While a majority of Indian companies (78 per cent) believe that further learning and skilling opportunities for employees are ‘instrumental in boosting organisational performance’, nearly half (47 per cent) of them have not assigned any budget for upskilling their workforce, according to a latest report conducted by Great Learning, an ed-tech platform.
Among those who have set aside a budget for skilling, the entire amount is not paid by the company. As per the report, 22 per cent of the company said that their skilling initiatives were driven by employees but either partially or fully reimbursed by the company. In 27 per cent of the cases, upskilling programmes are entirely up to the employee to drive and fund.
Close to 30 per cent of organisations spend more than lakh per employee per annum on upskilling. Around 14 per cent (43 companies) spend more than Rs 3 lakh per employee per annum for tech upskilling. Further, 22 per cent of the companies are hoping to bridge the talent gap by outsourcing these roles, according to the report.
As per the survey, 25 per cent of all companies believe Artificial Intelligence and Machine Learning (AI/ML) are the most crucial skills needed to ensure an organisation’s future growth. Digital marketing emerged second with 19 per cent finding it important; followed by design thinking, which 10 per cent of companies indicated as most important.
Apart from these, skills related to the Internet of Things (IoT), robotic process automation (RPA), and natural language processing/generation (NLP/NLG) each garnered around 5 per cent votes.