A Lack of Talent Pool Supply
Growth brings with it not just economic well being, but also certain problems which if not tackled in a timely and efficient manner, can wreak havoc and cause a spiraling decline in growth. One such problem countries over the world encounter is the quantum of knowledge required to keep the growth story going. When an Industry is successful and at its peak, it generates a steady need for skilled man power. In fulfilling the manpower demand, the supplier which is the university, is not left with enough skilled people to keep the value chain going. Over time the ability to produce the right talent pool is reduced to such an unfavorable situation that the gap between the available talent pool vs the talent pool needed starts to widen substantially.
A Lack of Proper Training
The role of academia is to nurture and groom young people to attain world class employment. However, the current trend of the academic world is to mass produce degreed young people by dishing out university diplomas. Not very many students that graduate from such a system are employable. So, companies end up having to spend a lot of time and money to get the green horns skilled enough to participate in delivery. There is an urgent need to create a situation where there is an effective use made of the four years of university education towards building those skills that provide sustainable employment. There is a transition phase involved where each participant in the ecosystem needs to perform a reality check towards re-orienting themselves to bring about a favorable balance.
Three initiatives to help resolve this gap:
- One such initiative that has taken shape over the past decade is the concept of “Finishing Schools” which are thriving and increasing in number. The gap left by the academia is being filled by a business house, which in a way, has provided for a short term remedy but not solved the root cause.
- In order to fix the root cause, initiatives have to be taken by the industry as well as the academia towards better collaboration and cooperation. Setting up labs and providing guided mentoring are a great way to move forward in the right direction.
- A three way participation needs to exist between the Academia, the Industry and Finishing schools to help remove the divide and produce an environment conducive to success for everyone involved.
The coConnect endeavor from coMakeIT is one such initiative which is geared towards proving a platform for all stake holders to participate and benefit from.