This was a week of a lot of activity in the skilling landscape, owing the shortage of skilled talent that organizations are facing across the board. Theater-based leadership development is rapidly gaining ground in many companies. In these, the rules and principles of theater are applied to leadership development programs to make them engaging and impactful for leaders. It is expected that many companies in the future will adopt this technique to train their leaders. Biocon, one of the biggest pharma research and development companies, launched a skilling academy because it genuinely feels the lack of employable talent in India. The company feels that less than 10 per cent of the biotech talent that graduates from Indian graduate schools are employable and hence, the academy will aim to bridge the gap between academic qualification and industry-readiness. The President of India also emphasized the importance of skilling for the coming times, and mentioned that in a knowledge-based economy, premier institutes should focus on attracting post-graduate students. According to news reports, mid-career IT executives are looking to re-skill themselves with new technologies as they realize that their current set of skills are rapidly getting outdated.
The brokerage industry across the months saw a huge loss of employment, with figures of lost jobs hovering around 40,000. Heavy cutdowns were seen in some global companies as well, with the banking corporation, Barclays, cutting around 1700 jobs to curb costs through automation. The IT services company Acropetal also announced the sacking of 300 employees. But there was some positive light in the hiring landscape too, with the Indian economy showing a rise of 4% growth in hiring in October.
The Government of India announced a proposal for an economic corridor between Mumbai and Bangalore. If the proposal sees the light of the day, it can potentially create 2.5 milliion jobs.
Rajmohan Rao Belle, former MD and CEO, SBI General Insurance Co. Ltd. was appointed as the new additional director of Karnataka Bank. Also, the National Multi-Commodity Exchange (NMCE) appointed retired bureaucrat, Krishna Mohan Saini as the Chairman.