Reskilling over hiring new is the overwhelming majority view of business leaders: upGrad – FICCI’s whitepaper

upGrad, online education company in association with FICCI has brought out a whitepaper on the “High-Impact Online Learning at Scale” wherein 87% respondents opine that reskilling is preferred over hiring anew.

That reskilling existing employees is always more economical than hiring new ones was  something respondents of upGrad’s 2020 industry-leading survey of Learning & Development (L&D) and business leaders agreed in large numbers.

An overwhelming 72% of respondents reported steady or increased budgets for online learning which has increased to more than 95% in the post COVID19 numbers. Organisational learning and development has become more strategic with increased budgets and more responsibilities. Online learning at scale can also help organisations navigate Black Swan events such as the current unprecedented coronavirus pandemic, ensuring learning continuity. 

However, online learning comes with a set of challenges that include low completion rates and indifferent learner engagement.

 The White paper was launched during a webinar on April 28, and brought senior leadership from AICTE, CBSE, FICCI, and Welspun under one virtual window. Speakers and panelists included, Dr Anil Sahasrabudhe, Chairman, AICTE, Dr. Biswajit Saha, Director -Training & Skill Education, CBSE, Shobha Mishra Ghosh, Assistant Secretary General, FICCI, Atul Kulshrestha, Chair, FICCI EdTech Task Force & Founder, Chairman & MD, Extramarks,  Poonam Jamwal, Director, Extramarks,  Gerald Jaideep, Co-Chair, FICCI EdTech Task Force & CEO, Medvarsity,  Shweta Rajpal Kohli, Co-Chair, FICCI EdTech Task Force & Country Director – Gov. Affairs and Public Policy, Salesforce,  Nandita Abraham, President, Pearl Academy, and Ronnie Screwvala, Co-founder & Chairman, upGrad,  Mayank Kumar, Co-founder & MD, upGrad. The moderation for the webinar done by  Nilanjan Kar, President-Enterprise Business, upGrad.

The White paper also highlights the sharp and articulated perspective of industry stalwarts like  Shobha Mishra Ghosh, Asst Secretary General, FICCI, who believesthat users of online education in India are expected to reach 9.5 million by 2021 from 1.9 million in 2017-18. She also adds, “With a rapid increase of mobile internet users in India, which is expected to reach 85% households by 2024, this can change the education system and enhance the effectiveness of learning & teaching practices.”

The rapid adoption of new and emerging technologies is imperative for business success today. Across verticals, enterprises face barriers to this adoption due to a skills gap in their workforces. Such barriers can be crippling, hampering business growth in present-day hyper-dynamic marketplaces.

“We aim to partner with businesses and governments worldwide to transform their talent in the face of accelerating change,” add Ronnie Screwvala, Co-founder & Executive Chairman, upGrad.