The private engineering colleges and b-schools are going through another
bad phase. The overcapacity, because of which many colleges are reeling under
significant financial stress, is intriguing when seen against the backdrop of a
modest Gross Enrollment Ratio. The reasons are quite straight forward, students
enroll into professional education for jobs. Starting from the
mid-1990s, riding on an economy growing at a fast clip with the promise of
dollar jobs students thronged the higher education professional courses. When
the global economies plateaued and the Indian growth rate isn’t much better, job
creation is poor and so also is the demand to join professional courses. The
professional education institutes, must know that the role they need to play is
to create industry worthy professionals. That needs to be the focus.
For the past 20 years, institutes have focussed on two areas –
infrastructure and admission network. This strategy worked, when large
organized businesses had the business growth to hire half-baked professionals
and train then to be client ready. Today, with the base of educational
institutes so high, even on a good year large companies alone will not be able
to provide bumper year for a majority of colleges. On a gloomy year, even the
best of colleges will have a modest placement year.
Professional higher education institutes have a few options. One, be
passive - wait for Manmohan Singh, the rain gods, or the global mai-baap
(Barrack Obama & Co the G7 countries) to create jobs, which will take 3-5
years. Two, individual institutes improve their academic rigour and get a
better share of the jobs on offer. This is however a zero-sum gain, this will
help is making institutes efficient but will alone not lead to large scale
benefits. Three, is to expand the market. Make it win-win, increase the jobs on
offer by making students job worthy.
Today institutes have to proactively address the needs of the industry,
especially smaller organizations. Many such companies may be having the
intrinsic strength to grow their business (and create jobs) but maybe cautious,
because they are not sure of the human resources they can get to execute their
strategies and projects. Also, they are not likely to have a margin cushion to
undertake massive training on their own. There lies the opportunity for
institutes, who need to move away from infrastructure and admissions to deep
engagement with industry to understand their pain points and solve them by
providing job ready students with well baked skills when they pass out.
In this way the placement scene in the colleges will improve, also the
students who miss the placement boat in college will find it easier to get jobs
outside the campus because of the specific skills they acquired in the
institute. The companies on their part, will have better resources and hence
contribute to solve the competitive edge of the country and tide over the
related country’s problems of slow export growth, current account deficit,
currency depreciation and other related macro-economic indicators. Every
institute needs to probably have a list of 50 companies for whom they create
specific skills and provide 3-5 resources per year. Institutes will also be
able to create a longer term relationship for such companies and hence will
tide over a bad year better. Institutes which adopt this approach will always.
Similar programmes can also be thought of for alumni for on-line re-skilling,
this increases the revenue share of the institute, the career growth of the
alumni and the strike power of the company.
The crux, then is that the institutes need to demonstrate innovation and
industry in creating jobs. They need to proactively enhance the strike power of
both prospective employers and employees by deeper engagement. Thus improving
the competitive edge of the country and expanding the pie. Instead of them lagging
the companies fortunes, how can they shape them – inevitably through team work
and win-win collaboration.
Bhubaneswar
July 21, 2013
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