By Prateek Shukla, Founder, Masai School
The Edtech sector has experienced a paradigm change and has seamlessly integrated technological developments in their curriculums and teaching methods with the aim of fostering innovative and immersive learning environments. According to a report, the employability rate of Indian graduates applying for jobs is a mere 45%. Only less than half of the graduates possess the necessary skills and readiness to meet the fast-changing demands of the industry. Regarding technical job roles, the employability rate of Indian graduates for top non-technical jobs is approximately 53%, whereas, for top technical positions, only 44% of graduates are considered suitable.
A major factor influencing these statistics is the current education models. Live-to-learn and flipped learning, in which the students learn from recorded tutorials and get a one-on-one session for doubt clearance, have emerged as the preferred and go-to solutions to counter the challenge of student debt. Moreover, content creators face massive competition, therefore, the need to constantly adapt to the dynamic industry needs acts as a win-win for the learner community. In traditional learning methods, it takes years for regulatory bodies to modify the syllabus, thus making it obsolete for a futuristic workforce.
Outcome-based education is important for several reasons such as transparency, adaptability, and career advancement. The outcome-based education process is much more visible as the educators and learners are both aware of what will be covered in the curriculum. Compared to other teaching methods, outcome-based learning is significantly more concerned with getting the best results and focuses on the long-term benefits for an individual. This enables the teachers to try new things and adapt their own approach to get better results.
Stakeholders within the private sector are shifting their focus from the traditional brick-and-mortar model to embrace outcome-based and pay-after-placement models to better assess the proficiency of learners. These alternative approaches benefit not only the students but also hold significant value for the hiring partners. By facilitating connections with job-ready talent adhering to industry standards, the long-standing Unemployability Crisis faced by college graduates is being addressed. Edtech platforms have the potential to significantly improve students’ financial planning by presenting a transparent overview of their education expenses from the outset. Through the provision of flexible payment options, these platforms can empower students to create well-organized budgets, leading to reduced financial strain and stress during their educational journey.
Therefore, upskilling has become the need of the hour due to the rapid advancement of technology in various industries that presents immense opportunities for a skilled workforce. As new technologies like artificial intelligence (AI), automation, data analytics, and blockchain continue to evolve, they create a demand for professionals who possess the necessary skills and knowledge to leverage these tools effectively. It brings forth job roles that were previously non-existent or in lower demand. AI specialists, data scientists, and cybersecurity experts are just a few examples of the expanding range of positions that require specialized skills. Skilled individuals can also capitalize on new opportunities by developing novel applications, products, and services. They can identify gaps in the market and leverage their expertise to create solutions that address specific needs, leading to the establishment of new businesses and economic growth.
In the face of ongoing industry transformations, professionals are required to continuously adapt and remain updated. In recognition of this demand, micro-learning has emerged as an invaluable resource, enabling learners to demonstrate the currency and significance of their skills to present and future employers. Microlearning allows for a continuous learning approach, providing an alternative to traditional training methods that involve lengthy workshops or courses. It enables learners to conveniently access information from anywhere and at any time. This on-demand employee training method is especially advantageous for distributed teams that face difficulties in accessing high-quality learning content.
Without a doubt, freshers from higher education institutes have a higher onboarding cost due to orientation and employee development, thus increasing the cost to the company for hiring. It becomes imperative to consider how employable the future workers will be when they graduate from higher education institutions (HEIs) without having acquired any marketable skills. While on the one hand, the government is constantly building upskilling incubators to build a more self-sufficient India, private players have also upped the ante with continuous investment in the holistic development of their employees. As the building block of the Indian economy, the focus on skilled education promotes a culture of creativity, ownership, and entrepreneurship.
In conclusion, the Edtech sector has undergone a transformative shift, incorporating innovative technologies to enhance teaching and learning experiences. Initiatives like Make In India also encourage youngsters to try their hand at state-of-the-art technologies while testing their creative limits and not burdening them with the cost of learning.