Article: Skill-based hiring to benefit futuristic economy


Skill-based hiring to benefit futuristic economy

In the workforce, hiring decisions are increasingly being made depending on a candidate's skills. Thus, skill development should be incorporated into college curriculum rather than being seen as a post-secondary option.
Skill-based hiring to benefit futuristic economy

India's emergence as global pioneer in the start-up ecosystem has brought significant changes in the recruitment model and skill-based hiring has become a new thing while reskilling is the buzz word. During an exclusive interview, Prof (Dr.) I.K. Bhat- Vice Chancellor, Manav Rachna University, shares with us why it has become more important for schools and universities to prepare their students as per the demands of the market. 

Do you think the future of work will not be about college degrees, but about skills?

The style of work and careers is evolving quickly, and in the near future, the essential skills will be valued more highly than academic credentials. We have devoted the first third of our lives obtaining university degrees to find employment for decades. These certificates served as the stepping stones for the final two-thirds of our professional journey, serving as seals on our professional cards and the focus was on acquiring knowledge

However, it is being realised that more emphasis needs to be put on skills rather than degrees which can give higher possibility of employability in diverse work places. Our tradition skill set was challenged during the pandemic and faced lot of challenges to be productive. It also provided lot of opportunities and plenty of motivation to enrol in upskilling and skill-building programs in order to be able to contribute and make ourselves relevant in these difficult times. The new innovations were made which required a different skillset rather than academic degrees that encouraged inclusion and diversification in the workforce. By choosing individuals primarily on the basis of their skills rather than just their academic credentials became the new norm for hiring across the board.

The challenges faced during pandemic made our nation an emerging global pioneer in the start-up ecosystem, and the entire recruitment model has since changed, which focuses heavily on skill-based hiring. This is thus, unquestionably going to benefit the new futuristic economy.

What the schools and colleges teach is a match for what organisations want to hire. Please explain.

Since a shift has been seen also in educational sector, it has become more important for schools and universities to prepare their students as per the demands of the market. Most students who pursue higher education do so to improve their chances of succeeding in the future employment market. Students can gain both professional and technical talent besides interpersonal communication abilities necessary for employment throughout their school and college lives.

Educational institutions that keep a close focus on changing market dynamics will have a stronger insight of what organisations are seeking for in students now and in the future, which will give advantage to students studying in the institutions. Academic sector has to take greater responsibility of instilling 21st century skills in their students in order to enhance their chances of having a successful career in today's hypercompetitive and unstable and dynamic job market.

Skill or degree: What matters more for hiring managers?

As a country, we must transition to a skills-based approach in both education and jobs, where the knowledge and skills acquired in colleges are directly related to those needed for employment.

When determining whether a candidate is competent for a position and possesses the skills needed to be an effective employee, degrees were traditionally considered to be one of the pre-requisite qualifying pieces of information. However, during the past few years, this attitude has changed, and an increasing number of firms are turning toward skills-based hiring strategies. In the workforce, hiring decisions are increasingly being made depending on a candidate's skills. Skill development is being and should be incorporated into college curriculum rather than being seen as a post-secondary option.

The number of graduates coming out of the higher education institutions and the corresponding employment measures have a built-in discrepancy as reported by many agencies. Many graduates are regarded to be unemployable partly due to the fact that, although they have a graduate degree, many of them lack the skills that are needed to get employment in today's constantly changing labour market. The ability to perform the work well demands more than just a degree by a corporation. In my opinion, to have a solid foundation of both theoretical and practical skills is need of the time.

With technological advancement everywhere, do you think having a vanilla degree in any academic course will be obsolete in time to come?

Technology advancements are part of the happenings around us are affecting both our professional and private lives in the modern world on a daily basis. In addition, jobs are emerging in new areas which did not exist earlier and these are in design, production, supervision, and maintenance of such technologies and there is dearth of such professionals and are in high demand. In order to better prepare students for these expanding sectors, institutions are incorporating several training programmes in their degree programmes. This also has changed the perception among students due to these advancements and students are realising and deciding to broaden their learning in order to go into less common career paths.

The twenty first century is forcing the industry to change due to many technology breakthroughs and thus making the traditional degree system of education less relevant and creating demand in new areas. With these changes, government functioning, and society's needs demand for a new approach in education is also changing. In university education, automation and artificial intelligence are pushing up innovations that will test and possibly need personalised and on demand education.

Undoubtedly, use of technology will be one of the key factors in the new paradigm of education which is already well under way.

Did you notice an increased inclination of students towards tech courses as compared to regular academic programmes?

Very obviously, an inclination of students towards technology- based courses have been observed. The shift towards professional training has increased and a push has been provided by the pandemic. In order to remain productive in the midst of technological upheavals, working individuals are increasingly adopting a life-long learning approach, as indicated by the rising demand for executive education.

Technological advancements like Cloud Computing, Data Science, the Internet of Things, and Artificial Intelligence are helping businesses get insights that will change the game. Technology-enabled courses have made a variety of alternative career pathways available. These career tracks are distinct in character, engaging, and satisfying. Technology integration into courses has also led to an increase in the number of modern employment options for recent graduates and those seeking a new career direction. Students can learn a variety of skills and concepts through these programs. It enables them to concentrate on developing their life skills and provides opportunities for personal improvement. Therefore, it is becoming incredibly valuable to engage in technical subjects for IT careers due to the fierce competition that defines the contemporary world.

What will the future of work look like?

The future of work will be defined by technology and the ever-growing amount of data it depends on. In the ensuing ten years, shifts are expected to occur swiftly and uncompromisingly. Technology will have a significant impact on how work is carried out and globalisation will make it possible for organisations to engage people from around the world without having to personally meet them. The coming era of employment will be shaped by rapidly developing technology and enormously influential societal trends. The core of the new economy is expected to be reskilling. To do this, it will be necessary to have a clear knowledge of the best way to combine humans with technological trends.

Enhancing human brilliance with robust technology is the sole method to reinvent ways we work, learn, and engage together and contribute to the growth of our nation. A workforce which has requisite tools, skills, resources, and is extremely adaptive and versatile, will prosper in the workplace of the future.

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Topics: Recruitment, #Hiring

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