the world’s biggest tech giants – Twitter, Meta, and Amazon not only presents a gloomy climate but also prospective opportunities for leading and emerging tech companies. The talent drain from the silicon valley is now tapped by luxury brands and small and mid level companies to improve brand ranking and drive business models, processes, performance, and growth. Though 52% of company leaders are confident of withstanding the recession storm and over 82% see strong global economic resilience, edtechs and online learning platforms must put new-age courses to douse the future global talent crunch.
Growth and slumps are inevitable in the job market, but edtechs that harp on the right trends, resources, and opportunities will stay ahead in the talent space of tomorrow!