From one of the article published in Economic Times,
A million engineers in India struggling to get placed in an extremely challenging market
Due to unavailability of Jobs in India –
- Students graduating out of India's engineering colleges run the risk of being unemployed.
- Others will take jobs well below their technical qualifications in a market where there are few jobs for India's overflowing technical talent pool.
Engineers Graduating V/S New Engineering Jobs (Demand Supply Gap)
- According to data from AICTE, the regulator for technical education in India, there were 1,511 engineering colleges across India, graduating over 550,000 students back in 2006-07. Fuelled by fast growth, especially in the $110 billion outsourcing market, a raft of new colleges sprung up -- since then, the number of colleges and graduates have doubled.
- A global economic slowdown may have only worsened what is already a bad problem. Even without this slowdown, there are a large number of students who won't get a jobs as estimates says that at best, there are 150,000-200,000 jobs generated annually in the Indian economy and far too many engineers attacking this labour pool.
- According to multiple estimates, India trains around 1.5 million engineers, which is more than the US and China combined. However, two key industries hiring these engineers -- information technology and manufacturing -- are actually hiring fewer people than before
- What's more, India's technical talent pool is also warped, with almost the same number of engineers as technical graduates from institutes such as ITI. "In developed markets, there is usually one engineer for every ten. This skew is only compounding the woes of engineers in India
Frustrated engineers are taking jobs for which they are overqualified and, therefore, underpaid.
The world of work is evolving... employers increasingly don't care what you know, they focus on what you can do with that knowledge
What Next - What is your strategy and action plan ?
After reading above facts
- Can we just rely on IT industries to get hired?
- Can manufacturing industries ever become capable to absorb the talent pool of engineers?
- Should we just wait and get frustrated and wait for our luck to work for us?
It is high time –
- To look beyond the job hunting practice.
- Not only to study engineering but also to explore what you can do with engineering knowledge.
- To think how new opportunities can be created for engineers.
- To think how engineers can overcome the above challenge and how can you contribute in same.
- To collaborate with other engineers and engineering students to develop competency and capability to face the demand supply challenge
- To think and act as an entrepreneur or to support others who are willing to lead as entrepreneurs.
- To engage stakeholders to enhance capacity & capability which in turn can lead to convert innovative ideas into real manufacturing units.
We would request engineers to give a pause from daily routines and to give a sincere though on the challenge, Indian engineers are facing. We need to come together and to think for new solutions, innovation. We welcome your thoughts and suggestions.
You can make a difference and we are here to make it happen !!!