Upskilling in deep-tech domains like AI and ML a high priority for corporates: Survey

Corporate learning and development (L&D) will continue to flourish in 2022 as companies will invest more in upskilling their executives in deep-tech domains like artificial intelligence and machine learning.

AI and ML are the highest priority skill domains for 2022, followed by cyber security, project management, digital marketing, cloud computing, and data science, a survey by edtech firm Simplilearn said on January 20.

“These skills will receive the highest budget priority from organisations for internal upskilling initiatives and external hires,” the survey added.

According to Simplilearn, at least 80% of the respondents said that developing digital skills internally will be an area of focus in 2022. The top functions targeted by organisations for upskilling programmes are technology (54%), digital operations (39%), digital business (34%), and data science (30%).

With a focus on employee upskilling, 42% of respondents said they offer reimbursement programmes for employee-paid upskilling, and 18% of the organisations are considering doing so. This trend indicates an increased focus on upskilling.

At least 84% of the respondents said their companies' L&D budget increased or remained the same in 2021. Overall L&D budgets among enterprises had risen by 4% year-over-year in 2021. Based on the respondents’ views on their skilling focus in 2022, Simplilearn anticipates that this trend will continue in 2022 as well, it added.

“Continuous learning and development ensures employee retention, as professionals tend to stay longer in a company that is invested in their growth and career development. In addition, relevant upskilling is highly beneficial to enterprises as it results in a more productive and efficient workforce,” said Krishna Kumar, founder and chief executive of Simplilearn.

“From finding ways to motivate employees to enhancing their sense of personal growth and aligning them with a company's goals and values, L&D has become a matter of importance across firms – big and small. It is promising to see more and more enterprises taking steps towards boosting L&D practices,” Kumar said adding that a big chunk of L&D's focus will be ensuring that learners keep upskilling at every stage, beyond onboarding and basic training.