Connect with us

Business

YOUNG WORKERS OPTIMISTIC ABOUT CAREERS, POSITIVE ABOUT TECHNOLOGY

Published

on

YOUNG WORKERS OPTIMISTIC ABOUT CAREERS, POSITIVE ABOUT TECHNOLOGY

Infosys research reveals disparity between developing and developed countries’ youth outlook, as the world confronts the Fourth Industrial Revolution

Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced research findings that provide insight into a generation that is positive about technology, divided economically about their career chances, and unsatisfied in their current formal education.

The report, Amplifying Human Potential: Education and Skills for the Fourth Industrial Revolution, commissioned by Infosys and conducted by independent research agency Future Foundation, polled 1,000* young people per country, aged between 16 and 25, in Australia, Brazil, China, France, Germany, India, South Africa, the United Kingdom and the United States.

Overall, while youth across all surveyed countries understood the role that technology will play in their careers and the need to advance their own skills, there is a clear disparity in technical confidence and job opportunities among developed and emerging economies.

  • Recognition of the importance of technology: Respondents acknowledged the role of technology skills in securing good career opportunities, with clear majorities in both emerging (74% in India and 71% in China) and developed countries (60% in France and 59% in the UK) stating that computer sciences subjects were key education tools
  • Concerns over technology skills and confidence: In emerging economies such as China and Brazil, 68% of respondents are concerned that a lack of technology skills will make it increasingly hard for young people to advance career prospects. This, in part, could provide motivation for those young people to seek out the technical skills they need — currently some 78% in Brazil and India are confident that they have the necessary skills for a successful future career. In contrast, the sentiment is lower in developed countries, including 53% in France and 51% in Australia
  • Technology skills and knowledge surging in emerging markets: The data further shows a large technical knowledge gap between emerging and developed economies. For example, there is a 30% gap between Indian young men (81%) and their counterparts in the US (51%). Among female respondents, the gap is 28% between India (70%) and the US (42%), and 37% with the UK (33%)
  • Job opportunity pressure: In developed economies, the youngest workforce feels acute pressure to find a good paying job. According to the research, 76% of young workers in France believe their job prospects are worse than those of their parents’ generation. This is in stark contrast to emerging economies surveyed, where a minority of youth surveyed, for example 49% in India, believe their job opportunities are worse than those of the previous generations

Data also indicates that the disparity between emerging and developed economies’ technological understanding could correlate to developed markets’ long-established education, employment and economic strategies. Emerging economies surveyed have less institutional inertia to contend with, having embarked on their economic rises more recently, and therefore can more flexibly embrace emerging technology. Emerging markets have also accelerated investments in education, buoyed by economic growth.

  •  Capabilities of existing education systems: In the US, 45% of those polled considered their academic education to be very or quite old-fashioned, and that it failed to support career goals, compared to 37% in China. In the UK and Australia, 77% had to learn new skills themselves in order to do their jobs, as their school or university education had not prepared them for the workplace, compared to 66% in India

The workforce of tomorrow also understands that as technology increasingly takes away routine tasks, they will need to pursue lifelong learning to develop new skills and focus on “soft” skills that computers will not be as adept at handling.

  •  Learning is a lifelong journey: Between 78% (Brazil) and 65% (China) of 16-25 year olds are willing to completely retrain if required. Around 80% of young people across all markets concur that continuous development of skills is essential to be successful in work
  •  The need for development of right-brain skills (or ‘soft skills’): Apparent across all regions is the role that communications, relationship-building and problem-solving abilities play in modern, technology-driven workplaces. While academic achievement was prioritized by between 50% (South Africa) and 36% (Germany), communications and on-the-job learning and problem-solving polled far higher. Communication skills polled between 86% (Australia) and 79% (Brazil), while on-the-job learning polled between 85% (Brazil) and 76% (Germany)

Finally, the study showed that job security was important for today’s youth, with the majority of them uninspired to work in volatile start-up ventures. Many, especially in developed economies, are reluctant to set up their own enterprises. Instead, they prefer employment with established large and mid-size companies. And the gender gap in STEM careers remains prevalent, but it is much starker in developed countries than developing countries.

  • Unresolved gender gap in technology skills: Young men, across all countries surveyed, are more likely to have existing IT knowledge and the desire to advance these skills. In emerging markets such as India (81% male to 70% female) and China (68% male to 59% female) as well as developed economies such as the US (51% male to 42% female), the gap is far less pronounced with higher levels of perceived competency in the emerging economies. However, in other developed economies such as France (49% male to 24% female), Germany (49% male to 26% female) and the UK (62% male to 33% female), gender gap in technology skills is significantly wider

Overall, young people are aware that the Fourth Industrial Revolution will usher several disruptive forces in the job market: from the next-gen Internet of Things and Big Data, to work environments that will be drastically changed by automation, artificial intelligence and similar technologies. Today’s youth understands that it must be agile, open to learning and capable of operating in a global environment to build a long-term career path.

Dr. Vishal Sikka, CEO and Managing Director, Infosys, said: “Young people around the world can see that new technologies, such as artificial intelligence and machine learning, will enable them to reimagine the possibilities of human creativity, innovation and productivity. To empower these young people to thrive in this great digital transformation, our education systems must bring more focus to lifelong learning, experimentation and exploration – in addition to bringing computer science and technology more fundamentally into the curriculum. Everyone of us can reimagine our circumstances, innovate and create, but our education systems must instill new ways of thinking, which include finding the most important problems to solve, collaborating across diverse groups and learning from quick failures — so that each one of us can find our own meaningful, purposeful work.”

Business

FTSE 100 edges up as HSBC, drugmakers gain

Published

on

FTSE 100 edges up as HSBC, drugmakers gain 1

Via Reuters

By Shivani Kumaresan

(Reuters) – British shares inched higher on Tuesday, supported by gains in HSBC and drugmakers, at a time when tighter coronavirus restrictions have raised concerns about the pace of an economic recovery.

The FTSE 100 index was up 0.3% after two consecutive sessions of declines, with HSBC Holdings, up 2.5%, giving the biggest boost to the blue-chip index.

“HSBC is up on Asian growth. UK investors could play on the what the growth is like in China,” said Neil Wilson, chief market analyst at Markets.com.

“We are dealing with a market that is shuffling the cards at the moment in a sense that they had a big run over the last three months and is looking for direction.”

The FTSE 100 tumbled 14.3% in 2020, its worst performance since the 2008 financial crisis and underperforming its European peers by a wide margin, as pandemic-driven lockdowns battered the economy and led to mass layoffs.

British firms called for another 7.6 billion pounds ($10.3 billion) of emergency government help, saying they cannot wait until finance minister Rishi Sunak’s March budget to learn if they will get more pandemic support.

The mid-cap index gained 0.2%, with travel stocks easyJet and Wizz Air Holdings being the top boosts.

Shares of Experian Plc, the world’s largest credit data firm, gained 1.2% after its third-quarter revenue growth exceeded targets, helped by strong U.S. mortgage volumes.

OXO cube maker Premier Foods fell 4.6% despite a 90% jump in the third-quarter online sales, while British fashion group Superdry lost 12.9% after reporting a big drop in sales in the Christmas quarter.

(Reporting by Shivani Kumaresan in Bengaluru; Editing by Subhranshu Sahu and Shailesh Kuber)

Continue Reading

Business

Google backs Indian courier startup Dunzo in $40 million fundraising

Published

on

Google backs Indian courier startup Dunzo in $40 million fundraising 2

Via Reuters

BENGALURU (Reuters) – Indian hyperlocal courier startup Dunzo has raised $40 million from existing investor Google and others, it said on Tuesday, after seeing a surge in usage during the COVID-19 pandemic.

As many Indians stayed indoors for much of 2020 because of the health crisis, Dunzo and food-delivery apps Zomato and Swiggy recorded a fresh surge in popularity. Naspers-backed Swiggy also runs a hyperlocal courier service.

“This capital stems from a year of robust growth amidst the pandemic,” Dunzo said in a statement. “As cities reopen, (Dunzo) continues to see strong growth across user segments.”

Besides Google, Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada and Alteria also participated in the fundraising round, the Bengaluru-based company added.

Dunzo allows users to order groceries and other essential items from nearby stores as well as run pick-up and drop errands within the eight cities it operates in.

“As merchants go digital, Dunzo is helping small businesses in their digital transformation journey,” said Caesar Sengupta, vice president at Google, which has set aside $10 billion for digital investments in India over five to seven years.

(Reporting by Sachin Ravikumar in Bengaluru; Editing by Shinjini Ganguli)

Continue Reading

Business

Bankers call for ‘hybrid’ shares to plug COVID corporate capital gap

Published

on

Bankers call for 'hybrid' shares to plug COVID corporate capital gap 3

Via Reuters

LONDON (Reuters) – European companies hit by COVID-19 could issue “hybrid” shares to plug a predicted capital gap of up to 600 billion euros ($723.48 billion) when government relief measures expire as vaccination programmes are rolled out, a report said on Tuesday.

The report compiled by consultants PwC and the Association for Financial Markets in Europe (AFME), which represents banks and other market participants, said economic recovery is under threat unless the capital gap is bridged.

It proposes a new European-Union-wide hybrid security like preferred shares, a form of stock that has features of ordinary shares and bonds, typically offering a priority in dividend payments but with no voting rights.

“This is where hybrid and equity markets can play a key role in supporting Europe’s recovery,” AFME CEO Adam Farkas said in a statement.

Despite relief from governments and the private sector since the start of the pandemic, 10% of European companies have cash reserves to only last six months, the report said.

The EU has already passed a package of “quick fix” measures to make it more attractive for companies to rebuild their finances by issuing shares on the stock market rather than the more common route of taking on debt such as bank loans.

But many mid-sized and SME corporates do not want to give up control of their business by issuing ordinary shares, the report said, and are willing to pay a premium not to dilute their voting rights.

“Hybrid instruments are ideally suited to address these needs,” it said.

Policymakers could also explore further use of dual class shares to address the control concerns of companies, as well as debt for equity swaps to reduce leverage, the report said.

(Reporting by Huw Jones; Editing by Catherine Evans)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

FTSE 100 edges up as HSBC, drugmakers gain 4 FTSE 100 edges up as HSBC, drugmakers gain 5
Business6 mins ago

FTSE 100 edges up as HSBC, drugmakers gain

Via Reuters By Shivani Kumaresan (Reuters) – British shares inched higher on Tuesday, supported by gains in HSBC and drugmakers,...

Google backs Indian courier startup Dunzo in $40 million fundraising 6 Google backs Indian courier startup Dunzo in $40 million fundraising 7
Business8 mins ago

Google backs Indian courier startup Dunzo in $40 million fundraising

Via Reuters BENGALURU (Reuters) – Indian hyperlocal courier startup Dunzo has raised $40 million from existing investor Google and others,...

Bankers call for 'hybrid' shares to plug COVID corporate capital gap 8 Bankers call for 'hybrid' shares to plug COVID corporate capital gap 9
Business11 mins ago

Bankers call for ‘hybrid’ shares to plug COVID corporate capital gap

Via Reuters LONDON (Reuters) – European companies hit by COVID-19 could issue “hybrid” shares to plug a predicted capital gap...

Bank of England sets out interim 'bail-in' debt targets for banks 10 Bank of England sets out interim 'bail-in' debt targets for banks 11
Business40 mins ago

Bank of England sets out interim ‘bail-in’ debt targets for banks

via Reuters LONDON (Reuters) – The Bank of England on Tuesday set out interim levels of special debt that banks...

British firms call for immediate $10.3 billion in COVID aid 12 British firms call for immediate $10.3 billion in COVID aid 13
Business45 mins ago

British firms call for immediate $10.3 billion in COVID aid

via Reuters By William Schomberg LONDON (Reuters) – British firms called on Tuesday for another 7.6 billion pounds ($10.3 billion)...

BOJ's policy review may make ETF buying more flexible - Reuters poll 14 BOJ's policy review may make ETF buying more flexible - Reuters poll 15
Business47 mins ago

BOJ’s policy review may make ETF buying more flexible – Reuters poll

via Reuters   By Kaori Kaneko TOKYO (Reuters) – The Bank of Japan will likely focus on measures to make...

Trends influencing the 2020 data storage landscape includeAI, mass adoption of hybrid cloud, object storage at the edge, and cybersecurity Trends influencing the 2020 data storage landscape includeAI, mass adoption of hybrid cloud, object storage at the edge, and cybersecurity
Technology4 hours ago

Holding Cloud To Account, How Cloud Adds Up In Financial Services

By Dom Poloniecki, General Manager, Western Europe and Sub-Saharan Africa at Nutanix Cloud computing and the deployment of increasingly cloud-native...

What’s in store for Financial Services in 2021? 16 What’s in store for Financial Services in 2021? 17
Finance4 hours ago

What’s in store for Financial Services in 2021?

By Miroslava Betinova, Head of Strategic Sales at PPS If there is anything that 2020 taught us, it is the...

Iron Mountain 2021 Outlook 18 Iron Mountain 2021 Outlook 19
Top Stories4 hours ago

Iron Mountain 2021 Outlook

By Stuart Bernard, VP of Digital Solutions at Iron Mountain The Covid-19 pandemic is continuing to rewrite the rules governing...

Capital Markets: The Last Frontier for Digital Transformation in Financial Services 20 Capital Markets: The Last Frontier for Digital Transformation in Financial Services 21
Trading5 hours ago

Capital Markets: The Last Frontier for Digital Transformation in Financial Services

By Dr. Avtar Singh Sehra, CEO, Nivaura The last decade has seen financial services undergo vast digital transformation. New technologies...

Newsletters with Secrets & Analysis. Subscribe Now