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Over the last decade, the falling of trade barriers to international trade and
investment has created a host of opportunities for individuals of varied skill
sets. The skill set that is required, instead of being stagnant, is an ever developing framework. However, a recent study by Society for Human Resource Management (SHRM) predicts that skills gap in technical and functional roles will continue to pose challenges to hiring and leadership for Brazil, Russia, India, and China. This creates the much talked about skills gap situation. For example, although India’s higher education system contributes about 350,000 engineers and 2.5 million university graduates annually to our workforce, yet at any given point of time about 5 million graduates remain unemployed. A survey done by McKinsey Global Institute shows that multinationals find only 25% of Indian engineers employable and a NASSCOM report foresees shortage of 500,000 knowledge workers in the near future. The U R Rao Committee has projected that India needs well over 10,000 PhDs and twice as many M.Tech degree holders for meeting its huge research and development needs, but the country produces barely 400 engineering PhDs per year. It is no secret that companies struggle to find the right talent across all the sectors. There exists a shortage of skills, top executives say, and employers’ demand outpaces the labor supply.
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