India Skills Report 2023: India’s Employable Talent Leaps from 46.2% to 50.3%
Contents News/Article Date: 29th December 2022
Relating to which Act: Ministry of Skill Development & Entrepreneurship, National Skill Development Corporation, Skill India, National Skill India Mission,
Applicable to which State: the whole of India
Type: The Wheebox India Skills Report 2023, in collaboration with CII, Tagged, AICTE, AIU, Sunstone, Pearson, AWS, and Economic Times, examines the demand and supply for talent and hiring intent of jobs.
Pertains to young people were found to be highly employable overall, according to ISR 2023
Relevance of this news: Karma Management Global Consulting Solutions Pvt. Ltd is in the business of Payroll, Outsourcing, and Regulatory Compliances since its inception in 2004 since then, has brought in a lot of efficiencies and technological upgradations with experts on its role, to ease the hassles of Payroll Processing, Temp Staffing On-boarding Management, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global has also been fully into labour compliance for nearly 18 years and is helping both establishments and workers for the fulfillment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on a Pan India basis. Recently, it has diversified into foreign shores as well, into countries like the US, UK, UAE, Canada, Philippines, and South East Asia for handling payroll, outsourcing, recruitment, and governance.
In this instance, the findings of the report suggest that in contrast with last year’s employability figures of 46.2%, 50.3% of young people were found to be highly employable overall, according to ISR 2023, which is a significant improvement. The percentage of the employable women workforce has increased to 52.8%, compared to 47.2% for men. The report also points out that 89% of graduates actively sought internship opportunities. The survey indicates that candidates from Uttar Pradesh, Maharashtra, and Delhi had the highest employability. Amongst B. Tech, MBA and B. Com were found to be the most employable talent from amongst various domains. Mumbai, Lucknow, and Mangalore were the cities with the most employable talent and the most preferred cities for work by graduates were Bangalore, Chennai, and Delhi/NCR
Karma Global is fully into recruitment and talent acquisition right from its inception. Karma Management Global Consulting Solutions Pvt. Ltd. has clearly defined its role and approach towards Talent Acquisition and Recruitment as one of the vital vertical organs of the Organization besides other business verticals. It has adapted its approach towards Global Acquisition and Recruitment by keeping its eye on the larger picture of providing Global Acquisition Services while retaining its sight on the domestic recruitment business as well.
Subject: India Skills Report 2023: Indian employable talent leaps from 46.2% to 50.3%
For greater details, appended below is the complete news item
India Skills Report 2023: India’s Employable Talent Leaps from 46.2% to 50.3%
India’s Employable Talent Leaps: India Skills Report 2023
The Wheebox India Skills Report 2023, in collaboration with CII, Tagged, AICTE, AIU, Sunstone, Pearson, AWS, and Economic Times, examines the demand and supply for talent and the hiring intent of jobs.
The findings of the report suggest that in contrast with last year’s employability figures of 46.2%, 50.3% of young people were found to be highly employable overall, according to ISR 2023, which is a significant improvement.
The percentage of employable women workforce has increased to 52.8%, compared to 47.2% for men. The report also points out that 89% of graduates were actively seeking internship opportunities. The survey indicates that candidates from Uttar Pradesh, Maharashtra, and Delhi had the highest employability. Amongst B. Tech, MBA and B. Com were found to be the most employable talent from amongst various domains.
Mumbai, Lucknow & Mangalore were the cities with the most employable talent and the most preferred cities for work by graduates were Bangalore, Chennai, and Delhi/NCR.
Speaking on occasion, the Chief Convener of India Skills Report, Founder & CEO, of Wheebox, said,
As we celebrate India at 75, it is imperative now that we harness the demographic dividend. The world is rapidly ageing, but India is still young. In the next few decades, India will be a talent powerhouse and one of the largest contributors to the global workforce.
If India’s demographic dividend is productively leveraged, growth prospects will brighten, helping it to leapfrog its GDP from the current $3 trillion+ to double by 2030. Globally, of the total workforce in Science, Technology, Engineering, and Math (STEM), women have only 28% representation, a sorry state of affairs indeed. If the country needs to realize true talent potential, the focus should be training and skilling more women in technology by promoting skilling, entrepreneurship, and market linkage support to women building technology start-ups and tech-driven businesses. I believe that if India focuses on two key metrics: more female participation in STEM and more female workforce participation, India will double its economy in half the time it would take otherwise to do so.
India is set out on a path of growth and its fast-moving private industry has been one of the defining factors. There is a renewed need and focus on upskilling fresh talent to meet and adapt to the demands of the ever-evolving industry. At Sunstone, we are involved in bridging the widening gap between industry and academia and trying to reduce the gap between acquired knowledge and required knowledge. India Skill Report 2023 highlights the specifics of skill gaps pertaining to different sectors, geographies, and industries. Sunstone -as its education partner is committed to the vision of skilling India and reaching out to the last mile aspirant via our offering.
The report points out that India will be hiring most in the Automotive, Engineering, and Internet Business. Additionally, companies across India show a hiring intent of 36.08% for the demand forecast of 2023. The report also pointed out that the courses most in demand in 2023 will be B. Com and MBA with the most employable talent at 60.62% and 60.1% respectively. BE/B. Tech domain candidates are the third most employable, in the domain-wise employability category, with employability being 57.44%. According to the study, the demand for skilled labour is being driven by the BFSI, pharmaceutical, e-commerce, and IT/ITES sectors. Freshmen hiring in these fields is projected to increase by 20% in 2023 compared to 2022
Leverage the highly employable women’s resources
India’s female participation in the workforce currently stands at 33% compared to 67% participation for their male counterparts. Interestingly the employability for female talent is around 5.6% more than that of men. If India aspires to become a global leader in providing skilled talent, then it is recommended that more policy-level changes are needed to increase workforce participation both in the private sector as well as the government sector.
Rajasthan was reported to have the greatest percentage of employable females who were prepared for the workforce (53.56%) while Uttar Pradesh came in second with 46.51% of employable women.
Given the significant shift in gender-based employability over time—more women have regularly been found to be highly employable than men over the past few years—the positive consequences of cultural and economic developments are encouraging