“More Jobs Being Created With AI:" Viswanath P
It is all about being more humble, showing empathy & compassion and being able to create a purpose-driven organisation; what attracts candidates is the job challenge, meaningful work and being valued at work.
What are the broad job market trends post Covid? And also, what is it that the employers are seeking at this point of time?
What we see today is a churn in the market. There was a phase after Covid when people were holding on to their jobs. Then, in 2022 we saw huge attrition. We saw people jumping jobs at astronomical salaries – 70-80 per cent increases. In some cases, it was as high as doubling it. Lately, there is a little bit of settling down. People are still keen to change jobs, but are ready to wait for that right opportunity.
We are expecting a churn of around 22 per cent over the next few years. And this churn is mainly due to emerging roles coming from artificial intelligence (AI), machine learning (ML) and data segments. So, traditional jobs are depleting and more AI and ML-related jobs are coming up.
Employers are actually looking for people with expertise in these areas. There is a demand for around 40,000 cloud computing engineers. Cyber security is, again, another segment where there is a lot of demand. So, the emphasis is on technical skills.
There are certain sectors like banking, automobiles, real estate where investor confidence is high, leading to exponential business growth. And this also means that there is a demand for talent in these segments.
Artificial intelligence, while creating opportunities, is also an area of concern. There is the fear of job losses on account of AI. What is your take on that?
I spent about three decades in the industry. Around 1998 there was the fear of the Y2K bug. And there was a lot of concern about technology replacing human beings, especially in manufacturing. And we have seen different revolutions happening over the last two decades. This topic is always being discussed. But what we have seen in reality is more jobs being created. So, even if it is artificial intelligence, you need human beings to design that intelligence.
I am a firm believer that AI is going to be more of an enabler but it would never be in a position to replace human intelligence. So, what would change is some jobs getting redundant.
With Covid hopefully behind us, what are the lessons that organisations need to remember in terms of recruiting and retaining talent? Do you think that certain Covid-time practices will remain with us?
Covid has brought about a lot of changes. I think the workforce of the future is not excited with autocratic leadership. I think it’s all about being more humble, showing empathy and compassion and being able to create a purpose-driven organisation. What attracts candidates is the job challenge, meaningful work and being valued at work. And they are also looking for companies which embrace sustainability. So, for example, in our organisation, we drive a triple bottom line approach called ‘people, profit, planet’. So, we put people first in everything that we do. Through profits, we need to sustain and grow and reinvest in our people. And the last element – planet, is about taking steps for making this world a better place for our future generations. And the younger workforce has a lot of affinity with companies that encourage sustainability.
The second thing is flexibility. We have seen a lot of discussions in recent times about coming back to the office. Now, the office is no longer a place where you work. It needs to be something very different and meaningful for people, because it takes time to commute. An office needs to be a place of collaboration, celebration, fun and also bonding. And as long as productivity is maintained or even improved, I think work can be done from everywhere, anywhere. There is also this cross-border network. This has really brought the world closer. It benefits clients because, now, you don’t need to travel on an H-1B to the US and do the work from there. You can actually do it from wherever you are.
Companies are also embracing inclusion, getting more women in the workforce, getting people with disabilities and LGBTQIA+ community. This helps in terms of thinking inclusively and making policies that creates a welcoming workplace and everybody feels that this place is something which we belong to.
I would also like to emphasise the culture of the company. And the culture of the company is shaped by the people. When we get new people, most often hiring managers look at, does this person fit into our culture? But I would say sometimes, if somebody can offer a good cultural addition, rather than just being a culture fit, it also helps us to reinvent ourselves and get even better.
Employers are also looking at things like problem-solving, teamwork, adaptability and high emotional intelligence. They also recognise the need for Diversity and Inclusion.
A majority of the population in the country is under 30. These are people with two to three-year experience, looking for a better trajectory in their careers. There is also a need for this talent to be future ready because there will be a lot more automation. I think upskilling and reskilling is becoming a norm.
In an organisation, how can the upskilling needs of Millennials and Gen Zs on the one hand and people in their 40s and 50s be catered to, especially in the case of skills that older employees find difficult to learn?
I believe that learning needs to be a constant journey, irrespective of whatever age you are. It’s about mindset. I think everybody has the same ability or equal ability to learn and upskill themselves. So, first of all, they have to make it a personal commitment that I want to learn and unlearn some things and learn new things. And if that mindset is there, I think, the ability to upskill becomes that much easier. But if people do not take that leap of faith, they are going to fall behind. At the same time, I think the way people learn when they are young and the way people learn when they are in their 40s and 50s would be different. So, it has to be hyper-personalisation when it comes to learning and development initiatives. Some of them would like to do self-learning. Some of them would need faculty-led learning. And I think most organisations today realise that coaching is also important. And it is important that people invest in coaching and look for somebody who can give them career advice and guidance about life skills.
Which are those skills that you would lay emphasis on for beginners, as well as for middle level employees and senior employees?
Competency building is becoming very important. Most organisations have this dilemma. One is about delighting people; the second is about performing today; and then the third aspect is being future ready. How do you delight your people through your leadership competency? How do you motivate people? How do you communicate effectively and how do you manage your emotions?
When it comes to performing today, it’s a little bit about managing the financials, about your KPIs and your targets. It’s also about what are the metrics that matter? Focus on what is important for that situation, rather than getting overwhelmed with all the different metrics.
And future readiness is about being curious, being passionate. Somebody asked me what the world would look like in 2050 and what’s going to change? It can be very overwhelming, because you do not know what is going to happen in the next one week. But instead of asking this question about what is going to change, ask this question, what is going to not change. And by 2050 what is not going to change is that the clients will still be demanding and they will expect the lowest cost and fastest turnaround time. So, focus on that, rather than being worried about what is going to change.
How does Randstad India position itself in the country in comparison to its competition?
Randstad is a global company. We operate in 39 countries and India has been a powerhouse for us. We have been here for 30 years. We understand the labour market very well. We are pioneers in terms of working with the government where labour reforms are required. And our vision globally is to be the most equitable and specialised talent company in the world. And what equitable means is that it is a place where everybody is treated with respect and dignity and we also ensure that they get paid fairly for the work they do.
And the way we differentiate ourselves is in terms of how we add value to our clients with a human-forward approach. While technology creates a lot of efficiencies, we also use the human touch, because we are in the people business. So, when you are talking to people, you have to be able to relate to them and be able to understand their emotions and also be able to manage them better. We believe in being narrow and deep, not generalist, but specialist. We are very deeply specialised in certain verticals. And with our position and with the knowledge that we have as thought leaders in the industry, we are able to provide the best possible customer experience.
We also want to help our talent bring in their best possible version. So, towards that, we help them with thought leadership and the skills that are required in the industry, in the domain and in the job, so that they can be a perfect match to our clients’ requirements.
