Affiliation:
1. Rourkela Institute of Management Studies, India
2. Department of Business Administration, Sambalpur University, India
Abstract
The changes occurring worldwide through the fourth industrial revolution demand a broader range of competencies than just obtaining technical and digital expertise. Human agency is the only thing that allows technologies to be used in a sensible, wise, ethical, and sustainable manner. Aligning human reasoning with machine intelligence is crucial because this kind of employment requires cognitive processing that is difficult for machines to perform. Industry 4.0 is changing the workforce and expanding access to new knowledge and skills, which is having a significant impact on the manufacturing processes is carried out. As per the estimates by World Economic Forum, the adoption of new technology will necessitate reskilling for 50% of all employees by 2025. Twenty-three percent of the skills that employers will need in 2025 will be technology-related, even if they aren't currently considered essential. In this research, the authors focus on understanding the reskilling and up skilling of the workforce to make them future-ready for Industry 4.0 and beyond through detailed literature review.