India is expected to emerge as the world’s third-largest passenger-vehicle market by 2021. However, to propel this growth, organizations in the automobile sector will have to reimagine their investments in talent. In a round table hosted by Lee Hecht Harrison under the “LEAGUE OF LEADERS” initiative, industry leaders from the sector shared their insights on the many talent challenges besetting the automobile industry in India and the ways to overcome them.
The automobile industry contributes almost 7 percent to India’s GDP, and as per the automotive mission plan 2026, the sector aims to increase its contribution to over 12 percent by 2026. Concurrent with this jump, 16 mn jobs are to be created in this sector while the automotive mission plan aims to generate another 65 mn jobs by 2026. To add to that, authorities predict that India is expected to be the world’s third largest passenger vehicle market in 2021.
While all these statistics appear copacetic, the auto market is afflicted with its own set of disruptions and changing norms. Right from a jump from BSIV norms to BSVI norms as well as in terms of FAME for electric vehicles, multiple disruptions have come into play such as autonomous vehicles, shared mobility, and the new skills requirements proficient in the application of mechatronics, AI, and robotics. The question that then arises is that: Is the sector ready for the new unanticipated challenges thrown by unprecedented disruptions and their subsequent effects on the talent market? Does it have the requisite talent or talent management strategies to brace for the coming changes?
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