As per the study conducted by IBM- 70% of India’s venture capitalists indicated that startups cannot find employees with the right skills. The nation’s current higher education system fails to meet the needs of students- 61 percent of India’s surveyed educators indicate that the higher education system is unable to respond to changing societal needs.
The revelation was made in the in the IBM study- ‘Upskilling India’ which derived insights from a survey of academics, corporate-recruiters, and emerging education leaders in India.
DP Singh, Vice President and Head HR, IBM India/ South Asia, says “Skill is emerging as the new currency across businesses globally and in India. Today’s rapidly evolving economic environment makes up-skilling an imperative across job profiles and sectors. India is caught by both a skill gap and a higher education sector struggling to keep up. That is why, it is critical to take proactive measures to transform the higher education system to create a new model that better aligns with industry imperatives.”
Other key findings of the study reflect:
- Only 40% industry executives said new employees recruited in local labor markets have requisite skills
- 73% of India’s education leaders surveyed in our global higher education study say new technologies are disrupting higher education
- 54% of them believe there is a clear lack of interaction between industry and academia
DP Singh further added, “At IBM, we believe in providing a environment conducive to fostering new learning and development experiences aided by the power of technology. We are working with government bodies, academia, corporates, start-ups and recruitment firms to equip India with a “job-ready” workforce. We believe the industry is no more bifurcated into blue collar and white collar jobs. The ‘new collar’ job community is embracing technology, forging deeper relationships with ecosystem partners and acquiring ‘in-demand’ skill-sets.”
To evaluate India’s growing skills challenge - IBM announced the study conducted by the IBM Institute for Business Value (IBV) in cooperation with the Economist Intelligence Unit.