India, home to one-sixth of the world's population, is a country brimming with potential!  With its young talented workforce and rapidly increasing GDP, India has long been described as having an unprecedented "demographic dividend". If utilized properly, India should be able to reap unprecedented rewards. For proper capitalization of this demographic advantage, it is important to understand ground realities though — skewed gender ratios, poor education and healthcare infrastructure has meant that many Indians are still unable to participate effectively in this growth story. There is growing concern in some quarters about this so-called demographic dividend turning into a massive liability if our population does not develop appropriate skills quickly.

In the last seven decades, the share of the working age population has grown from 50% to 65%, resulting in a remarkable decline in the dependency ratio (number of children and elderly persons per working age population). As per the World Population Prospects 2022,India will have one of the largest workforces globally. In the next 25 years, one in five working-age group persons will be living in India. Given these stats, India needs to be well prepared with a skilled workforce. The skill gap challenge in India has been an ongoing issue for many years, and recent research suggests that this problem is getting worse. According to a study conducted by the National Skill Development Corporation (NSDC), about 12.8 million Indian workers are facing a severe skill shortage across various industries. This shortage has become particularly apparent in the IT sector, which relies heavily on skilled professionals to remain competitive in the global market. The lack of skills (hard skills as well as soft skills) has caused significant problems for both employers and employees alike.  For employers, it is difficult to find qualified workers with the right skills, resulting in longer hiring time and higher costs due to added recruitment efforts. They also need to spend time and money to train new hires to make them productive. On the other hand, candidates without the necessary skills struggle to find appropriate employment, thus perpetuating a cycle of poverty and inequality.

Efforts to bridge the employment and employability gap must be multi-faceted and involve all stakeholders - employers, government agencies, educational providers, parents and workers. 

1. Employees- Individuals must accept responsibility for their own professional development. They should take advantage of easily available upskilling opportunities and need to stay up to date with industry trends. Individuals should proactively identify areas where they need to improve their skills and take steps to acquire the necessary knowledge and experience. Additionally, employees should be open to feedback and willing to take constructive criticism in order to improve their performance and overall skill levels. 

2. Parents - Parents have a critical role in helping children bridge today's skill gap. They need to inculcate the right values, provide timely guidance, and offer personal counseling when needed. They can instill discipline and teach important life skills, such as time management, work ethics and real-life problem-solving. Additionally, being aware of their child's interests and strengths can help parents identify areas where their child may need additional support or guidance. The financial irregularities uncovered recently in Cars Mechanic serves as an important reminder of the importance of soft skills and values in the young generation. Companies, no matter how large or small, are still vulnerable to unethical behavior and irresponsible actions if employers/employees don't possess strong moral principles or emotional intelligence. 

3. Educational Providers- With new ideas and unprecedented opportunities, the current education system has become essential in producing a skilled workforce globally. Learning through experiences and collaborations can help churn out innovative minds that may significantly shape up economic progress and prove beneficial for both individuals and businesses alike. Furthermore, it is also essential to give young people a platform to build up much needed skills like communication and interpersonal skills. Having these kinds of competencies allows them to be better equipped to handle different types of challenges in their future working environment such as interacting with colleagues positively or dealing with difficult customers. Collaborating with industry partners to understand their skill needs and adapting accordingly will help in producing a pool of multi skilled individuals in the future.  Ultimately, the goal of any education system should be to build a skilled workforce that is prepared for an ever-changing job market.

4. Government Agencies- Government agencies should also ensure that education policies are designed to meet the needs of the labor market, and provide financial support for those who need it most. Building specialized institutes that are in line with modern requirements will produce talent that is ready to take on the challenges of a developed nation.

5. Employers- Employers themselves have an important role in narrowing the skills gap. This is in their best interest as well as the economy at large. Effective use of LMS and LXP tools can help employers to easily identify gaps in knowledge or skills, develop targeted training programs for their employees, and track progress over time. These also enable employers to customize their training materials, giving them the flexibility to create programs that meet their specific needs. This allows them to focus on what is most important for their employees, allowing them to gain the skills they need in a more efficient manner

Leveraging the Power of EdTech

The education system has been changing rapidly in the past decade and edtech is playing a key role in this transition. Edtech has become an integral part of bridging the gap between what is taught in school and the knowledge needed to succeed in the modern workplace. By providing access to current, up-to-date materials and personalized learning paths tailored to each individual's needs, edtech can help learners develop the knowledge and skills necessary to succeed in today’s job market. With an ever-increasing demand for skilled workers, edtech has become an invaluable resource that can help close this gap between school and work. For a country as large as ours needs technological intervention to be able to meet the demands in terms of scale and customization.

Conclusion

The good news is that things are slowly changing for the better. I was pleasantly surprised to see my 7 year old kid learn about Design Thinking and important 21st century skills as part of her school curriculum. Certain schools have now introduced subjects like Leadership Attributes, Importance of Communication, Design Thinking etc. to equip kids with modern day skills. In summary, bridging the employment and employability gap is a challenging but an achievable goal.Through collaborative efforts from all stakeholders in society, we can create a brighter future for everyone resulting in reduced poverty and increasing social mobility. By investing in initiatives which focus on developing skillsets required in current job markets and providing financial support to those who need it most, we can close this gap and create better access to higher quality jobs.