Move over gold, stocks, mutual funds and bonds. Career upskilling appears to have emerged as the new investment option for the new generation. Working professionals, largely in the age group of 23-35, are rapidly scaling up their skills to quickly climb the career ladder and attain better pay scales.
A study of 10,000 working professionals conducted by Simplilearn across key metros reveals that six in 10 certified professionals receive a pay raise within six months of completing an upskilling programme. Experts said what job security was for the previous generations is career security for the millennials.
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With the millennials at the cusp of technological transformations which are changing workplace functions, their main concerns are factors like automation and artificial intelligence impacting their careers.
These individuals are said to be judiciously investing a defined amount every six-eight months towards upskilling themselves.
According to Simplilearn founder & CEO Krishna Kumar, while on an average individuals spend Rs 15,000-20,000 on upskilling, this can go up to Rs 40,000-50,000 annually as they are actively looking at investment options that provide them with quicker and more personally satisfying returns on investment (RoI) in 12 months. “With growing demand for professionals skilled in big data, digital marketing, cloud and more, one is bound to get paid 25-30% more after picking up a new technology skill,” said Kumar. Read more.