Indians Investing in their Careers through Upskilling; Willing to Spend up to INR 2 lakh Yearly Out of Pocket for Further Education: Emeritus Global Workplace Skills Study 2023
Mumbai : Depicting the growing appetite for upskilling to suit industry demands, Indians were found willing to spend nearly INR 2 lakh (US $2,500) every year out of pocket for further education. This insight was found through the recently released Emeritus Global Workplace Skills Study 2023 from Emeritus, a global leader in world-class professional education. This survey of professionals from a diverse set of sectors in the country found that 1 in every 2 Indians are ready to fund further education for themselves, their children or their family within the upcoming 12 months.
Education ranked high among Indians’ priorities even as the survey found 2 in 3 respondents admitting to spending their money cautiously focusing on essentials such as healthcare, medicine, groceries, etc., amid job layoffs and salary cuts globally. The trend of Indians spending on further education out of pocket stood out from most other parts of the world, where upskilling is being funded largely by organisations. The main motivations for Indian professionals to pursue further education included increased job security, a rise in self-confidence, developing leadership skills, and staying up-to-date with industry knowledge.
The emphasis on continued learning in the Indian society was also visible from the number of hours that professionals are investing into upskilling. The Emeritus Global Workplace Skills Study 2023 found that respondents are willing to commit an average of 11 hours on a weekly basis to further education. Most Indians, however, preferred short-duration programmes for upskilling, as per the Study. On average, professionals in the country were found willing to commit to nearly 5 months for an upskilling programme.
The Study highlighted that personalised career plans, guaranteed internships, networking opportunities, and career workshop benefits are more likely to motivate Indian consumers to pay extra for a programme. About 7 in 10 respondents saw the value of paying more to have one of these additional benefits. The survey also found that some of the most appealing enrolment benefits included the possibility to pay in monthly installments, cashback benefits, and a total refund guarantee.
Commenting on the findings from the Emeritus Global Workplace Skills Study 2023, Mohan Kannegal, CEO, India and APAC, Emeritus, said, “The data from the Emeritus Global Workplace Skills Study 2023 clearly points out that Indians are relentless in their focus to stay relevant in today’s job market. Education and upskilling are wise investments, especially during uncertain times, and Indian professionals are leveraging them to gain confidence and a competitive edge. Through our partnerships with leading educational institutions worldwide, we, at Emeritus, are glad to be part of this upskilling revolution and helping professionals futureproof themselves.”
Emeritus conducted the third edition of the Global Workplace Skills Study 2023 through its extensive survey of 6,600 professionals aged between 21 and 65 across 18 countries, including India, Australia, Brazil, France, US, China, UK, Brazil, Mexico, UAE, among others, to understand the global standing of workforce on online education during uncertain times.
The study surveyed a total of 1,720 Indians aged between 21 and 65 years, hailing from across 20 tier-I and II cities in India. The average age of the respondents was 39, and the average work experience was 12 years. The surveyed Indian professionals hailed from diverse sectors such as Software and IT services, Finance, Insurance, Education, Manufacturing, Technology and Innovation, Healthcare, Engineering and Construction, and Retail, among others.