Educational institutions need more funds for talent generation

We are at a crucial juncture today when India is aiming to be at the helm of a knowledge economy. At such a time we find that higher education is faced by many challenges.

The greatest challenge is the low level of funding obtained by educational institutions. Institutions are still completely dependent on the state and central universities for funding. The expenditure of infrastructure development and the salaries of teachers cannot be met only by students’ fees. Universities abroad have fund surpluses through huge alumni endowments, which are seriously lacking in India. Educational institutions need to attract and retain the best faculty, however the low salary package is a deterrent to talented people join the teaching profession. Another major challenge that our education system faces today is to produce wholly capable pool of graduates in the world there is a great shortage of skilled professionals in an increasing number of sectors. Higher education has to meet this need fast if we aim to sustain the knowledge and economic boom. We are still dealing with unwieldy numbers leading to a glut in a few courses and vacancies in others. If higher education has to grow in totality then all faculties have to grow simultaneously.

In spite of all efforts in our country academic research has yet to take off. Universities abroad have flourished mainly because of their unique search culture. Many of the best members of faculty there have been solely engaged in research and the universities provide them with all requisite infrastructure for the purpose. We have yet to emulate this practice. The education industry interface also needs to be strengthened if we wish to encourage fruitfully research. This will also help in farming syllabuses that are suited to industrial requirements

Higher education in India should not merely aim to provide skilled manpower to industries, but also try to empower people to become independent entrepreneurs Our course curriculum need to be sutured to meet this need. We should look at creating more avenues for self employment.

The students of today have to be oriented towards societal needs. They have to be made aware of the great disparities that exist in the society and have to be sensitized towards contributing to the society, not tomorrow, but today. Students look up to their teachers to direct and guide them. Teachers on the other hand, have to retain the interest of students, not just in building their individuality but ultimately in building a strong buoyant and development nation. After all, the aim of education is the knowledge not of acts, but of values.

After talent generation by well organized educational institutions then comes the turn of users in the form of business or Research. The phrase ‘talent management’ is used to describe literally everything that happens under the broad umbrella of human resources. It does have a core, meaning, however: anticipating human capital needs and setting about meeting them. Getting the right people with the right skills into the right place, at the right time is a common description of the end result of a good talent management outcome. To what outcome, one needs to anticipate needs and have a plan to meet them. That’s the process of talent management

The big challenge for talent management stems from the main challenges facing contemporary business, and that is to manage uncertainty. The demand for talent is certain. Relying entirely on a just-in-time work force based on outside hiring cannot work, especially in India. Relying on traditional models of internal development based on long term forecasts cannot work, either, as they are too expensive and too unpredictable. As we’ve already a seen in the field of business strategy, the answer is going to point us away from planning and towards adaptability ands responsiveness as a means for addressing uncertainty on both the supply and demand sides of the talent management equation.