The session, entitled ‘The current environment and what is required’, focused on the apparent dichotomy between high labour competition and skills shortages, as well as the challenges posed by rapid technological advances.
Gap between industry and academia
Hema Bajaj, director of the MBA in HR programme at NMIMS, said that the evolution of technology, including automation, artificial intelligence and digitalisation, has transcended sectors and domains. While jobs and skills have evolved accordingly, the education system has not kept pace, leading to a significant skills gap.
“Jobs and skills have evolved, but in terms of education and knowledge there is still a lot to learn. Hence the dichotomy,” Bajaj said.
Speaking specifically about her experience in the power sector, Ruhie Pande, Group HR Director, Sterlite Power, highlighted the pressing challenge of shortage of specialised skills despite high demand. She pointed out the disconnect between industry needs and academic training, and stressed the importance of stronger collaboration between the two stakeholders.
“Financial services have done very well, but there is still a gap in other industries,” Pande noted. Pande also noted that many candidates, fresh out of college, often seek jobs unrelated to their field of study, exacerbating the skills gap.
Unemployment among qualified job seekers
Amit Das, Head of Human Resources at Novo Nordisk India, highlighted the reality of skills shortages in India, noting that 56% of employers report a skills shortage, while 6-7% of the population is unemployed. The paradox is that unemployment is highest among the highly educated, with 18-20% of graduates unemployed, compared to just 0.5% among the less educated.
“Academic courses do not meet the skills requirements of the market,” Das said, although he added optimistically that India had time until 2040 to take advantage of the demographic dividend to close these gaps.
Skill is more important than competence
Suryanarayan G Iyer, Director, Cloud Solutions Engineering Team for Human Capital Management, Oracle India, spoke about the impact of digitization and automation on job roles, noting that repetitive tasks are increasingly being automated, shifting the focus from job competencies to specific job skills.
“I’m not saying that skills and knowledge are not important, but speed to productivity is the biggest expectation,” Iyer said.
He expressed concern that the speed of technological change is outpacing that of academic teaching, resulting in graduates ill-prepared for today’s job market. He also highlighted the decline in narrative and critical thinking skills among students, which are essential for the industry.
Integrating AI into academia and industry
Panelists agreed that AI and technological advancements are transforming the workforce. Amit Das compared the current adoption of AI to the early days of the internet, suggesting that while technology may displace some jobs, it will also create new opportunities. The key, according to Das, is finding the right balance between technological and human elements in the workforce.
Diversity and aspirations of young people
Pande and Das noted that today’s workforce is more diverse, spanning different orientations, genders and abilities. The younger generation, Pande explained, was very purpose-driven and less committed to long-term employment compared to previous generations.
This shift in attitude, combined with outdated information and a lack of interpersonal skills, presents challenges for organizations. Pande emphasized the need for robust training programs to prepare new employees for the demands of the modern workplace.
First published: August 28, 2024 | 18:12 IS
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