Emerging Players in India Career Skilling Market — Ken Research
1. Present Day Pain Points of College Grads, Higher Education Colleges and Employers
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- Lack of tie ups of tier 2, 3 and 4 colleges with placement Agencies/ employers hinder job opportunities.
- No skill match audit framework by college authorities to align student interest to relevant job role requirement.
- Limited guest lecturers/ workshops/ conferences by college authorities with the seasoned professionals that can guide their career choice.
- Every year ~70% of students graduate looking for formal job but only 25-35% are able to secure one, underscoring that higher education is no guarantee to a secure employment
- Problem severe among tier 2,3 and 4 colleges/b-schools with ~95% facing problems in placing students. Poor placement ratio exists.
- ~47% of Tier 2 – 4 colleges faced challenges in developing technology infrastructure to support their journey of upskilling students to be placement ready.
- ~70% employers believe that there is gap between talent available vs talent employable.
- Employers felt that nearly 50% of all students screened lack direction, with almost zero clarity on the role, industry and company they aspire for.
- Employers face continuous challenge of attitude, skill and knowledge alignment among hired freshers, cited high attrition of over 40% due to expectation mismatch.
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2. Indian Government fund allocation toward Skill Development and Employment Generation is insufficient to cater to the existing skill gap which provides opportunity to Career Skilling Companies
The Skill India scheme only trained 25 Mn people by the end of 2018 falling short on the target to train 300 Mn young people by 2022. Lower trained population was due to mismanagement & limited funds available for Skill India. Percent of people who could find a job upon completion of their training has dropped from >50% to 30% due to the declining quality of the programs over the years.
Out of 64.27 lakh people who were trained under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) scheme, only 14.43 lakh people got placed. People were trained in one role and were placed in another. Private Companies and Ed-techs can help bridge this gap.
3. Technology and Management Stream Students are More Aware about the Career Skilling Platforms than Others
Most of the Ed-Tech platforms are focusing on the Technology and Management domain while curating upskilling courses for students and working professionals, post seeing the uptick in demand for new technology jobs in the market
As number of courses are limited for medical and arts students and most of these courses are self paced courses with no industry exposure, many students from this domain, prefer not to opt for online courses but go for internships and part time contracts for their upskilling needs.
Advertisement spent by Ed-Tech platforms in India are higher on Technology and Management Domain courses compared to other domains (owing to larger target audience), resulting in lower awareness for other courses.
4. Urban millennial looking for better jobs would be happy to consider freelance work in addition to their current work; shows GIG Economy is on the Rise in India
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India’s working youth who held 0-1 job in the last five years and are willing to take up freelance work. More than 60% of India’s urban male youth and about 50% of urban female youth, might consider taking up freelance work as an alternative to full time employment in future. The past data, which shows increase in new freelancers from Q1 to Q2 in 2020, represents this trend.
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