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Turning the table

Higher education has become a job-seeking tool in today’s world as all the sectors demand skilled employees. But, because of…

Turning the table

PHOTO: Getty Images

Higher education has become a job-seeking tool in today’s world as all the sectors demand skilled employees. But, because of government's decision to demonetise higher notes, some industries have landed in a place where they claim the prevailing economic conditions as unfavourable. It can though be considered as a good opportunity for people who are planning to enter in a corporate world even at a time when recession is turning the tables.

The world economy is the main game today. Starting from the great decline in the America to the recent recession of 2008, we have seen hits of changes. It made the people transform their way in how they thought of education in usual times. Job opportunities went down, simultaneously the overall dip in the economic sector and its parts were down.

There are prominent evidences that college-going actually increased during the great recession. How the colleges or schools in return reacted was legit on their part. The organisations started cutting down employment and significantly reduced the size of faculties and people over the age of 65 were forced to retire.

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This was of course surprising, but the college going has actually gone up in every recession since the 1960’s. However, there are other myths also, some people believe that recession is an ominous sign for the businesses but it is actually a part of a healthy economic cycle.

Throwing some light on the Indian scenario, we can hear the news coming from the companies like L&T, who has fired its 14,000 employees that is about 11.2 per cent of its total workforce. The company said that it was in attempt to “right size” the company, since it slowed down in the pre-time of demonetisation in the country.

The company further expects the economic environment to remain challenging in coming months. Likewise, another famous company Foxconn has asked 25 per cent of its total workforce to leave after the note ban which caused the sales to fall by 50 per cent and cut short their production. There might be some more to follow across big IT giants as an effect of international disturbances and change in environment.

According to the study done at Stanford, the industry or we can say that the business world is not ready to absorb the fresh talent. This is where higher education has penetrated its roots and is offering a way out to the young and fresh talent brigade and enables them to get great opportunities after the rough phase gets over.

Just like several other sectors and commodities in the industry ranging from the smallest to the gigantic, education sector is also being affected in the current scenario. There are sections in manifold that are being caught up after the recent changes.

Enrollment in higher education degrees like Master's in business administration or PHD etc might prove fruitful coping with these multifarious sections. Among a number of programmes, management, pharma and law are the topmost choices and they assure to provide better and brighter career opportunities to those who will go for these at the very moment.

At this point of time, new jobs and careers are not easy to go for, especially by those who have just graduated from colleges, because of the sudden interruption in the country’s economy. But they can definitely go for higher education at this juncture. This will not only save them from the flattening industry scenario but also safeguard their future assuring them job securities in the approaching time.

The people who have been able to retain their jobs are the ones who have qualified certain standards which the companies and the MNC’s have set. The parameters certainly quote the academic eligibility which includes of higher education. Economic instabilities are here to stay. And to cope up with them one should have all the armours ready. Going for higher education at this point of time is going to help the freshman in a two-way process.

The current time which is opportunity scarce, will be invested in the best way possible as the students will not only have an advanced valued degree but also have an enormous opportunity base at the end. The future is of digital economy which enfolds gleaming prospects.

The graduates are likely to witness relatively lesser green pastures as the Indian corporations would have to reinvent themselves to meet the challenges of a stricter regime and fluctuating business prospects. Whole business structure will experience remarkable changes in coming days and people should realise that this change is nothing but a chance to build the door of opportunity.

Indian markets are never short of customers, instead every year we see increase in numbers. There is also a rise in number of transactions in this industry. Though this impact of demonetisation was already calculated but today’s youth will surely adapt to change and will grow.

However, 2019-20 would be better years for graduates as the effect of demonetisation would be largely over by then and towards that end several schemes of the government would be budding that would help the youth to get jobs at that time.

The writer is executive director, IMS, Noida.

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