According to the International Labour Organisation report, 66% of the total population is below the age of 35 in India. Moreover, about 40% of the population is between the age group of 13 to 35 years.
This young demography is an asset when used in a calibrated manner to propel the growth of the country. If not, then the same demographic dividend might become a demographic disaster.
If not invested in the wealth creation, rather than becoming an asset, the young population would become a liability. This can only happen when youth are made to develop their skills according to the changing nature of jobs.
Drastic Decline in Clerical Jobs in the banking sector
According to the bank employment data released by the Reserve Bank of India, the Indian banking system has seen a drastic decline in clerical jobs in the recent past. The data suggest that in the early 1990s, clerks were comprised of over 50% of the total employees in banks. In the financial year of 2021, it reached up to 22%.
Further, subordinates in the 1990s used to be 22% of the total workforce in the banking system, which now has reached 9%. It is also significant to note that the officers in the banking system were about 27% of the total workforce, which now has reached 69%.
Explaining this change, Veinu Nehra Dutta, managing partner of FyneHand Consultants, said, “Technology has played a major role in changing the workforce distribution at banks and even at public sector banks. The change is visible. That and automation, I feel, have led to the clerical roles being not as central to bank operations as earlier”.
Automation is Changing the Nature of Jobs
Dutta’s explanation truly reflects that the automation and technology have completely changed the nature of jobs in India. The Internet of Things and Automation has completely evolved employment conditions.
These clerical jobs which were repetitive in nature have been replaced by automation. Clerks in banks used to do mostly paperwork or data entry.
These things started to change when digitisation invaded the workplace. Paperless work culture started to develop due to security and other convenient requirements. Transactions started happening in the digital mode. Mobile phones have been converted into a complete banking system.
Every single data of an individual is monitored and handled online. The development of blockchain technology has completely transformed data management in the banking system.
This development has not only reduced the demand for clerks but has also increased the demand of officers and professionals. That is why, on one hand, clerks’ demand has decreased to an unprecedented levels and on the other hand, officers’ demand has increased in the same ratio.
Read more: Automation and AI cannot replace everything in the world. Here is how
Skill is the Key
In this changing nature of job, if the demographic dividend of India would continue to engage themselves in preparation for these types of jobs, then the results would be a complete disaster.
Not only banks, but every institution which needs people is also looking for skilled candidates. The skill of modern time that can equip a person to create value for their employers.
Before the 1990s, the government was the sole employer. The Socialist character of the business and society developed a tendency that the government is the sole proprietor of employment. But, now the conditions have changed. The government intends to do no business.
They have outsourced their need to the third-party private companies and clerical jobs have been replaced with technology. In this scenario, public employment is limited in numbers. That is why government vacancy has also been reduced in recent times.
Thus, it is imperative for the youth of the country to develop new skills according to the need of the hour. Wasting years in preparation for government jobs means wasting precious years of young life. It is time for youth to smell the coffee and face the harsh reality.
It is also important that the government should come up with a policy approach to equip them with modern skills. Equipping youths with modern skills will not only brighten their future but also the nation.
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