Upskilling for a Digital Economy: Why Industry Collaboration Matters
India is facing the pressing issue of a widening skill gap, where the need for upskilling has become primary. We are a country with a large talent pool, but there is a mismatch between job seekers and industries. In today’s rapidly evolving job market,digital economy skills help to keep the next generation ahead of Industry 4.0. Collaborative upskilling initiatives are now becoming an important aspect for the next generation to excel in the era of Industry 4.0. Upskilling for the digital economy has become the cornerstone of this juncture to nurture workforce development.
How to upskill for the digital economy
The modern economy needs upskilling and reskilling. The World Economic Forum report states that 44% of job skills are expected to be changed within 5 years. Individuals need to be equipped with knowledge training and skill development programs to navigate the digital economy. UGC-recognized Medhavi Skills University’s WISE (Work Integrated Skill-Based Higher Education) is a testament to empowering the future workforce in this regard. There are different technology-driven upskilling strategies that would help in the process. They are as under:
● Digital skills building
● Certification in tools and technology
● Digital courses (e.g- Microsoft Azure course)
● Real-world skills
● Innovation skills like AI
● Tech adaptability
● Automation surge and more
This WISE initiative values industry-integrated curricula to upskill Indian talent and drive change. MSU’s WISE initiative collaborates with top industry entities like DBI Markaz,Holiday INN, International School of Gems & Jewellery,Frameboxx, Aequs, NIFD Global, and others. This young university is a step ahead in nurturing rapid evolution.
Why collaboration is key for workforce upskilling
Collaboration plays a pivotal role in the workforce's upskilling. The collective understanding of companies is paramount to address the skill gap. For instance, MSU partnered with Aequsand designed B.Voc/ M.Voc in Aerospace Manufacturing Technology within the aerospace sector. This corporate-academic collaboration in upskilling resulted in the increase of productivity of employees. It is evident that in this industry 4.0, collaboration is key to preparing employees for digital disruption. It exemplifies opportunities in the job landscape and creates new job opportunities.
The World Economic Forum states that by the year 2025, new job roles will emerge. Industry-academia collaboration has significant advantages such as large-scale skills training, automation, adoption, state-of-the-art facilities, and resources.
The role of industry partnerships in digital transformation
The industry is the early adopter of end-to-end digital transformation. Medhavi Skills University’s WISE initiative partnered with 300+ industry leaders to develop and upskill talent. These industrial partnerships are a pivotal factor in embracing the mindset of growth and adaptability. Also, digital transformation reshapes workforce training and skill development programs to empower the future-ready workforce. They focus on the cross-training program to put the workforce at the forefront of this Industry 4.0. In addition to this, WISE is a testament to the route of the talent strategy. WISE is the most impactful initiative to broaden digital transformation effectively.
Upskilling initiatives for future digital job
In Industry 4.0, upskilling initiatives are equipped with cutting-edge technologies, AI Knowledge adoption, digital marketing, data efficiency, and hands-on data skills. Upskilling initiatives are the cornerstone of preparing for future jobs. MSU’s WISE offers a multitude of benefits to upskill the workforce. It fosters an environment of adaptability and a continuous workforce effectively. As an initiative, an innovative apprenticeship-embedded degree program has been meticulously crafted in collaboration with industry experts. It can be concluded that as this digital economy continues to grow, the time to reskill and upskill is now.
Bridging the digital skills gap through collaboration
Collaboration is a way to unite the organization and academia together. This united effort has set the goals to address the benchmark.
The Mc. Kinsey's report reveals that reskilling can improve productivity and the quality of the workforce. Medhavi Skills University’s WISE initiative embraces experiential learning, real-life exposure, on-the-job training, and practice-based outcomes to bridge this gap through collaboration. The WISE initiative is aligned with the goal of the Skill Mission of India. The Indian government is also striving to close this gap through initiatives like the "Skill India Mission" and the "DikshitBharat Scheme 2047."
It can be said that digital skills are a key to meeting the needs of the industry. Collaboration is an effective strategy to push the retention of employees through skills training. As industries undergo the digital transformation, upskilling has emerged as a key to driving change in this tech-driven era.
The WISE skill development model by Medhavi Skills University is a one-stop solution for all kinds of skilling, up-skilling, and re-skilling problems. The WISE initiative fosters students with real-world industry relevant skills to its candidates. The programs impart up to date skills and are diverse, flexible, competency driven, outcome based and industry immersive.
Benefits to the Employers
● Enhance Employee Retention
Employers investing in the personal growth and development of their employees are likely to experience more loyalty, dedication, and commitment from their employees.
● Reduce Talent Acquisition Costs
Upskilling existing employees and getting them equipped with up to date industry relevant skills help the employers reduce the costs of hiring and training new resources.
● Financial incentives from GOI through apprenticeship programs
The Government of India provides certain benefits to encourage employers and businesses to offer apprenticeship opportunities. These incentives can include subsidies, grants, or reimbursements for training costs, wages, or other expenses related to apprenticeships. The goal is to promote skill development, reduce training costs for employers, and encourage the hiring of apprentices, ultimately helping to bridge the skill gap and improve employment prospects for young workers.
● Stipend and Training Expenses under CSR
Employers investing in training the youth can show that cost under their CSR goals which can help them both train them and add the same to their CSR records.
● No Payroll Mandate for Employees
Candidates who are enrolled under the WISE model can be treated as trainees or apprentices which exempts employers from any kind of payroll commitments.
● UGC-approved degree/diploma
Medhavi Skills University is an UGC approved university which makes the certifications given out to candidates of the WISE model great for career advancement.
● NCVET approved Certification
Medhavi Skills University is an NCVET-approved university. This validates the certifications given out to candidates of WISE.
FAQs
Why is upskilling critical in the digital economy?
With a major boost in the digital economy, upskilling is important to make the talent pool competitive and agile by nature. In this fast-paced digital economy, it retains employees by providing them with skills training. In this industry, upskilling helps the talent pool to embrace and lead the change. Different advantages of upskilling include enhancing career growth, rapid change, and boosting competitiveness.
What are examples of industry collaboration for workforce development?
Prominent example of industry collaboration for workforce development is the partnership between ZICA and MedhaviSkills University. MSU’s WISE initiative offers a Bachelor of Vocation (B. Voc.) in Animation Visual Effects for aspirants.
MSU exemplifies excellence in industry-academic partnerships, offering apprenticeship-embedded degree programs designed to align with the demands of emerging fields. In collaboration with Digital Bridge International (DBI Markaz), MSU provides specializations in advanced disciplines such as Artificial Intelligence (AI), Machine Learning (ML), and Full-Stack Development, equipping students with practical expertise for digital economy skills.
How can industries benefit from workforce upskilling?
Industry faces benefit from the workforce upskilling at different levels. As an example, an upskilled workforce translates to innovation, efficiency, and better customer experiences effectively. In addition to this, a digitally skilled workforce is crucial for a competitive edge in this 21st century. It can be said that industry can become more resilient. From the cross-training and skill development programs, different industries can get a smart workforce, tech adoption, and professional growth. This transformative shift has multiple advantages which are under the following
● Meeting the needs of the customer
● Nurturing workforce agility
● Fostering innovation
● Preparing future workforce
