The world is evolving at a lightning pace, making it necessary for individuals to keep up with the rapidly changing requirements of the job scenario. Traditional jobs are being replaced by new-age jobs that require advanced skill sets. As AI (Artificial Intelligence) advances and new technologies emerge, recent graduates need to recognize the importance of upskilling and reskilling. 

As estimated by the McKinsey Global Institute, by 2030, approximately 375 million workers, comprising 14 percent of the global workforce, will need to acquire new skills or switch careers because of automation and artificial intelligence. Therefore, individuals wanting to stay relevant and employable in today’s job market need to focus on upskilling and reskilling.

Let’s dive deeper into the blog and understand what is upskilling and reskilling and its importance for recent graduates.

What is upskilling and reskilling?

In order to understand the importance of upskilling and reskilling, let us explore the meaning of both these terms in detail in this section.

Upskilling

Upskilling means enhancing or refining the existing skill set. Upskilling is crucial to boost your performance in an existing professional role or pursue a higher-paying position, requiring advanced skills.   

For instance, an IT professional aiming for a higher position with added responsibilities undergoing an online certification course in Artificial Intelligence is a classic example of upskilling. By completing this course successfully, the IT professional will be upskilled to take on additional responsibilities and earn better.

Reskilling

Reskilling refers to learning new skills to change the course of your career altogether. In other words, reskilling refers to professional recycling to prepare an individual for a new professional role demanding different responsibilities.

Both upskilling and reskilling mean different things, but share the same goal of helping individuals enhance their knowledge and skills. While upskilling helps individuals enhance their knowledge, and skills at what they are pursuing currently, reskilling helps enhance versatility and prepares them for a new job role. 

For instance, an IT professional enrolled in a management course online to redirect their career path exemplifies reskilling.

In essence, both upskilling and reskilling help individuals enhance their productivity and career growth. The choice between upskilling and reskilling will depend on the individual’s career interests and aspirations.

Importance of upskilling and reskilling

As stated in the inception of this blog, upskilling and reskilling are paramount for every individual to stay competitive and relevant in the job market. With the rapidly changing global job scenario, professionals are becoming increasingly competitive. 

In order to survive the cut-throat competition, and prevent their skills from becoming obsolete, individuals must keep up with the advancements and transformations in their respective domains. Professionals who understand the importance of upskilling and reskilling, demonstrate the ability to learn new skills, and take on new challenges are sure to succeed in their professional lives.

In the current scenario, recent graduates need to focus on surviving AI magnification and automation. They need to focus on skills that will save their jobs being automated, and future-proof their careers.

Upskilling and reskilling trends in 2024 and beyond

Today’s times have made it necessary for individuals to not just understand the importance of upskilling and reskilling, but also make a prudent choice. With the emergence of new technologies, and the rapid transformations in the existing technologies, it is important to develop skills that do not just hold relevance today, but for a long time to come.

Below is a list of the top 5 learning and development trends for 2024 and beyond:

1. Data literacy and AI proficiency

The best way to survive and thrive in the digital age is to improve data literacy and become proficient in AI technologies. 

As per the latest survey, 33% of IT firms are using AI significantly, while 42% are exploring the usage and possibilities of AI. This is the current scenario, and the percentage of companies using AI will significantly escalate in the coming years.

For this reason, recent graduates must get over the inertia of graduation and focus on developing these skills to stay relevant in the global job market.  Check out a relevant course that can help you improve your AI proficiency – M.Sc in Artificial Intelligence

2. Cloud computing

Cloud computing refers to the on-demand access of computing resources such as physical or virtual servers, networking capabilities, data storage, application development tools, software, AI-powered analytical tools, and more on the internet. 

With cloud computing, you don’t have to worry about managing these computing resources directly.  You just have to pay for the services you need and access them as required.

According to the latest reports, about 48% of businesses stored their critical information and data on the cloud in 2023. It is projected that the global cloud computing market will have a CAGR (compound annual growth rate) of 16.3% through 2026.

That said, Cloud computing courses make an excellent choice for recent graduates to have a rewarding career in times to come. 

3. Healthcare management

Soon, the requirement for healthcare managers is expected to surge significantly. As reported by the US Bureau of Labor Statistics healthcare employment is expected to increase by 13 percent from 2026 to 2031. 

That said, recent graduates with a background in healthcare, or a keen interest in this domain and explore relevant courses to build a thriving career in this field. Here’s a relevant course that you might like to check out!

4. Human resource management

In present times of uncertainty and excessive competition, people with high emotional intelligence are being valued. With rampant automation, people’s skills are being valued more than before.

That said, recent graduates can work on developing human resource management skills. These skills can help manage other employees better, alleviate their stress, improve teamwork, and foster enhanced productivity. 

5. Entrepreneurship and innovation

The world is focusing on technological advancements, but this doesn’t undermine the capabilities and creativity of the human brain. 

Professionals with an innovative mindset and entrepreneurial skills can make use of technology as well as human abilities to foster initiatives and ventures that will benefit society at large.

Click here to check out a relevant course in this domain.

In essence, upskilling and reskilling are the need of the hour to continue our relevance in the professional world. Individuals failing to cope with the rapid advancements of the job sector are likely to become outdated and lose their jobs to automation.

For this reason, we need to roll up our sleeves and explore the relevant upskilling and reskilling options. At MSM Online, you can check out trending courses from the comfort of your space, and pursue them online to learn new skills. 

For expert guidance and assistance on pursuing the best-fit course online and future-proof your career, contact MSM Online’s counselors today!