Vijay GarG
Unemployment issues weren’t new when the Covid-19 pandemic struck which only aggravated the job insecurity faced by the Indian youth due to the regressive job market in 2020.
A series of lockdowns imposed due to the Coronavirus outbreak forced graduates to face the dreary prospect of unemployment this year as well. This vulnerable employment was further accentuated by the lack of quality higher education, limited resources and looming skill shortages due to technological advancement.
After the second Covid-19 wave that broke in May 2021, India’s unemployment rate stood at a dangerous 11.8%, according to data released by the Center for Monitoring India’s Economy. On one hand, unemployment was soaring due to job losses and business collapse, leading to the speedy emergence and adaption of new technologies. On the other hand, these emerging technological skillsets kept widening the skill gap among the job seekers with traditional credentials. As a result, the unemployment rate has skyrocketed.
We had a massive wave of jobs that went online, in a work from home mode that still continues to be online. The majority of these jobs such as sales, data analytics, digital marketing and web development, were available for early career professionals. However, skills match led to a lot of open positions. Large IT companies are unable to close even half of their positions leading to a major revenue loss.
To close this widening skill gap, a market-oriented education system had to evolve. This gave way for job-seekers to adopt ed-tech solutions and become job-ready by opting for bite-size certification courses. These bite-sized courses were revolutionary in nature. Firstly, the delivery mode was technology-led and could replace existing class environments. Secondly, there was unbundling of skills and only the most relevant ones had to be pursued. Unlike a traditional degree which is a stack of credentials that don’t serve any purpose, these courses were able to help in what the industry needed. Thirdly, the delivery took more engaging shapes as well – live classes, cohorts, peer learning and more, previously unavailable in large MOOC platforms.
A new wave of platforms shaped up which connected learners to recruiters posts these courses as well.
The trend was seen not just in technology-oriented courses, but finance, law, accounting and general management. These alternative credentials help individuals upskill themselves in emerging technologies in a short time and apply for jobs in available career domains.
The best part was talent suddenly becoming borderless. People from India were being staffed in Europe, with youth in India from Tier 2/3 towns connected to companies in Tier 1 cities. So, apart from skilling becoming primarily online, employment methods became online as well.
Companies had to do their training online to upskill them after hiring and onboarding. As a result, alternative credentials are now becoming increasingly available to offer short-term upskilling opportunities for job-seekers and, in turn, help businesses thrive by leveraging emerging technologies.
Alternative credentials include micro-credentials, digital badges and industry-recognised certificates are being provided by various institutions and business organisations. Adoption of these credentials is helping people qualify for the available job roles, making them competent for the future job market.
Nowadays, the online education market is largely driven by courses in artificial intelligence, data science, cloud computing, the Internet of Things (IoT), virtual reality and machine learning, according to a study by KPMG India and Google.
These career fields are in high demand in the current job market, but the lack of skills among job seekers has prevented them from gaining employment. A bite-sized certification course is the only way to solve this problem in time!
Online certification courses have shown us the way to boost our economy through quality higher education. In a convenient and affordable format, these courses fill the skill gaps created by the fast proliferation of new technologies.
Through this transformation in education, those at high risk of losing their jobs regardless of their academic backgrounds, will be able to transition into relevant roles. As opposed to traditional education, which puts academic history into much consideration, these certification courses provide an egalitarian space for professionals by allowing people from all backgrounds to pursue these courses.
Consequently, if we look at the numbers now, Michael Page India, India Inc. reported increased employment of 14 % from Q3 2020 to Q3 2021, based on sectors like engineering, manufacturing and technology.
In the midst of the fourth industrial revolution, technology is advancing at an unprecedented pace, making it difficult for long-term courses to keep up. Therefore, a demand-driven and skill-based alternative to the traditional degree system is created.
This trend has led several companies to offer alternative credentials instead of training employees. Additionally, most of these employers have created their own curricula, expanding their publicly available credentials quickly. Thus, this form of higher education will prevail in the future and continue finding a wider acceptance. The list includes organisations like Google, Microsoft and Infosys, among others.
Throughout one’s career progression from a newly qualified entrant to mid-career professional to expert, alternative credentials aid in developing technical, behavioral, domain and analytical knowledge. It also inculcates leadership and soft skills. Thus, these courses will enable unprecedented opportunities for millions of people who might otherwise be left behind by the 4th industrial revolution.
As we shift toward a culture of lifelong learning and skill development, the landscape of higher education will be reshaped in order to provide better employment opportunities for the youth. |
