There’s a massive shakeup going in the Indian ER&D space, with massive technology trends (Electrification, Autonomous Vehicles, Embedded Systems etc.) that are driving up the demand for new skills across industries – Automotive, Aviation and Medical Equipment. ER&D Services companies are increasingly looking at ramping up workforce who are skilled in the EV Powertrain, Embedded Systems Design and Validation, Chip Design Services etc.
In addition to the ER&D Services companies, there are over 1300+ GCCs in India employing over 1.3 million people. With the growth in digital engineering, move towards e-mobility, and other trends, GCC sector in India has the potential to grow at 15% CAGR to a US$125 Billion market in 2030 subject to the availability of an estimated talent supply of 3 million.
While India has the potential to supply the talent requirement to support this growth, it needs to add 2 million people to the ER&D workforce by 2030. With an estimated 18% of fresh STEM talent having the right skills and the rapidly changing skill-set demand for the existing workforce, the focus is 3-fold – increasing the talent supply, making the fresh talent industry-ready, and reskilling the employed talent.
For addressing all the 3 focus areas concerning talent, Industry can actively collaborate with upskilling companies/platforms in addition to continuing their existing collaboration with academia. Industry can optimize their recruitment and training costs by partnering with these upskilling platforms which are powered by technology and can drive talent transformation at scale.
Companies should evaluate the upskilling partners / platforms based on the following criteria –
- Upskilling platforms should have significant focus in terms of investments and resources to create ER&D specific content at scale
- They should have the technical resources who can liaise with the industry to create domain-specific content
- Upskilling platforms should have significant market reach to attract talent to take up these upskilling courses and become industry-ready
- To ensure learning outcomes, they should have technical in-house talent to drive the skilling agenda in addition to having a wide pool of SMEs
- To make the upskilling agenda truly scalable, platforms should have invested in technology for enabling digital learning
- Seamless integration with the learning management systems of corporates for upskilling existing employees