Business leaders prefer to re-skill their existing workforce over new hirings, according to edtech firm upGrad and industry body FICCI report.
The report titled "High-Impact Online Learning at Scale" said 87% of the Learning & Development (L&D) and business leaders upGrad interviewed during the COVID19 crisis said that they are looking to reskill over hiring.
It was also observed that reskilling existing employees is always more economical than hiring new ones.
Additionally, 75% of the respondents claimed that they considered reskilling successful, in their respective organisations.
Post COVID19 outbreak, the numbers show that the budgets for online learning for many of the respondents have increased to more than 80% of the total L&D budgets.
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.
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,” added Ronnie Screwvala, Co-founder & Executive Chairman, upGrad.
Is your organisation post-COVID-ready?
Bajaj Allianz Life ropes in Santanu Banerjee as CHRO
Over 70 Percent MSMEs look at cutting jobs to sustain businesses
Snapdeal onboards counselling experts to help employees
93 Per Cent employees stressed about returning to office post-lockdown
Johnson & Johnson India announces family benefits for same gender partners
Indian firms turning friendly towards working mothers
Welspun India names Rajendra Mehta as new CHRO
COVID-19 impact: 61 Per cent Indians suffering from mental health issues during lockdown
93 Percent employees stressed about returning to office post-lockdown
Wipro partners with NASSCOM to launch Future Skills platform
Human Capital is niche media organisation for HR and Corporate. Our aim is to create an outstanding user experience for all our clients, readers, employers and employees through inspiring, industry-leading content pieces in the form of case studies, analysis, expert reports, authored articles and blogs. We cover topics such as talent acquisition, learning and development, diversity and inclusion, leadership, compensation, recruitment and many more.Subscribe Now