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“SKILLS SPEAK LOUDER THAN DEGREES” NASSCOM INSTEAD OF PREDICTING REDUCTION IN IT JOBS MUST PREDICT NEW JOBS BY RESEARCH

 
 
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“SKILLS SPEAK LOUDER THAN DEGREES” NASSCOM INSTEAD OF PREDICTING REDUCTION IN IT JOBS MUST PREDICT NEW JOBS BY RESEARCH
by System Administrator - Monday, 7 May 2018, 7:39 PM
 

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: In today's world, multiple qualifications sometimes do not fetch you a dream job, but skill-based courses can. However, the dilemma over skills versus degrees happens all over the world as companies prefer skill certifications over degrees. Nasscom instead of predictingthat automation would result in a 20%-25% reduction in IT jobs in three years should spend time and money on predicting new jobs and new skill sets arecreated byAutomation and the growth of technologies like artificial intelligence (AI). Reportedly IT Services companies will lay off 6 lakhs jobs in coming 3 years and few experts predict worse situation .but few experts opine that any amount of automation machination and artificial intelligence and e-commerce cannot replace humans . However, this environment is providing a big opportunity for lakhs of white-collared professionals to move out of their comfort zones and up skill themselves to remain employable .Automation and digital transformation has created an adapt-or-perish scenario. It's an alarming reminder that re-skilling is the only way out to be relevant.The situations will be created such way that new job descriptions will emerge in new situations ill create new jobs .Few skill sets become obsolete but new skill sets replace them to fill the gaps.In news papers both types of news reports appear .one news is about "bemoaning the lack of job creation in the IT industry” and news is an advertisement looking for UX/UI designers, full stack web developers, data scientists, data visualisers and Java coders .Automation and the growth of technologies like artificial intelligence (AI) are resulting in a better, safer and more efficient world. Investments in automation are pouring in. McKinsey estimates that tech giants worldwide spent anywhere between $20-30 billion on AI in 2016..Interestingly, one of the key drivers of these spends is the falling cost of capital. The unit cost of capital has dropped to less than 0.6 times the unit cost of labour. This amounts to a 16x drop from the unit cost of labour in the early 1980s. This imbalance is flooding research in AI and robotics with money. These technologies will rewrite global competition, wealth generation and employment. Already the warning bells in job markets are ringing. By 2033, says one World Bank Development Report, automation will put 47% of current US jobs at risk. Corresponding figures for other nations are 77% for China, 69% for India and 65% for Argentina.These estimates are for direct job loss. The real numbers will be several times larger. For example, autonomous cars will result in direct job losses for drivers of taxis, trucks and buses. But autonomous cars will be programmed to adhere to local laws, and the size of the traffic police force can shrink substantially. In India, we must brace for the impact of these trends. Amongst the most severely affected will be the IT industry. Nasscom predicted that automation would result in a 20%-25% reduction in IT jobs in three years. The impact will be serious across sectors from e-commerce to manufacturing, security services, banking and agriculture. Labour intensive industries will become the first targets of automation.