Fast-changing job requirements are now leading to an inattentive skills gap in many parts of the world and India is hit badly, a new study by International Labour Organisation (ILO) finds. The findings of the study carried out by the ILO in collaboration with the International Organisation of Employers on Wednesday.
According to the report, 66% of Indian businesses are looking for different skills in new recruitments than they were three years ago, with 53% saying it is becoming harder to recruit people with the needed skills. Globally, 60% of employers claimed new graduates are not adequately prepared for current work.
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The report cites an estimate that “by 2020 there may be a global shortage of 38-40 million highly skilled workers. At the same time, the global labour market will experience a potential surplus of 90-95 million low skilled workers, with these imbalances potentially adversely affecting developed and developing economies alike.” Employers and businesses are increasingly encountering challenges in locating, hiring and retaining talent, the report finds.
India is the country where these challenges are most acute. Among the nations which covered in the survey, only South Africa and Morocco had a higher percentage of businesses than India. It says they are looking for different skills in new hires than they were just three years ago.
Majority of businesses and businessmen accepted that the education systems of the countries are responsible for this horrible situation. The education systems are poorly equipped to adapt to changes in the workplace, whether due to inaction in policy, a lack of funding, lack of coordination with the private sector or other factors.”
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About 78% executives believe that there is a need to update education curriculum to match the needs of economy. It would provide them skilled employees that they need. At least 72% of businessmen want businesses to play a more active role in influencing such curriculum.
Another challenge in 21st century emerged as the rise of automation. Again, India is one of the hotspots of this trend, with 51.8% of current work activities that could be automated simply by adapting current technology.
Informal jobs characterized by low productivity, face the largest threats due to this trend. In developing countries, job loss due to automation may also happen indirectly, the report added.