How Business Schools Can Help Increase National Employability

Employability is the buzzword today. Young aspirants are more eager and earnest than ever to acquire knowledge and develop skills that will help them build a perpetually prospering career and make them an important stakeholder in the business world. Business schools can help realise these aspirations and also promote national employability at the same time.  

All over the world, higher education students are inclined to set and enter a business venture. Technological advances, disruptive business practices and business finances cumulatively create an environment for businesses to thrive. India, as a progressive nation, is aiming to become a 9 trillion USD economy by 2030. Given the young median age of Indian population, this aim can be achieved by leveraging the demographic dividend productively. In other words, economic growth hinges on greater participation in economic activity by young talents coming out of higher education. 

The good news is that India has seen an increase in the number of skilled people, as more students acquire skills with greater employability quotient. According to a report by the TOI, 55.15 percent of students graduating from BE, BTech are employed. This is a significant uptick from 46.82 percent in 2021. Engineering degrees are closely followed by MBA ones. 

By 2022, the employment of Indian students with business administration qualifications is close to 55 per cent, an increase from 47 percent in 2021. Total youth employment in the country has stood at about 46 percent over the past four years. 

To further increase the national employability, Business schools provide the requisite nurturing ground for managerial and entrepreneurial talent.  They encourage and promote innovative business ideas that meet the needs of Industry 4.0 and also look beyond. 

The curricula and new-age pedagogical practices being followed at B-schools help students get the most out of management studies and develop not just knowledge and skills, but also a progressive vision for growth and sustainability. Incubation centers in business schools allow students to explore and develop ideas in a safe environment. They are also a great platform for students to innovate and connect with angel investors and progress in starting their own businesses.

To help sustain entrepreneurial efforts, many business schools offer extended student placement support. Often, graduates who choose to enter the business world have to relinquish their support when completing their management studies. In some cases, this may serve as a barrier to students' aspirations. Business schools are now overcoming these shortcomings by providing extended student placement support for up to 3 years. This serves as a guarantee to students who may seek the security of a support job while trying out their business ideas.

Additionally, business schools offer in their programmes several employability enhancing certifications such as NSE Certification in Financial Markets, certification in Design Thinking & Innovation by Innovation Foundation, certifications in Personal and Professional Etiquette, Advanced Excel and Spreadsheet Modelling. These certifications, coupled with an international immersion programme, give students a global perspective and make them highly employable.

To provide students an exposure of corporate realities and help them gain important insights from the movers and shakers of the business world, good B-schools have regular academia-industry interface through industrial visits, conferences, seminars, conclaves and summits etc.

B-schools across the length and breadth of the country can also involve students in primary projects by linking them to local and regional resources. This shall further the cause of local employability.

It has been observed that countries with the highest number of educated and high school graduates are growing economically at a faster rate than countries with illiterate workers. As a result, many countries finance primary and secondary education to improve their economic performance. In this sense, education is an investment for the people and the nation. In realizing the value and returns on this investment, business schools play a pivotal role. 

Dr Vartika Chaturvedi

Guest Author The author is Faculty Chair Placements and Associate Professor, Jaipuria School of Business, Ghaziabad