Are you ready for the expertise economy? Constant upskilling and gaining expertise beyond education is the millennial way to work.
At the age of 25, Gautam Soni, who works as a business analyst at LinkedIn in Bengaluru, has already pivoted twice in his career. After graduating, he did not find a job immediately and tried his hand as a digital media consultant. Two years later, he become interested in data science and pursued a post-graduation diploma with UpGrad, an online course and certification site, investing all his savings into it.
While completing the course, he joined LinkedIn India in operations. He was encouraged to apply his learning on the operations role and in a few months, moved to business analysis, getting a 75% salary hike. “In jobs today, we face new challenges on a daily basis and it’s very important to stay updated and possess the right skill-set,” says Soni.
Soni’s experience captures work life in the age of digitization and acceleration where the world of work is going through a large-scale transition and critical skills and expertise are imperative for success. “New platforms, technologies and ways of business are sprouting constantly,” says Kelly Palmer, co-author of The Expertise Economy, “Businesses and employees need to make sure they have expertise to make these changes work for them. The career path of a future employee focuses on skill development rather than college pedigree,” she explains.
Forward thinking companies have already restructured their process in such a way that employees have the choice, and freedom to decide what expertise they want to develop. For startups like 75F, a company that makes efficient buildings using internet of things and cloud computing, upskilling is a necessity to remain competitive in a fast changing, dynamic market.
“From our CEO to a new intern, every employee in our workforce has to stay at pace with technology,” says Oindri Sengupta, HR head, 75F India. “This is why we prioritize learning and development and invest in our people to upskill.” Every new employee goes through an intensive training program and then continues updating themselves through in-house libraries, online courses, industry-relevant certifications and training programs.
The value of an individual today lies in the knowledge and skills he or she brings to an employer or an organization and millennials recognize this, says Lisa Cannell, MD and leadership professor at Darden School of Business in University of Virginia, US in an email interview. This new wave has changed how employees view their careers.
Continue reading “What is expertise economy?”
“Millennials now value skill building and development opportunities within a job as much as compensation. If they don’t get required training from companies, they find courses to reskill themselves.”Lisa Cannell, MD and leadership professor at Darden School of Business in University of Virginia