With the widespread havoc and ravage the Covid19 has caused globally, it is no hiding the fact that economies have stumbled and thus caused colossal job losses. Leading organizations too, are still handing over pink-slips to their employees. Crucial and economy building sectors such as tourism, hospitality, retail, food, media have been massively impacted. The sustainability of certain job roles will be changing hugely, post the pandemic.
Experts are claiming that many traditional jobs will be replaced with shared resources/gig working models. There will be a dramatic and impressive shift in India’s work model too. Policymakers and experts believe that the corporate, as well as retail profiling, will be restructuring on an altogether whole new level. Where old jobs will not see redundancy, they will become lesser and selective.
With the school and education sector having to fall upon the e-learning and robust app-based software to continue the student academics, coding, digital programming of video and content creation, the need and demand for cybersecurity, IT security, and data analysts will continue to build. As per the Indian Education Sector in India Industry Report, India has become the second-largest market for E-Learning after the U.S.
There will be an increased demand in digital skillset as the world and especially the developing countries have started to become digitally literate, automated, paperless, presence-less, and at par with the global outlook. The use of secure and digital platforms, as well as online currency and Blockchain, will be the daily regular now. The financial as well as other transactions too have become almost completely online and digital. Usage of apps to transact, order, exchange, shop and deliver anything to everything is the everyday feature today.
Future job roles will be more and more research and predictive based ones. Requirements of data analysts/scientists will take over the day, hence more demand for these profiles. With the augmentation of data sharing on digital platforms and the crucial need for secure solutions, we will see a rise in Cybersecurity adepts. The near future will also see a high rise in demand for blockchain experts, digital content media specialists, research analysts, and cloud engineers among the other few.
Employer-employee relationships will also be witnessing a changeover from the conventional boundaries to a more open-ended yet expansive approach. Earlier the employers were not too accepting of the Gig-CXO-working approach but given the off-late scenario, they are left with little choice. Public policy will be turning supportive towards the shared resource work model to restore the economic threshold as there has been a strategic demand for the variable cost model approach.
Several high-key organizations are in the process of evaluating the benefits of a substitute workforce model. The survival and growth of such segments are pushing them to consider venturing in the shared workforce domain sector too.
As for the compensation formula, yet again India will witness a reformed view by moving towards a variable compensation or output based compensation or even a flexible compensation formula than the last prevalent one where it was leaning more on the fixed salary-variable benefits formula.