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A recent study on global workplace skills indicated that individuals across countries have shown concerns of being redundant if they do not continue to skill themselves. Unlike traditional times, individuals are no more just looking at entering the job market but are thinking from a long-term career advancement perspective given the dynamic nature of jobs with the emergence of AI and Generative AI. Disruptive technologies are reshaping the workforce, necessitating a closer look at hiring and upskilling strategies, across all career stages.

The Imperative of Upskilling
As industries evolve, the imperative for individuals to continually enhance their skills becomes apparent. Upskilling not only ensures professionals remain relevant in their fields but also unlocks opportunities for career growth and increased remuneration. In the face of technological shifts, possessing the latest skills is non-negotiable for staying employable and competitive.

Despite the evident benefits, the cost of courses and training programs poses a significant challenge for many professionals. Financial constraints often hinder individuals from making the necessary investment in quality education and training. This financial barrier impedes the path for those eager to enhance their skill sets and stay abreast of industry demands.

Moreover, there is significant demand for soft skills and communications courses across demographics with individuals recognizing the pivotal role of interpersonal skills in the contemporary workplace.

Strategic Investment: Edtech Loans for Upskilling
Taking a loan for upskilling courses emerges as a strategic and intelligent investment in one’s career, addressing financial constraints in the following ways:

• Investing in Future Growth: Opting for a loan for upskilling translates into an investment in future growth. The acquired skills contribute not only to personal development but also position individuals for career advancement. The return on investment, in terms of career progression and increased earning potential, far exceeds the initial financial commitment.

• Flexible Repayment Options: Loans offer the flexibility to pay for upskilling courses upfront and gradually repay the amount in manageable monthly installments. This flexibility enables professionals to undergo training without straining their immediate finances, fostering a conducive environment for career development.

• Fulfilling Aspirations without Financial Worries: Edtech loans empower individuals to pursue aspirations without financial constraints. New age professionals have been increasingly leveraging BNPL loan options to upskill and propel their career forward. This aligns with the notion that financing education through loans allows professionals to choose courses aligned with their career goals, without immediate financial burdens.
FinTechs powering affordability for upskilling

Over the past few years we have witnessed increased collaboration between Edtechs and Fintechs and we will continue to see this trend given that such partnerships provide accessibility and affordability to working professionals in pursuing their aspirations.

On one hand, EdTechs have a nuanced understanding of the upskilling needs of professionals while FinTechs facilitate ease of pursuing these courses, offering a highly personalized experience for customers.

In a dynamic job market shaped by technological advancements, upskilling is not merely a luxury but a necessity for career progression. The strategic utilization of loans for upskilling addresses the financial challenges associated with investing in one’s career. By opting for this approach, professionals not only ensure their continued relevance in the workforce but also position themselves for future success. As India Inc. adapts to the demands of the digital age, individuals investing in their skills today are charting a course for a more prosperous and fulfilling career tomorrow.

The author is cofounder & CEO, Fibe. Views are personal. 

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