In a constantly evolving job market with the continuous emergence of new technologies, upskilling has become paramount. While leaders are making efforts to enhance the skills of their workforce, budget constraints pose a significant challenge. A recent study highlights the increasing enthusiasm for upskilling to align with industry requirements. The study reveals that Indians are ready to invest approximately INR 2 lakh (US $2,500) annually from their own pockets for further education.
Despite the global challenges of job layoffs and salary reductions, education remains a top priority for Indians. The survey revealed that two out of every three respondents acknowledged practicing careful spending, prioritising essentials like healthcare, medicine, and groceries.
The trend of Indians spending on further education out of pocket stood out from most other parts of the world, where upskilling is being funded largely by organisations. The main motivations for Indian professionals to pursue further education included increased job security, a rise in self-confidence, developing leadership skills, and staying up-to-date with industry knowledge.
The commitment to ongoing learning within Indian society is evident in the amount of time professionals dedicate to upskilling. According to the Emeritus Global Workplace Skills Study 2023, respondents are willing to invest an average of 11 hours per week in further education.
Interestingly, the study revealed that most Indians preferred shorter-duration upskilling programs. On average, professionals in the country were willing to allocate nearly 5 months to complete an upskilling program.
The Study highlighted that personalised career plans, guaranteed internships, networking opportunities, and career workshop benefits are more likely to motivate Indian consumers to pay extra for a programme. About 7 in 10 respondents saw the value of paying more to have one of these additional benefits. The survey also found that some of the most appealing enrolment benefits included the possibility to pay in monthly installments, cashback benefits, and a total refund guarantee.
“The data from the Emeritus Global Workplace Skills Study 2023 clearly points out that Indians are relentless in their focus to stay relevant in today’s job market. Education and upskilling are wise investments, especially during uncertain times, and Indian professionals are leveraging them to gain confidence and a competitive edge,” said Mohan Kannegal, CEO, India and APAC, Emeritus.
Emeritus conducted its 2023 Global Workplace Skills Study, surveying 6,600 professionals from 18 countries, including 1,720 individuals in India from diverse sectors. The study found that 50% of Indian respondents are willing to fund further education in the next year.