employability_of_youth
TRANSCRIPT
Employability of Economics Graduates – Bridging the gap!
THE ECONOMICS CLUB, MUMBAI
The Road Ahead…
• Background
• Research objectives
• Survey of Employers
• Survey of Recent Economics Graduates
• Bridging the gap
THE ECONOMICS CLUB, MUMBAI
Background…
• Indian economy
Ø high growth rates
Ø managed to survive the global slowdown
Ø increasingly favourable investment climate
Ø Huge domestic demand fuelled by a growing middle
class
• Need for economists who can:
Ø analyse both the domestic market as well as global
trends and predict opportunities
THE ECONOMICS CLUB, MUMBAI
Background…
• Increasing employment opportunities available
• Yet organisations are facing a shortage of skilled and
competent manpower!
THE ECONOMICS CLUB, MUMBAI
Employability – a key concern
• Do employers feel that economics graduates have the
requisite skills and competencies?
• If there is a skill gap, how can it be filled?
• What steps should institutes teaching economics take to
develop inadequate skills?
• How can students be taught to apply their skills in the real
world?
• How do we make economics graduates “employable” in the
true sense of the word?
THE ECONOMICS CLUB, MUMBAI
OBJECTIVES OF THE STUDY
THE ECONOMICS CLUB, MUMBAI
ObjecGves
• To elicit responses with respect to the skills and attributes
that enhances employability for economics graduates
• To understand the attitude of potential employers towards
economics graduates
• To identify skill gaps vis-a-vis the needs of employers
• To come up with measures to fill these gaps by – Elaborating the role of educational institutions and academics
– Identifying areas of industry-academia partnership
THE ECONOMICS CLUB, MUMBAI
OBSERVATIONS FROM THE EMPLOYER SURVEY
THE ECONOMICS CLUB, MUMBAI
Survey
SECTORS COVERED UNDER THE STUDY %
Consultancy 14.28 Banking 21.42 Fin. Services 14.28 Govt. Services 7.14 Think Tank 14.28 NGO 7.14 Manufacturing 7.14 Others 14.28
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Key tasks performed by economics graduates
ACTIVITIES OF ECONOMICS GRADUATES IN THE ORGANISATION (%) Data CollecGon 57.14 Research 100 Policy Making 35.71 StaGsGcal / MathemaGcal Analysis 71.42 AnalyGcs 50 Corporate finance 14.28 Training 21.42
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REQUIRED COMPETENCIES
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OBSERVED COMPETENCIES
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The GAP… COMPETENCIES REQUIRED
(MOST IMPORTANT) % OBSERVATION (EXCELLENT) %
Logical Reasoning and Problem Solving
Analysis of data & Logical Reasoning 92.85 42.85
AaenGon to details 85.71 57.14
Personal AbiliGes
CommunicaGon Skills 92.85 57.14
IniGaGve/Enthusiasm 100 42.85
Technical Ability
Applying eco. Concepts and theories effecGvely 64.28 42.85
Knowledge and General Awareness
Economy, Business, Industry Sectors 100 71.42
Subject/Domain Knowledge 57.14 28.57
Level of EducaGon 78.57 57.14
InsGtutes of learning 57.14 28.57
Social, Cultural, PoliGcal Awareness 50 28.57
Commitment to learning 85.71 42.85
PracGcal Aspects
Work Experience 78.57 35.71
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The GAP
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Aitude towards economics graduates
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Aitude towards economics graduates
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OBSERVATIONS FROM SURVEY OF RECENT ECONOMICS GRADUATES
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RELEVANCE OF ECONOMICS
LEARNING TO REQUIRED
COMPETENCIES
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BRIDGING THE GAP
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MEASURES TO INCREASE EMPLOYABILITY % UpdaGng Curriculum 92.85 Use of beIer reference books 50 Adopt case study methodology 100 Adopt simulaNon based learning approach 42.85 Assignments and projects 100 Mandatory dissertaNon 7.14 VisiGng faculty from industry 92.85 Encourage guest lectures 57.14 Improve communicaGon skills of students 85.71 Use of technology and social media 35.71 Encourage students to keep themselves updated 78.57 Introduce group projects 21.42 Encourage discussions on economic issues 85.71 Introduce compulsory internships 50 Tie-‐up with industry 71.42
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INDUSTRY-‐ACADEMIA COLLABORATIONS TO INCREASE EMPLOYABILITY %
CreaGng internship opportuniGes 85.71 FacilitaNng exchange programmes among universiNes/colleges 42.85 Taking guest lectures at colleges 92.85 FacilitaNng Industrial visits 50 Working together on curriculum development 71.42 IntroducNon to short term courses/summer school 42.85 Carrying out teacher training 64.28 CreaNng entrepreneurship cells in colleges 14.28 Developing college infrastructure 78.57 CreaNng innovaNon hubs in colleges 21.42 ConducGng joint research 57.14 Regular Industry-‐academic interacNon plaVorm 50
THE ECONOMICS CLUB, MUMBAI
Bridging the Gap
• There exists a significant competency / skill gap
• Could very well be applicable to the rest of the country
• Investment in higher education to improve the overall quality
of education delivery is critical.
• Educational institutions have to train students to think like
economists!
• Industry-academia partnership needs to be forged.
THE ECONOMICS CLUB, MUMBAI