World Youth Skills Day 2024: Theme, significance, and why industry experts emphasize on upskilling of youth
World Youth Skills Day is an annual event launched by the UN in 2014. This year, emphasis has been given to upskill youth for peace and development.
India has joined the rest of the nations to observe World Youth Skills Day 2024 today – a United Nations initiative launched in 2014 that celebrates the strategic importance of equipping young people with skills for employment, decent work, and entrepreneurship.
The theme of World Youth Skills Day 2024 is ‘Youth Skills for Peace and Development’, which according to the United Nations, underscores the crucial role young people play in peacebuilding and conflict resolution.
The UN informed that since its launch in 2014, “World Youth Skills Day continues to provide a unique opportunity for dialogue between young people, technical and vocational education and training (TVET) institutions, firms, employers’ and workers’ organizations, policymakers and development partners.”
In this article, we will look at what industry experts from India have to say about Youth Skills Day 2024, and the significance of upskilling the youth – students and professionals alike.
Upskilling youth essential for sustainable growth and enhancing livelihood
Highlighting the importance of upskilling the youth, Ophira Bhatia, the Senior Director at India & Lead, Asia Pacific, Middle East and Africa (AMEA), Corporate & Government Affairs- Mondelez International, emphasized that empowering youth with employment skills is crucial for enhancing livelihoods and income, particularly in a world that continues to face complex challenges.
Likewise, Ankit Agarwal, Founder and CEO of Unstop, said that that more than 50 percent of the workforce is expected to be Gen Z in the next 5 years, and therefore upskilling and giving them the right opportunities to grow is imperative.
Upskilling youth to prepare them for jobs of the future
Seshadri Venkatachalapathi, Digital Campus Lead at BT Group, said that in a rapidly changing job market, empowering youth with the right skills has never been more crucial. He stated the theme ‘Youth Skills for Peace and Development’ calls upon every individual to recognize the untapped potential of young people as agents of positive change.
“Through upskilling initiatives and promoting digital leadership, we're preparing youth for the jobs of the future while also creating a workplace that values work-life balance, diversity, and inclusion,” Venkatachalapathi said.
“On this World Youth Skills Day, let's renew our commitment to empowering youth, because when they succeed, we all succeed,” he added.
Upskilling essential for a technology-driven future
Sachin Alug, CEO of NLB Services highlighted that India has emerged as a global IT outsourcing hub and a breeding ground for technology start-ups but there is still a pressing need to address the skills gap.
“As industries in India rapidly evolve due to technological advancements and shifting market conditions, professionals recognize the necessity of acquiring new, specialized skills to meet employer expectations.,” Alug said.
Quoting a recent report, Alug pointed out that only 29% of Indian fresh graduates in white-collar jobs feel secure about retaining their positions in FY25, and that professionals in the IT, telecom, and tech sectors, especially those with engineering degrees, consider upskilling important for their careers.
“As per the study the highest intention to upskill in FY25 is among professionals in manufacturing, engineering, capital goods, and BFSI sectors. “In terms of cities, Bengaluru and Chennai lead in upskilling initiatives, followed by Mumbai, Delhi, and Hyderabad,” highlighted Alug.
“Popular upskilling areas include data analytics, machine learning, cybersecurity, banking and wealth management, digital marketing, robotics, artificial intelligence, and cloud computing. These programs can lead to a salary increase of 20-30% in metro cities and 15-20% in Tier 2 and 3 cities,” Alu said referring to the study.
For a success in the AI-driven future, a proactive strategy for continuous learning and upskilling is required, or India may experience instability owing to insufficient upskilling in the IT sector, particularly in AI, the NLB Services CEO stated.
Upskilling clean and renewable energy sources
Ashwini Deodeshmukh, Head CSR & Sustainability Reporting, Godrej & Boyce said, “As industries shift towards AI and IoT-based operations, training a workforce skilled in current and emerging green technologies is critical. Further, as we transition to clean and renewable energy sources, it is increasingly important to reskill the existing workforce and train the future to ensure their employability. One such course that can aid people in gaining green skills and becoming ready for jobs of the future is the Solar PV Installation Technician course.”
Skilled youth contribute to long-term economic stability
Sudarshan Suchi, CEO of Bal Raksha Bharat, said that young entrepreneurs drive innovation, leading to new products, services, and technologies that can boost the economy.
“If India aspires to be a developed nation by 2047, such an inclusive growth is crucial for achieving this goal. These young boys and girls will have a cascading effect to pass on this opportunity to many more, and empowered youth can build sustainable businesses that contribute to long-term economic stability,” Suchi said on the sidelines of expansion of the YIAL (Youth Innovation and Action) program.
Need for provisions of ‘Remote Work’ in small towns
Chandrasekhar Sripada, Clinical Professor (OB) at Indian School of Business emphasized on the importance of the twin forces of digitalization and demographic shifts for revisiting the India’s overall job design and employment generation strategies.
He said that through the Budget 2024, the government should drive the concept of ‘Remote Work’ to create more inclusive employment and encourage large city-based companies to offer employment to small towns and build their rural talent workforce.
“Companies should be provided with incentives for setting up co-location spaces in small towns and establishing more offices / work sites in tier 2 and 3 towns. This, in turn, will require special allocation for skilling in rural areas, including how to work effectively from remote locations. Provisions must be made to augment broadband internet in rural locations significantly, and other infrastructure facilities to help large companies either to go there or offer remote / hybrid work options to small-town talent.” Sripada said.
Equipping the youth with new skill sets essential
Nishchae Suri, Managing Director, Cornerstone OnDemand India, has stressed on the imperative need to equip the youth with essential skills that play in shaping the future of the society.
He said, “In today's rapidly evolving technological landscape and shifting workforce dynamics, the challenges faced by the younger generation, particularly Gen Z, are unprecedented.
“With 40% of employees’ skills projected to be obsolete in four years and 67% of the world’s youth lacking digital skills, many traditional entry-level roles have been automated, creating an urgent need for new skill sets,” Suri pointed out.
Suri said that bridging the workforce readiness gap is of paramount importance and this can be done by providing continuous learning opportunities and nurturing a culture of innovation.
