Industry leaders prefer to re skill existing people instead of new recruitments: upGrad & FICCI
According to recent report released by edtech firm upGrad and industry body FICCI , it is said that Industry leaders prefer to re-skill their existing talent pool, over new hirings.
The findings of the report ‘High-Impact Online Learning at Scale’ said 87% of the business leaders upGrad interviewed during the Covid-19 crisis said that they are looking to reskill over hiring.
It also said that re-skilling existing employees is always more economical than hiring new ones.
Additionally, 75% of the respondents to the upGrad survey said that they considered re-skilling successful, in their respective organisations.
The research report also says that 37% of the respondents on the survey reported a 20% increase in learning and development budgets. However, the white paper stated that post Covid-19 outbreak, learning budget allocations for many respondents have increased by 80%.
Online learning comes with a set of challenges that include low completion rates and indifferent learner engagement.
“With a rapid increase of mobile internet users in India, which is expected to reach 85% households by 2024, online learning can change the education system and enhance the effectiveness of learning & teaching practices," said Shobha Mishra Ghosh, Asst Secretary General, FICCI.
FICCI also opined that total users subscribing to online education in India is expected to reach 9.5 million by 2021 from 1.9 million in 2017-18.
“We aim to partner with businesses and governments worldwide to transform their talent in the face of accelerating change," said Ronnie Screwvala, co-founder and executive chairman, upGrad.