The business OF SKILLS

A STRATEGIC REALIGNMENT IS IN ORDER FOR STAKEHOLDERS IN THE `SKILLING INDUSTRY'

India more engineers than the USA and China combined. But there is a huge question mark when it comes to the quality of these candidates and their expertise in these domains. This has led to recruiters saying that almost 80 per cent of the graduates who pass through our deemed universities are unemployable. That's a staggering number and one that indicates discord between the industry and our education system.

Despite their shortcomings, Indians are among the most sought-after talent in the world for their work ethics. Arming more aspirants with the right skills to meet the global demand is the need of the hour.

Following a slew of initiatives taken by the government, the `skilling' industry offers ample opportunities for growth profitably. Many start-ups have recognised this and have been pushing the envelope to rewrite India's education story. Even the older giants in the industry have had to sit up and take notice of the rapid changes in policies and sops offered.

Continuously performing well and delivering results in terms of outputs and profits is what sets a business apart and catches the fancy of investors and potential business partners.Once you have quality under control, you have to invest in the business and focus on scaling it up. The government has recognised the challenges that the industry faces today and is doling out sops worth crores to help them succeed. MOOCs, online courses and educational apps are attracting customers in large flocks. Start-ups who are offering such services should aim to generate economies of scale.

Where many existing brick and mortar education skilling institutes fail is to truly impart the care and attention each candidate passing through their halls, deserves. Customisation down to individuals is possible via machine learning and must be leveraged to create true value for the students. India is going to be the youngest nation by 2020 and by 2025, a majority of the young population will enter the workforce. To empower them to contribute meaningfully, the industry will have to make certain changes to their approach as well.

The two main reasons why most students drop out are that they cannot afford higher education and most institutions lack adequate infrastructure. The industry has to help in arresting these drop-out rates and seal the flow of candidates by hiring from a social angle instead of a profit angle.

Source | Economic Times | 20 October 2015