82% of professionals are concerned about job redundancy due to emerging technologies: Hero Vired Report

Bengaluru, December 20, 2220, 2023: A recent report on 'Future of the Skills Landscape 2024’ by Hero Vired, a leading learntech startup from the Hero Group, revealed a notable trend among professionals and graduates. Drawing insights from a comprehensive survey that reached out to 2 lakh individuals, consisting of students, working professionals, and academicians; a significant 82% of working professionals expressed concerns over potential job redundancy due to emerging technologies. This finding underscores the unease within the workforce about the impact of evolving technologies on job security.

Interestingly, despite these concerns, 78% of working professionals recognize upskilling as a proactive strategy to navigate the rapidly changing work landscape. This acknowledgment reflects a growing awareness of the need for continuous learning and skill enhancement to stay relevant in today's dynamic job market.

The report delves into the role of Artificial Intelligence (AI) in shaping career trajectories. 39% of respondents believe that knowledge of AI significantly influences career growth opportunities within their current organisations, and a significant 43% express dissatisfaction with the lack of adequate AI training provided by their employers. This highlights a clear gap between perceived importance and the actual provision of training in this critical technology domain.

Commenting on the findings, Akshay Munjal, Founder and CEO, Hero Vired said, “The report captures the sentiments and priorities of professionals and graduates amidst a dynamic and volatile job landscape. It illuminates concerns tied to technological changes and the urgency to upskill in order to address these challenges. Also, as professionals and companies alike are placing the long-due focus on sustainability, fitness, and mental health; job roles in these sectors will be in demand.  Through our platform, we aim to address the skill gaps prevalent in the country through new-age courses that aim to make professionals future-ready for the 21st century and Industry 4.0.”

The emergence and impact of generative AI, exemplified by the late 2022 launch of ChatGPT, have sparked discussions in corporate boardrooms and households alike. Notably, 90% of respondents predict AI to be the most in-demand skill in the next five years, out of which a striking 80% anticipate AI to be the highest-paying job within the same timeframe.

The report also sheds light on the frequency and preferences for upskilling. Out of the working professionals in the age group of 18-55, both from metro and non-metro cities, 43.5% of them express the need for upskilling every 6 months. 83% of the respondents believe that upskilling, particularly in AI, will enhance their job opportunities. Moreover, with ed-tech platforms revolutionising education and enhancing accessibility, a significant 81% of respondents who upskilled themselves last year, opted for online courses in their learning journeys.

“It cites concerns tied to rapid technological advancements while underscoring the crucial role of upskilling in addressing these challenges. Upskilling will prepare future leaders to better navigate through the challenges and assist them when using technology to their advantage.” Akshay Munjal added.

Beyond the technology domain, the report also identifies the top three non-technology sector jobs expected to be in high demand: digital marketing, green jobs, and mental health coaching. As industries prioritise environmental responsibility, demand grows for professionals with expertise in Corporate Social Responsibility (CSR), corporate governance, and eco-friendly technologies. This diversification suggests a broader recognition of the evolving nature of skills required across various sectors.

Respondents who were upskilled with hard skills 6 months ago highlighted the importance of equally focusing on soft skills as well. Beyond technical expertise, employers value communication, adaptability, and emotional intelligence. As automation advances, the human touch embodied in soft skills distinguishes professionals in an evolving workplace. This dual emphasis reflects an understanding of the need for a well-rounded skill set in today's competitive job market.

In the rapidly evolving world, anyone returning from a career break will face an obsolescence of skills. This is even more concerning for women, as a 6-month maternity leave, for instance, is bound to make most women feel inadequate, amidst a few gender-specific social stereotypes that still exist. However, the report indicated that 75% of women, who upskilled, found it easier to get back to work post a career break, thus signalling a ray of hope for them.

In essence, as individuals and organisations adapt to the evolving demands of the professional landscape, Hero Vired's report serves as a valuable resource for understanding the dynamics of the contemporary job market. As an emerging learntech platform, it is committed to shaping a workforce that is not just future-ready but at the forefront of innovation and technological prowess.