Remote work will take the economy far in 2021

The widespread reach of remote work environments has become a rising trend that is redefining India’s employability landscape and the world at large. The COVID-19 pandemic hit the Indian economy hard, but India was prepared to make the most of the crisis. With the connectivity of the internet and online learning, a vast Indian talent pool stands to benefit by acquiring skills necessary to the changing employability landscapes. Most private and public sector organisations have utilised the online learning scenario to implement virtual summits that enhance their existing skillsets of their workforce.

Remote work culture

Remote work has not only defined the hiring process during 2021, but the work environments of corporations and businesses. The increased access to technology and the internet allows teams to collaborate remotely over their gadgets and devices. Getting tasks done in data management, financial stock exchanges, business reporting, and every job that requires intelligence has transformed the physical reality of commerce.

The rising popularity of online stores and internet businesses is a clear indication of today’s entrepreneurship. Social media alone is home to more than 4 billion people, making up for 49.03% of the global population. In 2021, 54.58% of the Indian population is already registered on social media. This data is a clear pathway for a work culture which involves remote interactions and cloud sharing to fulfill job responsibilities.

Hiring pattern

Despite a high percentage of the population expressing their desire to work from home, the new economic model has only just begun, and the digital revolution is introducing remote work culture. The IT & BPM sector was the quickest to adapt to remote work culture.

In terms of hiring, the number of employees grew to 1.02 million professionals in just four IT majors, including TCS, Infosys, Wipro, and HCL Tech. The pattern of hiring is not limited to major IT corporations. Small and medium businesses, including various start-ups, are also following this trend. The pattern of hiring in the IT sector introduced remote work opportunities in sales, marketing, training, finance and almost every other role. The hiring intent during a global pandemic came with the benefits of work from home (WFH) for more than 20 lakh IT professionals working remotely. Small and medium businesses have also incorporated remote work for their workforce, making that number much higher on the nationwide employment scale.

In 2020, the remote work culture showcased India’s skilled workforce in both the formal and informal sectors. With increased connectivity and remote collaboration, the pandemic’s impacts on unemployment were slowly reverted with the hiring intention of companies. While most professions are reliant on the skills and proficiency of their job, the internet has offered a venue to acquire necessary skill sets.

Education is the link

Education remains the unbroken link between employability and economic sustainability. With the widespread use of internet technologies and smart devices, aspiring professionals can get the necessary skill sets in the shortest duration, for a reasonable fee. Certification programmes and online degrees from top universities are available across the world. The massive workforce of the formal sector needed to expand their existing knowledge with new tools and techniques.

The informal sector witnessed a steep incline in the inclusion of technology for business. The rise of shipping services and UPI money transfer resulted in seamless business fulfillment. Investment in artificial intelligence has increased in healthcare, biotechnology, and telemedicine industries. Data science professionals became the ideal occupants of the talent demand of various businesses.

Partnerships with foreign corporations

Large corporations, with bulk investment capital, are establishing business partnerships with Indian companies during the global pandemic. In November 2020, Amazon India opened a ‘Made in India’ toy store, in line with the government’s Atmanirbhar Bharat vision. The store will empower thousands of manufacturers and vendors to sell toys driven by the Indian culture and local folk tales. They will also sell toys that are locally crafted and manufactured. Amazon India’s partnership with HPCL in November 2020 allows for customers to book LPG cylinders and defer payment until delivery.

E-commerce has begun to influence multiple industry segments, creating a data-driven business approach. This has significantly reinvented the employability landscape for a vast population of the workforce. While Paytm founder Sharma was ranked India’s youngest billionaire in 2017, his company’s net worth increased to $2.3 billion, according to Forbes in September 2020.