Spend 15% to 20% of salary in Skill enhancement even during Covid19 era
India being a saving country, has further started cutting down their spending owing to Covid19 issues. It is acceptable at this time, however, there is one spending in which they should never cut down their expenses and that is, spending on skill enhancement.
Ideally, it is advised to save 15% to 20% of your monthly salary and use it for further skill enhancement.
We are in an era where any amount of knowledge can go obsolete within a couple of years. So, a person has two options in such situations – either to stop learning and become obsolete and start perishing or keep himself abreast with the latest trend. Obviously, the latter one will build up your career and the first one will build up your complaints against the world.
https://indianexpress.com/article/business/economy/slump-in-growth-starts-showing-about-21-million-salaried-jobs-lost-in-apr-aug-6588479/ (https://indianexpress.com/article/business/economy/slump-in-growth-starts-showing-about-21-million-salaried-jobs-lost-in-apr-aug-6588479/), however, at the same time, people with skills like CFA, FRM and Data Science are being hired. These are highly too technical courses, however, will abreast with highly demanded skills in the market. People with such skills are still able to switch their jobs even at this pandemic times.
If people continue to spend money on acquiring such skills, they will be able to ride on the upscale of the economy that will come up post covid19. People who are just saving and not acquiring necessary skills at this time, will miss out on the opportunity that the economy will give post this pandemic.
Actually, this has to be a habit for every working person to save and spend 15% to 20% of their salary. This will help them to always be a skilled person and also, the investment made in skilling themselves will fetch them good returns. Given below are some of the benefits:
Job switching or Promotion:
Remember that your colleagues are your competitors when it comes to promotion. You have to be better than all your colleagues to be eligible for promotion. A skilled person will be bound to get quick promotion when his skills are visible within the team. Even if the promotion does not happen in the same company, a skilled person will always have the chance to join another company for a better designation and package. We have to learn to be a bird which sits on trees’ branch trusting its wings, not the branches of the trees. If the branches are weak, you should be able to jump to other trees without hassles. This confidence you will get only if the wings are strong, in other words, only if your skills are strong, you will be able to jump to another company.
Being relevant:
Upskilling is the only way to be relevant in the ever changing economy. Perform or perish, that’s what is being followed in companies now. No performance will not take much time for the companies to sack the employees. Companies are struggling to increase their profits so much so, that there are severe cost cutting methodology being followed in almost every company. Having relevant skills only will help you to be relevant in the industry.
Confidence:
Being relevant in the industry, having a better package will certainly boost the confidence and morale of the employees which in turn will further help in increasing the productivity of the employee. The person will also eventually lose confidence if his skills are irrelevant, do not get promotion for long and unable to switch as well.
Better package:
All investment done in enhancing skills will never go as waste. It will certainly give you sure shot returns both monetarily and non-monetarily. An investment in knowledge pays the best interest – Benjamin Franklin.
So, prepare yourself to ride the path of success through your skills. Never stop investing in skills. It will give you returns throughout.
