Education, in all its aspects, is an essential component of progress. No country can achieve long-term economic success without investing heavily in human capital. People’s perspectives on themselves and the world are broadened through education. It raises the bar and improves people’s lives. Education increases productivity and creativity, while stimulating entrepreneurship and technological developments. Furthermore, improving income distribution is essential to ensure the economic and social growth of education.
In India, there is currently a large gap between acquired and necessary knowledge. Students of all ages such as youth, children and sophomores are gaining qualifications but unable to find work because employers’ expectations and goals diverge from those of educational institutions.
Educational institutions emphasize theory and provide students with theoretical inputs and knowledge that are far below the expectations of industry employers. To meet industry demands, employers are looking for candidates who can “plug and play”. In this context, we will explore the current gap between educational institutions and industry expectations, and offer creative tools and approaches to effectively bridge the gap.
Bridging the Gap: From Institution to Industry
Although the number of high school and college graduates has increased, this has not translated into an increase in employment. Large organizations are using new recruiting strategies that emphasize communication, agility, proactivity and empathy. Such characteristics set candidates apart from others who only bring technical skills to the table.
According to the findings of a McKinsey survey, companies lack the talent they will need in the future. The survey also reveals that over the next five years, skills development, rather than hiring, will be the most effective way to close skills gaps. We have seen a shift from learning management systems in general to more focused business development efforts.
Currently, there is a gap between institutional demands and industry expectations. It must be spanned as soon as possible. The current Indian education system faces various problems, including an overemphasis on memory and a lack of focus on creativity. The rapid change in the business environment, along with sophisticated technology, requires collaboration between institutions and industry to bridge the gap.
The field has undergone substantial transformation, both in terms of methodology and substance. The pandemic has accelerated an already visible shift from traditional teaching-learning methods to digital classrooms. This is a particularly beneficial trend as it creates effective workforce connection techniques to provide a holistic approach to learning.
Learning trends in processing
Businesses are now aggressively engaging with EdTech companies to bridge the gap between expectation and reality through the use of digital learning solutions. These solutions have prepared their workforce for the new digitally driven work ecosystems, resulting in multiple returns on investment and significant cost reductions. While industry and institutes are thriving to bridge the gap between the educational institution and the lack of talent in the industry –
Identify the key skills required in the workplace
A diagnosis of the current capabilities of the organization’s staff will examine the skill set of the workforce and help determine future training needs. It starts with a comparison between what the company already has and the talent needed to drive business results.
Structuring the skills gap
Businesses must decide how to fill labor gaps. They have to choose from a number of ways, such as hiring and reskilling employees. When it comes to how to fill each gap, the choice involves two demands: how best to fill those vacancies in the workforce and how to reskill people.
Increase training capacity and forge strategic alliances
Companies should seek out strategic partners to help them develop a learning ecosystem for their staff. The refresher program should offer both in-person and online training choices. To map the impact, skills must be connected to real industrial projects.
Make you want to study
Organizations should support occasional workplace refreshers to ensure that on-the-job training is successful and remains relevant within the workforce.
Building a skilled and talented workforce is critical to India’s economic progress. In India, there is a pressing need to create skilled human capital. No country can progress if its human capital is not developed. The men behind the machines are always more important than the machines behind the men. Educational institutions are the backbone of any country, producing healthy citizens and leaders.
There’s no denying that skills disruptions are altering the prosperity of today’s global communities. With a large youthful population, India has a demographic dividend as well as a global strategic advantage. Having employable and deployable students is key to propelling the Indian economy forward. In summary, bridging the current skills gap between institutions and industry requires a collaborative effort from all stakeholders, including educators, students, parents, educational institutions, Ed-tech companies, industry, intellectuals and non-profit organisations.
(Ashish Khare is CEO and founder of online mentoring platform MentorKart)
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Posted: Monday, May 23, 2022, 11:07 a.m. IST