New Delhi [India], March 30 (ANI/TPT): "54 % of our literate population is unemployable. Much goes to the lack of competencies and loopholes in our L&D Industry," - says Snehal Malpani, the Founder & CEO of Skills Panacea
Training Specialist Organization, Skills Panacea has introduced modern and advanced courses that prove to be of immense benefit to their existing and upcoming workforces across domains and industries. Skills Panacea has discovered that the biggest hurdle to employment and inclusive growth is the "non-availability of key skills". Skills Panacea is gradually expanding into the Learning and Development Industry to be the Now and Future of Competency Building.
With a population of 1.38 billion people, our expenditure on L&D is less than 1 billion USD. Their market survey reveals that more than 90% of the jobs available in the Indian economy are sheerly based on skills. From this, only 7% can perform efficiently. That's where Skills Panacea comes into play. It is a Training, Coaching, and Consulting Company that is helping individuals and organizations perform to the best of their abilities. In addition, they are devoted to enhancing human capital resources, thereby contributing to its growth. The uniquely tailored training programs they offer are for Educational Institutions, IT, Hospitality, Healthcare, BFSI, Automobile, and many other niches.
India's healthcare industry has grown from $140bn in 2016 to nearly $350bn in 2022. They have seen the entire industry lift its standard in less than 2 years. With the height already achieved, patients have now set higher expectations from the industry. They need to recognize the changing pattern. Earlier hospitals used to be places where lives were healed. Now, they celebrate and cherish our lives there.
India's Hospitality industry has been known for ages with its widespread roots, from the Rajwadas of Rajasthan to the holistic heritage of Kerala. This industry is expanding at a 4.8% of year-on-year rate. The rise of Airbnb shows that the Millenials have different tastes in travel, luxury, and lifestyle. They are gradually shifting towards having local hosts and the authentic exploring culture of a place.
The corporate industries of India are also part of the race. It's a no-brainer to think India will soon have a $10 Trillion economy. The major contributors are our Educational Institutions, the BFSI, Retail, and Manufacturing Industries. The entrepreneurship wave in India is another crucial component of this grail, having added 44 unicorns to the tally in the first two months of 2022.
As these sectors are booming, the point to note is that India has the most extensive and youngest active workforce, with an average age of 29. Soon these millennials will be taking charge of these rapidly flourishing industries. And indeed, this aperture will continue to expand gradually. Even though they have some of the most prominent educational institutions across domains, they must remember that the growth rate of an individual isn't at par with the industry's growth rate. Other severities include the low R&D investment ratio per capita compared to other countries and low human resource budget.
Even though they have one of the best infrastructures in the world, they still suffer from the dearth of quality and trained faculty members. Only 55% of engineering students passing out every year are employable, the highest employability percentage across various streams. This is mainly because our education leaders aren't visionary enough. It takes us 4 years to integrate miniature skill development courses into our curriculum. People establish institutions first and then set a vision for themselves. Students are never made to see the bigger picture or even the reality of industries.
Their spokesperson, Tejas Kahandal quotes, "The training infrastructure in India isn't developed enough; we can only train one in every four individuals. To keep up with the country's development rate, we need a competent workforce. Skills Panacea is here to serve that purpose. We sit with the stakeholders to discuss their aspirations & their key challenges. With that done, our team of experts designs a program that best suits the organization's motive. Our approach is always human-centric and growth inclusive. We don't just look at skill/competency development as a criterion for professional well-being but also as a part of our day-to-day lifestyle. Thus, our focus lies in converting capabilities into competencies."
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