The session titled ‘Current Environment & What’s Required’, focused on the apparent dichotomy between high job competition and skill shortages, as well as the challenges posed by rapid technological advancements.

Industry-academia gap

Hema Bajaj, head faculty, MBA – HR, NMIMS, pointed out that technology’s evolution, including automation, AI, and digitisation, has transcended sectors and domains. While jobs and skill sets have evolved accordingly, the education system has not kept pace, leading to a significant skills gap.

“Jobs and skill sets have evolved but education and knowledge-wise there is a lot to catch up on. Hence the dichotomy,” Bajaj said.

Speaking specifically on her experience in the power sector, Ruhie Pande, group CHRO, Sterlite Power, emphasised a pressing challenge where there is a shortage of specialised skills despite high demand. She pointed out the disconnect between industry needs and academic training, stressing the importance of stronger collaboration between the two stakeholders.

“Financial services have done that really well but there is still some gap in other industries,” Pande pointed out. Pande also observed that many candidates, fresh out of college, often seek jobs unrelated to their field of study, which exacerbates the skills gap.

Unemployment among qualified jobseekers

Amit Das, country HR leader, Novo Nordisk India, highlighted the reality of skill shortages in India, citing that 56 per cent of employers report a shortage of skills, while 6-7 per cent of the population is unemployed. The paradox lies in the fact that unemployment is higher among the educated, with 18-20 per cent of graduates unemployed, compared to just 0.5 per cent among the less educated.

“The academic courses are not meeting the skill requirements in the market,” Das said, while optimistically adding that India had time till 2040 to take advantage of the demographic dividend to bridge these gaps.

Skill more important than competency

Suryanarayan G Iyer, head, human capital management cloud solution engineering team, Oracle India, spoke about the impact of digitisation and automation on job roles, noting that repetitive tasks are increasingly being automated, shifting the focus from job competencies to specific job skills.

“I am not saying that competencies and knowledge are not important, but the speed to productivity is the biggest expectation,” Iyer said.

He expressed concern that the speed of technological change is outpacing academic instruction, resulting in graduates who are ill-equipped for the current job market. He also highlighted the decline in storytelling and critical thinking skills among students, which are essential for industry.

AI integration in academia and industry

The panelists agreed that AI and technological advancements are reshaping the workforce. Amit Das likened 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 the young

Pande and Das noted that today’s workforce is more diverse, encompassing different orientations, genders, and abilities. The younger generation, Pande explained, were highly 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 soft skills, presents challenges for organisations. Pande emphasised the need for strong training programmes to prepare new employees for the demands of the modern workplace.

First Published: Aug 28 2024 | 6:12 PM IST