Hiring intent revives,employability increases for freshers
The comprehensive talent demand and supply report are backed by renowned partners like Pearson, United Nations Development Programme, AICTE, AIU and various state governments, the fifth edition of India Skills Report, captures insights and trends from the largest employability test that was spread out to 5200 Universities and Professional Institutions in India.
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According to the joint initiative of Wheebox, a talent assessment company and PeopleStrong, an HR Tech firm and Confederation of Indian Industry (CII) employability amongst the fresh talent has increased significantly in the past 5 years.
The comprehensive talent demand and supply report are backed by renowned partners like Pearson, United Nations Development Programme, AICTE, AIU and various state governments, the fifth edition of India Skills Report, captures insights and trends from the largest employability test that was spread out to 5200 Universities and Professional Institutions in India. The test reached out to more than 5 lakh students across 29 states and 7 Union Territories on the talent supply side, along with India hiring intent - a primary research survey on the talent demand side that reached out to over 120+ employers across 12 major industry verticals for talent demand.
While in 2014, the percentage of the employable population was a paltry 33 percent, it has achieved a 5.6 percent increase to rest at a respectable 45.60 percent this year. While this might not be the most positive news today, but the change that has happened over years looks tremendous. The key domains where the increase in employability has been very significant is Engineering, Pharma, MCA and other focused professional courses. It has been found by Wheebox, that focused vocational courses are creating more job-ready candidates than generic courses. Also, the courses where practical experience and internships, have been included in the formal course content are faring better. Another important aspect that has emerged from the supply side, came in the form of a reduction in employability amongst MBA courses. There is no such visible evidence It seems that with the exponential increase in the number of MBA colleges the quality of talent is seen to be declining, which needs government attention.
From the demand side, there is a positive indication as companies show a revival in their hiring intent. As per the India Hiring Intent survey,organisations across sectors expect 10-15 percent increase in hiring intent from last year to this year. While Retail, Banking, Financial Services and insurance sectors are anticipating an increase in the pace of hiring. Sectors like ITES, Software, Hardware and IT also foresee a moderate change in hiring numbers.
This year the Wheebox report has laid special focus on future jobs and the impact of automation to understand how they see jobs evolving in response to technology and innovation. The results are astounding: 69 percent of the respondents clearly foresee the impact of automation. Adding to this, 24 percent employers indicate Analytics and 15 percent foresee Artificial Intelligence as the emerging jobs.
Another interesting insight from the Wheebox report is that close to 80 percent of candidates assessed are keen to explore internship opportunities and they believe that internship will help them in being employable, whereas 85 percent of the candidates feel that they are not fully equipped with information or guidance to take a conscious, thought-out career decision.
Nirmal Singh, Founder, and CEO of Wheebox said, "India Skills Report findings this year has seen an improvement in employability which is a good sign for the economy. The Govt. efforts towards skill development especially in higher and vocational training institutions are paving the way for quality hires. Moreover, the efforts from the government & institutions are showing a positive trend." He further added, "new career opportunity like AI, Robotics, and data analytics are indicating an upward trend for these sectors."
Pankaj Bansal, Co-founder, and CEO of PeopleStrong said, “We as a country are undergoing a phase of upward transition as we embrace the impact of digitization and automation in our lives. A lot of effort is needed` both at the talent supply side and the demand side to ensure we complete this phase with flying colors. What is reassuring is that our analytics show we are definitely on the right track.“