employability_of_youth

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


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


Background…

•  Increasing employment opportunities available

•  Yet organisations are facing a shortage of skilled and

competent manpower!


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?


OBJECTIVES OF THE STUDY


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


OBSERVATIONS FROM THE EMPLOYER SURVEY


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


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


REQUIRED COMPETENCIES


OBSERVED COMPETENCIES


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


The GAP


Aitude towards economics graduates


OBSERVATIONS FROM SURVEY OF RECENT ECONOMICS GRADUATES


RELEVANCE OF ECONOMICS

LEARNING TO REQUIRED

COMPETENCIES


BRIDGING THE GAP


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


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


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.

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