Indian companies have adopted both digitisation and automation faster due to the COVID-19 crisis. The pandemic has compelled most companies to automate and digitalise their work processes.
According to a study performed by the World Economic Forum, 58% of Indian companies are automating their work-related tasks in comparison to 50% globally. Also, 87% of Indian companies are speeding up the digitalisation of their work processes in contrast to the global average of 84%.
There is an anticipation that this new trend might result in the creation of 8.5 crore jobs in the following five years within medium and large scale businesses. The new jobs are anticipated to be created in the fields, such as content creation and artificial intelligence. The robot revolution alone is expected to create around 9.7 crore new jobs.
The World Economic Forum study has also revealed that by 2025, employers might look at dividing work amongst machines and human resources equally. Also, there could be an increase in demand concerning roles that use human skills while machines will focus primarily on administrative tasks, data/information processing, and routine manual jobs relating to white and blue-collar positions.
Nevertheless, jobs which are connected to advising, managing, reasoning, decision-making, interacting, and communicating will still need human resources to be deployed considering the comparative advantage.
The paradigm shift will alter the complete outlook of the job market. Almost 43% of businesses who were surveyed mentioned that they are looking at reducing their workforce because of the integration of technology. Around 41% of businesses surveyed intend to broaden their usage of contractors for specialised work tasks. 34% planned to extend their workforce because of technology upgradation.
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Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.