Upskilling the Workforce: Cornerstone CEO Discusses Trends and ImpactUpskilling the Workforce: Cornerstone CEO Discusses Trends and Impact In an evolving job market, the need to equip young people with relevant skills has become paramount. Himanshu Palsule, CEO of Cornerstone, highlights current upskilling trends and the company’s role in empowering a workforce ready for the future. Drivers of Upskilling in India * Changing industry dynamics and technological advancements * Multi-generational workforce with diverse learning expectations * Skills shortage due to the rapid pace of change and uneven distribution of skills Upskilling for All * Upskilling is not limited to seasoned professionals but also includes entry-level workers * Seasoned professionals need to refresh their skills regularly * Entry-level workers face competition from automation and longer-working baby boomers Role of Technology in Upskilling * Artificial intelligence (AI) enables personalized learning at individual paces * Generative AI simplifies course creation and speeds up assembly * Dynamic task architectures, spatial and immersive learning enhance learning efficiency Cornerstone’s Impact in India * Significant presence with 50% of global workforce based in India * Serves over 750 clients across various sectors * Collaborations with leading companies like Mahindra Group and HDFC have provided valuable insights Conclusion Upskilling has become crucial for both experienced and entry-level workers to adapt to changing job requirements and technological advancements. Cornerstone’s use of AI, Generative AI, and other technologies is revolutionizing the upskilling process, making it more efficient and effective for the workforce of the future.
In a rapidly changing job market, equipping young people with the right skills has never been more important. While the emphasis on skills isn’t new, today’s technologies have revolutionized the way we approach them, says Himanshu Palsule, CEO of Santa Monica, California-based skilling company Cornerstone. In this interview, he speaks with Sudhir Chowdhary about some upskilling trends and how his company is powering a future-ready workforce. Excerpts:
What explains the recent increase in upskilling of the workforce in India?
Changes in industries often reach a tipping point where multiple things happen at once, and this upskilling trend has been happening for years. While the pandemic was a catalyst, it wasn’t the only driver. We live in unique times with four or five generations in the workplace, each with different expectations around learning — how learning is consumed, adapted, and responded to.
There is a noticeable skills shortage as the demand for new skills outpaces the development of existing skills. This rapid change, combined with an uneven distribution of skills, has led to gaps in the readiness of the workforce. The rapid pace of digital transformation and the rise of technologies such as artificial intelligence (AI) and generative AI (GenAI) have further widened this gap, creating an urgent need for extensive upskilling.
Is further training reserved only for experienced professionals?
This upskilling trend is pervasive, spanning seasoned professionals and entry-level workers in a variety of contexts. Seasoned professionals are having to refresh their skills more frequently as job requirements change rapidly. Workers who were once skilled at operating traditional machinery now need to learn to operate more sophisticated equipment. Entry into the job market is daunting for entry-level workers due to unprecedented challenges. As baby boomers stay in the workforce longer, there is increased competition for positions, and many entry-level positions have been automated and disappeared. New workers are faced with the dilemma of needing skills for jobs that no longer exist.
Which technologies play an important role in this retraining?
Unlike traditional education systems that treated all students equally, often leading to disconnection or struggle, modern approaches recognize that students understand and absorb information differently. This shift recognizes the importance of tailoring education to individual needs, including considerations such as vernacular and deep thinking.
Artificial intelligence has been a game-changer in this regard. AI now allows learners to progress at their own pace, whether they are reading, being quizzed or responding to tasks, catering to the varying speeds at which individuals learn. The advent of Generative AI has further accelerated this transformation by providing an easy-to-use interface for AI, making course creation and assembly significantly faster than before. Technologies such as GenAI, dynamic task architectures and spatial and immersive learning are fundamentally changing how upskilling is done, making it more efficient and effective for both seasoned professionals and new entrants to the workforce.
How is Cornerstone helping Indian companies with their education initiatives?
India has always been a critical region for Cornerstone, with 50% of our global workforce based here, comprising over 2,000 employees. This significant presence has allowed us to understand the unique subcultures and resource availability within the region, essential for effectively hiring, training and educating our people. We serve over 750 clients across multiple verticals, including pharmaceutical, life sciences, and healthcare. sciences, banking and financial services. Working with leading clients such as Mahindra Group, Welspun, National Stock Exchange, HDFCGenpact and Zee Entertainment have provided us with valuable insights and innovation opportunities.
BLUETOOTH
Technologies such as GenAI, dynamic task architectures and immersive learning are fundamentally transforming the upskilling process
First published on: 15-07-2024 at 00:55 IST
