Is it the skill gap or demand for multiple skills?
Source | www.hrkatha.com | Kartikay Kashyap
A research paper by Alicia Sasser Modestino, Daniel Shoag, and Joshua Balance, which was presented at the annual conference of the American Economics Association, revealed that the skill gap is just a myth, and that it is actually during recession that employers get stringent with their job descriptions and seek individuals with multiple skills and capabilities.
When unemployment is rampant in the economy, you have a larger pool of people available to work. During such times employers get choosier while selecting candidates. They also make their job descriptions more competitive due to higher competition. It is almost as if organisations are hunting for a white elephant, which is rare to find, while the work can actually been done by a normal elephant too.
According to the paper, as the economy gets better the problem of skill gap gradually diminishes. The jobs come back and everything starts returning to normal. But does this theory work in the Indian economy as well?
We do know that there is a large population of unemployed labour in India. If you ask any HR leader about the biggest problem that troubles their sector, most will come up with the same answer— ‘skill gap’.