The outbreak of the Covid-19 pandemic has accelerated digital transformation on a global scale. This has resulted in the evolution of interactions and transactions among organisations, employers and employees as well as customers and businesses. Apart from a few exceptions, operating digitally has become an obligation for organisations, irrespective of sectors, to stay afloat in the present and the post-pandemic era. Amidst all the transitions, the digital economy has certainly established itself as an intrinsic need of the current circumstances and shaped the future of work.
The Covid-induced disruption has significantly impacted business structures, especially in terms of consumption patterns, production strategies and innovative techniques. To overcome the ongoing as well as the foreseeable disruptions, businesses have incorporated remote work models and adopted new technological developments at the macro and micro levels. These include a shift to an omnichannel e-commerce platform, contactless home delivery system, social media content consumption and a variety of other digital solutions for different sectors like health, finance, hospitality, education and consulting. The technological boom and network infrastructure have facilitated many to continue their jobs from the safety of their homes.
However, the same pandemic that made many job profiles redundant has also created new work opportunities across the globe. According to a recent report by McKinsey and Company, with the emergence of new trends, including remote work, e-commerce and automation, the pandemic has enabled faster adoption of Artificial Intelligence. With the rise in technology and automation, up to 25 per cent more workers are estimated to change occupations. The new work order has increased the need for re-skilling and up-skilling. According to the Mercer 2021 Global Talent Trends Study, the surveyed employees said that the top two things which helped them thrive in their workspace were new technology-driven skills (43 per cent) and acknowledgement for their contributions (42 per cent).
Besides a highly-skilled workforce, companies are on the lookout for more talented, resilient and agile candidates who are competent enough to identify growth opportunities and overcome challenges posed by the competitive corporate world. In this fast-paced era governed by the digital economy, leaders and senior executives cannot afford to mull over the ongoing crisis. Creating a new game plan for the next decade is the only way forward. Companies need management executives who can get ahead of the current crisis by educating, empowering and equipping their teams so that they can excel in their jobs and flourish together. Hence, the digitalisation of the economy has pushed many organisations to revisit their vision, reform their recruitment strategy and revise their operation models to become purpose-driven, sustainable and inclusive.
The digital economy has gradually developed into an integral part of the global economy in a short period and contributed to the restoration of most nations from the slowdown. These transformations have also added new values to the prevailing commercial landscape. It is expected that Digital Platforms and Data & Digital Intelligence would drive about 70 per cent of new value creation happening in the digital economy over the next decade. These drivers would be responsible for paving the way into automation, artificial intelligence and machine learning; helping businesses expand their reach, customer base and impact. Hence, the extent to which companies are adaptable to digital re-modelling in response to the current challenges would directly benefit them to emerge as industry leaders of the future.
Consequently, for businesses to thrive in the present and the future, encouragement of skill development among prospective candidates has become a primary requisite. Hence, it has emerged as a collective responsibility of individuals, organisations and educational institutions to transform their goals and restructure their resources to help themselves/ aspirants reach their full potential. However, to monetise the new dimension of the digital economy, based on value creation, educational institutions have greater accountability to help the community produce leaders. Institutions must take up guardianship to train and equip their students with skills potent enough to respond to today's challenges and lead tomorrow's economy.
- Inputs by Mr. Rupesh Bisht, CEO, Master’s Union.