Navigating future of skill development and job creation
NEP 2020, becomes imperative for success.
The changing dynamics: Elevating employabilty via skill development
The goal of skill development is to enhance employability, transitioning unskilled workers into formal employment, improving job quality and livelihoods. The evolving job market demands skills aligned with business productivity. Formal education's impact on job efficacy, except in roles like R&D, is minimal. On-the-Job Training (OJT) has become critical for success.
Industries are adapting to this reality. Models like Managed Training Services ensure formal training before deployment, ranging from 15 days to several months for specialized roles in engineering. Another innovative approach involves hiring individuals slightly below the required skillset, providing tailored training, and deploying them — a 'try and buy' model — that streamlines recruitment processes.
Government-mandated apprenticeships, traditionally for blue-collar jobs, now extend to white-collar domains, offering premium stipends exceeding Rs.50,000 per month. One of the significant benefits of skill development is its compounding effect on productivity and growth. Our studies have shown that higher education embedded apprenticeships result in a substantial 20%-25% increase in productivity. This heightened productivity, in turn, is poised to drive business growth, translating into job creation.
Challenges and opportunities in job creation
The impending job landscape in India necessitates a blend of advanced technical skills and softer, transferable skills. The urgency of providing early exposure to these skills during high school is underscored to ensure that young
