What do the heads of the country’s top tech institutes think about the debate around employability of Indian engineering graduates, an issue that rears its head every now and then?
There is indeed a real concern about employability because of the large number of engineering graduates that India produces every year, outdated curriculum, poor teaching infrastructure and shortage of good faculty, particularly in institutes lower down the order, said IIT directors that ET spoke to. Read more
A number of developed countries, including the United States, the United Kingdom, and France, are confronting a new and frightening phenomenon: a “lost generation” of young adults unable to find a job. But the story of high and rising levels of youth unemployment is far from universal. Of the ten Organisation for Economic Co-operation and Development (OECD) countries with the lowest levels of youth unemployment in 2010, five—Australia, Germany, Austria, Switzerland, and the Netherlands—have programs in place to ensure that at any one time, 15 to 20 percent of 16- to 24-year-olds hold workplace-based apprenticeships. To put it another way, each of the countries in which apprenticeship is widely available is among those with the lowest youth unemployment of the OECD countries. Read more
Most Indian employers don’t know the work of Nobel laureate Peter Diamond’s work on search costs in labour markets. But they live it every day. One of their biggest problems is hiring people at the bottom of the pyramid: hiring people with 0-2 years of experience.
Finding such a workforce has become the corporate equivalent of kissing 100 frogs to find one princess. This wasted effort arises from the problems of matching (say, a youngster with skills in Kanpur connecting with an employer hiring in Bengaluru), mismatch (say, someone skilled on paper but with different skills than what the employer needs) and low signalling value (résumé of skilled kids not strong enough to get shortlisted for interviews by employers). Read more