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Re-structure 'Demand-Supply Landscape' to bridge existing gaps!

If there are gaps which are affecting the employment landscape, we must come up with instruments to bridge those gaps. My model addresses the 'skills' gap - the gap between what the industry requires and what the job seekers provide

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Written by DeletedUser

(please also refer to the uploaded pdf)

There are 3 primary players in the 'employment landscape'

a) Employers (who seek specific skills in potential employees - technical and soft)
b) Job seekers (who have once been students and acquired those skills)
c) Educational institutes (who help students/job seekers to acquire those skills)

One of the common reasons given for high unemployment rates is that the job seekers lack skills that are required by the industry. Restructuring the current system (employment landscape) may help solving this problem. This can be done by 2 tools:

1) Restructured academics
2) Industry 'adoption'

1) Restructured academics: In this model, the industry has to come forward to participate in restructuring the academic programs offered by the Educational institutes. Education providers can provide 2 separate tracks of programs

- the Academic Track: suitable for those who seek career in the academic field

- the Industry Track: suitable for those who seek career in the industry


The industry should participate in developing the Industry Track alongside the Education providers. The courses should be developed, delivered and evaluated by both the entities.

How will this help in bridging the skills gap? Let's take the example of auto manufacturer A which recruits students from the mechanical engineering department of University B. Currently, since B exclusively designs the program and courses, the students might not be taught very specific things required by the auto industry (Company A being an example). If both A and B designed the courses, if engineers already working with B came to deliver and evaluate the students for some of those courses, the students would be more industry ready than before.


There should also be a totally new 'Soft Skills' module which must be mandatory for the Industry Track students. This module must be developed exclusively developed by the Industry (companies recruiting from a particular University) and can be delivered through an online web based platform / executives coming to Universities and teaching the module.


2) Industry 'adoption': The second in addressing the skills gap is an 'adoption' program by the industry. Let's suppose that Companies A, B and C recruit students of the Mechanical Engineering department of University U. At the beginning of the academic program (year 1), the admitted students can apply for 'adoption' by the companies A, B and C. The companies will then select students who they would like to recruit at the end of the academic program, provided the students meet the criteria put forward by the companies (eg. A minimum GPA, specific grades in certain courses etc.). The companies should also share the cost of attending the University (more like a signing bonus). The companies will monitor the progress of their selected students throughout the academic program. During summer breaks, the companies should also provide the students with opportunity of working on live projects (maybe secondary roles). This way the students will get first hand experience of what they would be doing at the same company when they join the companies as employees. Taking part in live projects will help improve their technical skills. Interaction with the managers, engineers and other employees together with the previously mentioned 'soft skills' module with help develop the students' soft skills. At the end of the program, the students should be recruited by the 'parent' companies as per 'adoption' contract.


How will your concept support young people as they transition into the world of work?

The students will be getting trained to be 'industry ready' from day 1 of University/College. The tuition fees that they pay for attending college/university will be partly/fully reimbursed by the industry as part of the 'adoption' program. They will have guaranteed jobs upon completing the programs successfully and companies will get supply of 'industry ready', skilled employees from the system with minimum/no need to retrain them upon joining.

Attachments (1)

youth_emp.pdf

Presentation of the model

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Photo of Ashley Jablow
Team

Hi Subhadeep – what I really like about your concept is that it recognizes there's a 'matchmaking' element to employment: job seekers and hiring managers need a way to find one another. It sounds like industry in particular would be making a financial commitment to helping pay student tuition and guaranteeing jobs upon graduation – do you have a sense of where this funding would come from? Are there companies that perhaps already 'sponsor' student programs like this that we might learn from? I'm eager to see how this develops!

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Team

DeletedUser

Hi Ashley, Thanks for your comment. While I was developing this idea, I came across certain programs where corporates do reimburse part of the tuition fees of employees. Currently it does not work the way that I have proposed in my model, one has to be employed with the companies in order to be eligible for the tuition support programs. Here are some links for more info:

http://www.bbc.co.uk/news/education-12619365

http://www.nytimes.com/2011/03/15/education/15iht-SReducation-mba15.html?pagewanted=all

http://www.unitedfriends.org/programs/education/college-sponsorship

http://www.huffingtonpost.com/2012/05/10/tuition-reimbursement-10-companies-that-pay_n_1507188.html

To answer your question regarding where the funding, that the companies would invest to pay tuition fees for currently 'adopted' students, would come from:

Usually a new recruit in a company undergoes a training upon joining. From my experience, this training lasts anything between 1 and 4 months. During this period, the company pays the recruit his / her full salary and benefits. According to my model, since the company involvement with the adopted students starts from the student's first day at University/college, the company gets an indusrty ready employee, who can be put into production from day 1 without any further training. This opportunity cost of training can be a possible source of funding towards tuition fees. Furthermore, many a time, companies hire external consultants to train their new recruits (a common practice in the IT industry, from my experience). The proposed model will also save these consultants fees for the companies which can be channelized towards reimbursing tuition fees. Its a win-win situation for the students as well as the companies.

Photo of Ashley Jablow
Team

Great thinking! Thanks for clarifying on the funding side - I have a much better picture of it now. Really it's just shifting the investment costs associated with on-boarding and training to an earlier part of the process. Makes sense!