Appraisal time is just around the corner and you might be in for a little surprise this year, or not, depending on how closely you’ve been keeping up with the economic implications. India Inc is expected to give an average salary hike of 9.1% this year, marginally less than the 9.3% of 2019. This is indicative of an economic slowdown with the automotive manufacturing industry taking the biggest hit, from 10.1% in 2018 to 8.3% for 2020. Despite this, 39% of organizations are projected to give a hike of more than 10%. E-commerce, IT, pharma, FMCG, and professional services are the sectors with the highest salary hike. This is partly due to the demand for niche talent and skilled professionals. The job market is in a precarious state but forethought can make it tilt in our favor. With the appraisals not quite meeting the public’s standards, it’s time we do a little digging around to ensure that we face better prospects the next time around.
The surest way to ensure that you fall under the bracket of professionals who are likely to experience a pay hike or better remuneration is to upskill. Upskill seems to have become a buzzword and for good reason. An upskilling and reskilling revolution is on the way with 54% of all employees requiring upskilling or reskilling by 2022. With the adoption of technology, we are witnessing a change in the nature of the workforce. It is becoming more skill-oriented with an emphasis on tech skills. It’s important to remember that niche domains are the ones that are most in-demand. Upskilling to align with what is required is the way to get noticed and improve our career prospects. We are at the brink of a technological revolution and it is percolating into every sector. While it is true that technology is altering and even making some job roles obsolete, it is also creating new job positions. The trick is to adapt to these changes and train ourselves to be adept at the skills that are in demand.
There is a widening skill gap in new tech like AI, cybersecurity, cloud computing, data science, analytics, etc with 55% of the organizations admitting that there exists a digital talent gap. According to a survey, 133 million jobs will be created in the emerging tech sector by 2022. In the recently held ‘Future Decoded CEO Summit’ on February 24, Microsoft’s CEO, Satya Nadella, stressed on the importance of upskilling to keep up with the changing tech landscape. He cited LinkedIn data that claimed that 72% of the software jobs were in non-technology companies. Upskilling is the way forward in the workplace and the best way to stay ahead of the crowd. Being proactive is the way to climb the corporate ladder. With the world evolving around us, we can’t afford to stay stagnant. The statistics and market trends show an inclination towards upskilling or reskilling. Jobs with good pay packages are in abundance for skilled professionals.
Appraisals are a time to evaluate our career growth and see if our expectations are being met. It’s not an excuse to blame the economy or wallow in despair if we don’t receive what we expect; rather, it’s the time to start afresh and rethink our choices. The time to take bold steps to stand out from our peers and hone our skills. Make the necessary changes to alter your career trajectory for the better. Upskill and Stay Relevant!