In the age of disruption, it pays to upskill.
People who invested in upskilling in the last five years had two-and-a-half times better appraisals, enjoyed a greater sense of security and satisfaction and more frequent promotions than those who didn’t, findings from the India Career Upskilling Report by UpGrad, shared exclusively with ET, have revealed.
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Upskilling also empowered women coming back from a career break, helping them find opportunities that were closer to their previous roles and also new, more stable careers. Women who upskilled in the past 3-5 years stayed 4.8x longer in their new roles and were 2.1x more likely to restart their careers at the same or better salaries compared to their previous roles, found the survey that covered more than 3,500 working professionals.
As much as 48% of those who opted for upskilling self-financed their studies, while 30% were employer-sponsored and 22% were a mix of both.
“People who are investing in themselves look at it more from the perspective of a job shift, whereas for those who are employer-sponsored, the typical outcomes are promotions or growth within the same company,” UpGrad managing director Mayank Kumar told ET. People who self-sponsored their upskilling were up to ten times more likely to switch companies than those who were employer-sponsored, the survey has found.
Three out of five upskilled professionals get promoted annually, while only one out of five who don’t upskill achieved the same, showed the survey. Those who upskilled in the past three to five years reported 1.7x more job security than those who did not.
Upskilling also equips individuals to navigate through new careers smoothly, showcased by the contrast in average tenure post-career pivot: 33.5 months for those who have upskilled versus 5.5 months for those who haven’t. Additionally, upskilled professionals tend to secure better salary packages after making a career change.
Interestingly, it was found that two out of three people who upskilled were parents. Various factors contributed to this: career advancement, opening doors to better job prospects and increased earning potential. In doing so, parents also aimed at setting an example for their children, emphasising the significance of lifelong learning.
As companies increasingly invest resources in the upskilling of employees, the survey found that sponsorship is directly proportional to the employee strength of the company. Startups/SMEs with up to 50 employees tend to invest around ₹30,800 in upskilling per employee, while for multinationals/Fortune 50 companies, it was around ₹1.09 lakh.