Skill development is a major concern and the problem has been analyzed by numerous experts: for a country that adds 12 million people to its workforce every year, less than 4 per cent have ever received any formal training. India’s workforce readiness is one of the lowest in the world and a large chunk of existing training infrastructure is irrelevant to industry needs.
There is no sole factor responsible for lack of skill development, but lack of monetary investment is one of them. It is a difficulty about grossly inefficient execution. The need of the hour is to improve resource utilization and find solutions that can address the systemic and institutional bottlenecks constraining the sector. Faber Infinite believes it is necessary to catalyze investments from the industry and support candidates in raising resources for training and also apply the investments in an appropriate way.
Time again top executives have raised concerns over the same. In a recent survey by leading publishing house 6 out of 10 CEOs voiced concerns relating to training and development efficacy. In another forum, 46% of the executives admitted that their workforce does not have the necessary skills required in the next 1 – 2 years.
All these pointers are alarming and needs to be addresses. It has severe impacts on business due to lack of skills, like
-Loss of business to competitors
-Loss of revenue
-Delay in product development
-Eroding customer satisfaction
And it is not that organizations are not investing in training and development. But the point is if it is done effectively and going in the correct direction.
The key question which arises is where to start from, how to design an effective skill development and analysis tool? And the most important is how to execute skill analysis program.
Realizing the significance and need for skilled manpower, private sector entities are taking several initiatives. Across business sectors, companies and industry associations are not only boosting their in-house training facilities, but are also taking steps to make potential employees job-ready before they join organizations.
Faber Infinite Consulting has devised a unique approach to analyze the workforce skills. This will put an end to various skill related issues which sum up the major concerns of organizations. Prizma is the answer – It is a powerful result oriented tool, which will answer the core questions about which skills are required, also measures the level of skills essential for people to be coordinate with each other at the workplace.
As per todays progressive world organizations need to be updated in terms of knowledge as well as workforce skills, because each and every step forward will demand a different version of your employee. Prizma will maneuver the path for leader to effectively execute the strategy. It will objectively provide an in-depth report and future action plan. Apart from Skill analysis Prizma helps in the following ways.
1) Devising comprehensive training calendar
2) Fitment Analysis
3) Gap Analysis
4) Identifying Competency Gaps
5) Inclusive plan to terminate the skill gaps
Prizma is the approach required to cut out a development plan which will be interesting, achievable, practical and realistic. What is needed now is a willingness to act, and to take the difficult decisions that can help to institute the ‘Skill India’ dream.
Several organizations are getting tremendous results by rolling out Prizma. Talk to our team for your complimentary demo.