As per a study from the consulting firm Korn Ferry, by 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. The increasing skilled talent shortage will affect multiple sectors and disrupt global economies. Addressing this rising concern will need a multi-prong approach, increasing the participation of technical training institutions, individuals and employers.
In this blog, I would like to focus on how non-formal training or technical training institutions can help. Before I go ahead, I would like to say that technical institutions are certainly aimed at teaching individuals the skills that they’ll need to secure a higher-paying job. However, this approach primarily doesn’t work because of:
- Not being able to engage with continuous improvement practitioners and designing courses that provide exposure to the industry
- Low participation and high dropout rates
- Lack of a strategic vision to provide graduates with more than just a course, but an investment going forward
These are a few challenges that technical training institutions face, but there might be multiple conditions that could potentially be interfering with their success.
So, how can technical institutions keep moving forward and stay ahead of the competition?
- INCREASE PLACEMENTS – ESTABLISH A STRONG EMPLOYER-NETWORK, PROVIDE PRE-PLACEMENT TRAINING AND A STEP-BY-STEP PLACEMENT STRATEGY.
- ELEVATE STANDARDS – ACCREDITATION FOR INSTITUTES IS NECESSARY. IT ALLOWS YOU TO ASSESS YOURSELF WITH RESPECT TO THE QUALITY OF EDUCATION THAT IS BEING PROVIDED.
- ENHANCE BRAND VALUE– EQUIP GRADUATING STUDENTS WITH SKILL SETS TO MEET CURRENT AND FUTURE INDUSTRY NEEDS. STAY DYNAMIC AND STRENGTHEN YOUR BRAND POSITIONING.
- GO DIGITAL – MAKE YOUR INSTITUTE SMART, FROM ONLINE ASSIGNMENTS TO ISSUING QR CODE-EMBEDDED DIGITAL CERTIFICATES POWERED BY BLOCKCHAIN.
- IMPROVE CANDIDATE LIFECYCLE– OPTIMISE CURRENT SYSTEMS AND CREATE EASY-TO-USE PROCESSES. PROVIDE CAREER COUNSELLING AND BUILD PERSONAL PROGRAMS, MEETING GRADUATES’ NEEDS.
By implementing the above five processes an institute can become a smart institute, playing a significant part of a massive shift which is building the future workforce.
What can you do to make this Transformation Process Easier?
Collaborate with other academic institutes, agencies, channels around the world to strengthen your system.
If you’d like to learn more about how your institute can benefit using innovative methods, please write to us here.