News: Skill development and aspiration quotient

#Updates

Skill development and aspiration quotient

Skill development is a favourite policy issue; players from across the governmental, for-profit and notfor-profit sectors are vying with each other to bridge the 'skill gap' , the underlying premise being that there is a huge disconnect between the high demand for skilled labour and workforce readiness in the country. From a policy perspective, it is argued that skill development services, if made widely available , would be readily consumed by eager job seekers looking for gainful employment. However, most stakeholders have begun to recognise that bridging the skill gap is easier said than done. Data as well as anecdotal evidence in the white collar market point to a more complex picture.

Job seekers "seek" more than just wages. Jobs are defined by more than just their economic value, which can be defined as the sum of wages and related economic benefits. Jobs also confer a social value, which include the perception of peers and family about the job and respectability attributed to it. Every job carries with it an intrinsic aspiration quotient (AQ), which is a function of both its economic and social value. Jobs with the highest AQ are those that deliver excellent economic and social value.

Source: The Economic Times

Topics: #Updates, Skilling

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