By | Krishnan CA | Business Unit Head at TCS iON. ET Young Leader. IIM-A Alumnus. MBA & B.tech (Gold Medalist)
There are 4 main challenges in today’s job market in India, an understanding will help us put the right strategies to help the unemployed gain access to jobs and gain the skills required to play a key role in our country’s economic progress.
1. Ignorance – The biggest challenge is that many in India are not looking for job or better lifestyle that comes with better education and skilling. It is said that less than one in two working age people in India are actually working or looking for work in India. This figure is 75% in China!
2. Job Losses due to the Pandemic – There is significant job losses due to the pandemic. Further, the economic landscape is changing, hence those looking for jobs will find that their skills are fast becoming redundant in the new world.
3. Low productivity Informal sector – 77% of India’s employees are currently in the informal sector. Now this is challenging as informal sector is characterised by high risk and no systems of insurance or safety standards. Further the productivity and contribution to the economy is low.
4. Skilling Gap – There is significant shortfall on what the education ecosystem in the country can produce as skilled labor to meet the industry demand. 63% of employers in India say they cannot find the talent they need, up from 55% in 2018 (Manpower Talent shortage survey)
So how can one go about addressing these challenges? The book ‘Bridgital Nation’ offers interesting insights on how technology can play a role in addressing the gap by creating new job roles assisted by technology. This will help the unemployed, with minimal training, to become employed and be productive. Such digitally augmented workers can take up tasks previously done by experts and specialists. Companies can start evaluating the business opportunity to make Bridgital come to life and drive business impact that can help in democratising access to essential service to those who cannot afford it.