With a rapid change in technology across the world, the gap between skills required and skills possessed by the employees is increasing equally rapidly. Corporate world is finding it challenging to hire resources that are well versed with the in-demand emerging technologies. For example, an estimate shows that there will be about $1 million data science jobs available by 2018 in U.S. alone. IoT market is estimated to grow to $1.7 trillion by 2020. These numbers show that the demand for resources that are experts in emerging technologies like big data Hadoop, IoT (Internet of Things), Data science and cloud computing will continue to grow at an unprecedented pace.
Corporates are aware that if they need to be part of this growing economy and if they want their fair share of the pie, they need to make things happen. Corporates cannot afford to wait for the right resources; they need to create the right resources. And this is what the trend is going to be in 2017.
From giants of the corporate world to the start-ups, companies are focusing on creating a talent pool for the future. Upgrading their existing employees on the emerging technologies is the only viable option left for the companies if they want to be in the race. They cannot afford to spend the time and money required to hire the “right” resources. Instead, companies have realized that the best way to have the “right” resources is to create them.
Upgrading or developing employees is not something which is new; it has been a part of corporate world for a long time. It was more of an optional thing earlier, but now it has become the need of the hour. Earlier, companies could get away with not getting their employees up skilled but now they cannot because of many reasons. First, the competition is so cut-throat that companies don’t even get breathing space, let alone waiting to hire the right resource. Second, the technology is changing at such a fast pace that it is practically impossible for companies to get the perfect resources all the time for all the emerging technologies.
The best option companies have is to up skill their existing resources on emerging technologies and make them the “right” resources rather than waiting to hire the suitable candidates. And this is exactly what the trend is across the world. Companies are investing in upgrading their employees worldwide.
The trend in 2017 (and beyond) is going to be, “companies create the right resources”, instead of hiring them.