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Youth, which this article defines as those between the age of 10 and 30, play a huge role in the economic, demographic and sociocultural progress of a nation. One of the most important ways of nurturing the potential of this group is by providing the right skilling so they can maximize their employment opportunities. Unfortunately, while raw talent is available, there is a huge shortage in skills and employability in most parts of the world. The challenge before governments and other authorities is to match talent with skills, and in some cases, to even create the talent pool before upskilling it.
This mismatch is not singular, but has many layers to it. Splitting the youth population into key sub-segments, it becomes clear that the 0-15 group stresses the academic infrastructure of a country because of its need for education; the 15-24 group stresses the employment sector because of its need for jobs; whereas the 24-30 cohort makes demands on certain industries, such as automotive and housing, because of its desire to own vehicles, homes, etc. All are inter-related – a strong education sector produces skilled, job-ready people, who will go on to be more productive, and earn enough to meet their consumption needs. In theory, at least. In practice, there is a large mismatch between capacity and capability standing in the way of this progression.
There is also a mismatch between the legacy market infrastructure supporting education and industry and the digital technologies of the day. This gap was especially exposed by the pandemic when education and employment were forced to go remote overnight. Another issue is that the education sector is geared to impart theoretical knowledge but not the practical training and skills that the youth require to work productively in the real world. While on the topic of work, the young adults (~ 18-24) entering employment bring fresh minds and thinking; however, they find no avenues for this talent since most employers are still trapped in an industrial-era mindset that curbs innovativeness and imagination. The older youth (~ 24-30), many of whom decide to become entrepreneurs, face hurdles on this path because of the mismatch between their funding needs and funding sources, and also between their risk-taking ability and a risk-averse environment. There is simply not enough encouragement for these potential employment generators to pursue their dreams.
The pandemic has put a new spin on skills, and their seekers and providers.
Skills that were important, have diminished, to be replaced by other capabilities. For example, in banking, face-to-face interaction and in-person service are no longer that relevant when remote working and social distancing are the norm. So now, frontline staff need to be trained in building relationships, trust and rapport through virtual interactions.
Traditionally, skill providers brought years of experience to their workshops, relying on in-person presentations, role play, and group participation to impart training over several days. Now they need to reinvent themselves to be effective in a virtual training room, which presents challenges such as “Zoom fatigue” limiting sessions to a couple of hours and difficulty in assessing body language. Skill providers need to find ways to engage learners for extended periods and enable talent while working remotely.
Even the skill seekers have changed. They no longer want prolonged technical or functional programs, or long stints in college. Platforms, such as Udemy or Coursera, have changed the game by providing bite-sized, modular, on-demand training, that the new skill seekers are increasingly gravitating towards.
Here is one idea: Every country has some type of employment exchange; in the past, this was a physical institution where job seekers submitted paper applications that were collated into a database. Government and private organizations used these databases to fill positions, while educational institutions connected with those with learning requirements.
Using digital technology, it is possible to elevate these national databases into a comprehensive global database for employment, apprenticeship and training. Then, any organization in any part of the world, would have equal access to this massive talent pool. With all work and learning happening remotely, this would become a conduit for global skilling and employment, free of visa and travel restrictions. The database could evolve into an online platform marketplace for talent, skills and jobs, enabling the best matches between seekers and providers. With no constraints, such as reservations or quotas for minorities or other groups, this would promote equal opportunity. And since the database would be accessible from anywhere with internet or mobile connectivity, it would go far in promoting inclusion. Based on the success of other platforms, one can expect this one also to scale up rapidly and sustain itself well into the future. It is a new solution befitting the new skilling problems of a post-pandemic world.
Rajashekara V. Maiya
Head of Business Consulting, Infosys Finacle
Rajashekara Maiya is responsible for charting Finacle’s product strategy and defining its product roadmap, strategic acquisitions, alliance partnerships, and client engagements. He represents the company while interacting with external stakeholders such as analysts and the media. He is also responsible for the business consulting practice at Finacle, Eco-system innovation Group along with Cloud, Blockchain business. He has played several roles across diverse areas, including product management, solution architecture, implementation, and pre-sales over the last 20 years at Infosys. Maiya has been instrumental in the conceptualization and planning of Finacle Enterprise – the latest addition to the Finacle portfolio designed to deliver simplified transformation and progressive modernization capabilities to global banks. Maiya specializes in core banking, risk management, regulations, and compliance. He has been quoted on these and other topics in reputed publications such as Forbes, The Banker, Banking Technology, The Economist, Business Line, BBC Radio, and the Economic Times. He is on the expert panel of the McKinsey Quarterly; is a member of the XBRL Abstract Modelling Task Force (AMTF) Group, MIT Technology Review Global Panel; and is an Associate member of the Institute of Chartered Accountants of India. Maiya holds several patents and has pending patents in the areas of partner portals, delivery channels, offline banking, and customer experience. Maiya is also a co-author of the book called ‘SMACing the Bank’.
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