With the market constantly evolving, companies think that skill development and up skilling are more vital these days. Given the scarcity of essential talent in today’s job scenario, as well as the rising understanding of employers there is a clear shift from the fight for talent to the race for up skilling and re skilling. Employers are looking for employees that can adapt and prosper in a constantly changing workplace environment more than ever before. Up skilling refers to providing current employees with additional skills. On the other hand, re skilling refers to replacing an employee's outdated skills with new skills that meet the needs of the changing market. India's population will exceed China's by 2023, creating more job possibilities. As per the United Nations Population Fund India will account for 22% of people entering the global labor force during the next three decades, which is the reason for research in this area. The purpose of the study is to explore how skill development and up skilling have become need of the hour for career growth of aspiring individuals. The study employed secondary data from the Indian IT and ITES sectors to ascertain its findings and conclusions. It was however revealed that in current scenarios many organizations are focusing on up skilling and re skilling their employees to meet the upcoming expectations from business stakeholders in fast changing environment and situations in business.