Nearly three out of four Indian professionals fear their jobs will be replaced by technology if they do not continue to develop their skillsets, a study released on Monday showed. The professionals from finance, insurance, software and IT services, healthcare, and manufacturing are most concerned about technology replacing their jobs.

Digital marketing, data analytics, finance, management, and Artificial Intelligence (AI) are among the most sought-after topics for professionals, according to a report by Emeritus called Emeritus Global Workplace Skills Study 2023.

With technological advancements shaping every sector, the World Economic Forum’s report in 2020 estimated that at least 40 per cent of the employees across the world will need new skills in the coming years and “will be expected to perform distinct roles within their companies”. About 92 per cent of the Indians, in particular, agreed they face a skill gap regarding employability, according to a McKinsey Survey.

With increasing technology penetration accelerating the demand for tech professionals in the country, over 80 per cent of software and IT services professionals surveyed expressed concerns about technology replacing their jobs unless they continue to upgrade their skillsets. The same percentage stood at 81 per cent for healthcare professionals; 79 per cent for those working in technology and innovation; 78 per cent for those involved in professional services/consulting; and 72 per cent for from the finance sector.

According to the study, tech disruption across sectors is evident through professionals from across sectors taking a keen interest in improving their hold on technology.

While 94 per cent of software and IT professionals and 93 per cent of those working in technology and innovation took an interest in upskilling around tech subjects, 86 per cent of manufacturing sector professionals also showed an interest in learning how they can leverage technology tools.

Higher education

Among those in professional services and consulting, the interest in pursuing higher education stood at 85 per cent. For those in software and IT services, it stood at 77 per cent. About 76 per cent of professionals in manufacturing also took to further education to stay resilient against global changes.

“We learn from Indian professionals across sectors that the fear of job displacement due to technological disruptions is a growing concern. However, it is encouraging to note that 83 per cent of the Indian respondents are keen on upskilling through a reputable learning provider as it allows them to achieve their career goals,” said Mohan Kannegal, CEO, India and APAC, Emeritus.

Emeritus is backed by the Chan Zuckerberg Initiative, Leeds Illuminate, Prosus Ventures, Sequoia Capital India, Bertelsmann, Accel, and SoftBank Vision Fund 2.

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