India and its manpower is at the center stage of the world. It’s not a predicament, but it is the source of hope to the so called ‘aging’ developed nations.With an expected population of 1.3 billion by 2020, 60% of which would be in the working age group (15-59 years). India will be the powerhouse of the coming decade. According to a research by Boston Consulting Group, estimate is that by 2020 India will have a surplus of active population - about 47 million people. Greatest challenge before entire active population is to acquire much needed advance skills.
Simultaneously, in ever changing global economic scenario success of Indian economy lies on how Indian Companies and its supply chain bring perceptual change in doing business. Paradigm shift in organizational behavioral shift to decentralize decision making process, flattered organizational structure, cross-organizational and cross-functional networking & information sharing and flexible work arrangements is ineluctable. In order to achieve this, all employees should be made to undertake more responsibility and contribute in value chain ensuring productivity and innovation.
Need for innovation driven growth
Economic success is increasingly based on the effective utilization of intangible assets, such as knowledge, skills, and innovative potential in all the activities of supply chain as the key resource for competitive advantage. Biggest challenge before the nation is, for arriving at GDP growth from 1.9 Trillion USD to 10.4 Trillion USD by 2034 requires complete transformation both at organizational and talent level by steering knowledge economy and innovation.In the New Economy, knowledge, rather than natural resources, is the raw material of business. Both corporate world and Government will have to share the burden to achieve common goal.
New, Different Skill Demands
Advanced economies, innovative industries and firms, and high-growth jobs require more knowledgeable employee with the ability to respond flexibly to complex problems, communicate & collaborate effectively, manage information, work in teams and produce new knowledge. 21st Century demands skills categorized broadly in four categories:
- Ways of thinking: that includes creativity, innovation, critical thinking, problem-solving, decision-making and learning.
- Ways of working: that refers to communication, collaboration and teamwork.
- Tools for working: most of them based on new information and communications technologies and information age literacy, including capabilities to learn and work through digital social networks.
- Skills for living in the world: such as sense of global and local citizenship, life and career development; and personal and social responsibility.
21st Century Supply Chain Talent Demand with Financial, Economic,Business & Entrepreneurial literacy
Supply Chain function has evolved from the legacy role of procurement and logistics/distribution into a strategic business function involving entire industrial activities and business functions. Traditional supply chain function and responsibility is undergoing paradigm shift for better business integration and collaboration to a strategic decision-maker with deep economic sense, cross-functional expertise, strong customer and stakeholder relationship to demonstrate as a change agent. Spencer Stuart proposed core competencies across 5 core skill areas
- Global Orientation
- Operational Excellence
- Leadership
- Strategic Thinking
- Technologically Savvy
Age of Responsibility
Age of high competition and challenging economic scenario demands every participants across supply chain to be PESTLE Analyser ( Political,Economic, Social, Technological, Legal and Environmental factors). Responsibility for economic value addition is ought to be undertaken by each position, by whatever name called. Every investment requires good return exceeding cost of finance. Human Intellect Capital investment is not an exception.Conservative, non-contributory and supportive positions and functions are no more affordable.
Responsibility and sustainability principles have become indispensable if not imperative for public policy, business and consumer behaviour due to planetary limits and increasing global convergence.The sustainability and responsibility principles pose major issues of governance and standards in companies’ own operations and along their supply chains securing good knowledge economy at all levels. The responsibility of companies to invest in skills and talent and engaging in education and training in innovative ways to meet the requirements of the 21st Century workforce is but one example of this much broader responsibility and sustainability agenda.
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Author undertakes improving knowledge economy that reduces gap between market orientation and performance relationship.
