The Returns from our demographic dividend can only be reaped if businesses accelerate adoption of Upskilling programs and set-up infrastructure to make their talent supply chain robust.
India has surpassed China to become the world's most populous nation, with a substantial proportion being young individuals.
The growth prospects for businesses resulting from a growing population are numerous, ranging from the potential emergence of new markets to opportunities for developing new technologies. Nevertheless, due to the continuously changing job market and evolving work trends, organisations must brace themselves for both challenges and opportunities that come with the Future of Work.
This emphasises the significance for businesses to invest in the education and skill enhancement of the youth, which can enhance their employability and skills, thereby strengthening their talent supply chain network.
What are the effective strategies that businesses can adopt to invest in the opportunities and challenges presented by the large youth population and how can they ensure maximum returns on their investments?
We will look into the key aspects that can turn this responsibility into an opportunity.
Academia-Industry convergence to bridge the skill gap
Given a substantial segment of India's populace comprises the youth, it is pivotal to allocate resources towards their education and skill advancement. The availability of superior education and training initiatives can equip the young demographic with the essential proficiency and know-how to cater to the requisites of the labour market. Vocational training programs can instil practical skills that can pave the way for employment prospects and entrepreneurship.
There is a need to revamp the education system to focus on holistic development, including critical thinking, problem-solving, and creativity, rather than just rote learning. Skill development programs should be designed to meet the needs of the job market and be industry-relevant. Efforts should be made to bridge the gap between academia and industry by promoting collaboration and partnerships between educational institutions and businesses.
Levelling up with the Upskilling
Upskilling has become a necessity for both businesses and employees. Technological advancements, changing consumer behaviours, and global economic uncertainties have all contributed to a rapidly changing work environment. The importance and the need for businesses to adapt to these changes has made upskilling critical. In the current era of digital transformation, businesses need to be agile, flexible, and innovative to stay ahead of their competition. They require employees with the latest skills and knowledge to meet the demands of their clients and stay relevant in their industries. With rapid changes in technology and industry trends, it has become essential to enhance employability, career growth, improved job satisfaction, increased income, and future-proof jobs and skill sets.
To enhance the skill set of their workforce, industries can leverage an array of programs and initiatives crafted to equip employees with the aptitude and training requisite for professional success.
Apprenticeships: Apprenticeships are meticulously crafted training programs that seamlessly blend on the job experiential learning with classroom instruction. These programs can be effectively utilised to train employees across diverse industries and professions. Typically, apprenticeships are facilitated by industry associations, trade groups, and other reputable organisations.
Degree Apprenticeships: Degree apprenticeships are a modern approach to apprenticeships that allow individuals to work, earn a wage, and study for a degree at the same time. These programs provide a unique opportunity for apprentices to gain valuable practical experience, develop key skills and earn a recognized degree from a reputable university or college. Degree apprenticeship programs are offered by a few universities and higher education institutions, in partnership with employers. They can take up to four years to complete and involve a mix of on-the-job training and academic study. Degree apprenticeships provide a direct route to employment, as apprentices are already working for their employer, and upon completion of the program, they often have the opportunity to continue their employment with the same employer.
During a recent interview with Mirror Now for a story titled 'India Overtakes China In Population | Tag Of 'Populated' Boon Or Bane? Beyond The Headline', Rituparna Chakraborty, Executive Director and Co-founder, TeamLease Servcies Ltd. spoke about the importance of equipping young people with new skills.
”We need massive innovation and change in the education-employability structure. We can leverage the National Education Policy guidance where there is reference of degree apprenticeship. We can bring academia and corporates together to make this happen”, said Rituparna.
Work-Integrated Learning Programs: Work-Integrated Learning Programs (WILP) is a modern approach towards education and training initiatives that aim to bridge the gap between academic knowledge and practical work experience. These programs provide students with the opportunity to apply their theoretical knowledge in a real-world work environment, often through internships, co-op placements, or other experiential learning opportunities.
Interested in learning more about work-integrated learning programs? Talk to us today
On-the-job training: On-the-job training (OJT) is a training approach that allows employees to acquire new skills and knowledge while performing their regular job duties. OJT aims to provide a practical and relevant learning experience to enhance employees' job performance and productivity. The effectiveness of OJT can be further increased when combined with coaching and mentoring programs. Mentoring can offer valuable feedback and guidance to employees, while coaching can assist them in recognizing areas for development and creating a plan to address them. This personalised approach to training enables employees to learn at their own pace and ensures that their training is aligned with their job responsibilities. In addition, OJT can promote employee engagement, motivation, and satisfaction by providing opportunities for career growth and development. Overall, OJT is a valuable tool for upskilling employees and enhancing organisational performance.
India's young population presents a significant opportunity for the country's growth and development. By investing in education, skill development, and upskilling initiatives, we can harness this demographic dividend and ensure that our youth are well-prepared for the future job market. With the right strategies in place, we can transform our responsibility into an opportunity and build a skilled, competent and future-ready workforce that contributes to India's progress and success on the global stage.
For further information regarding the effectiveness of upskilling initiatives as a strategic approach for addressing the impending skill gap and establishing a future-ready talent pool - Contact us