The global economy is trending towards a very positive growth. However, the year 2014 will not be offering a favorable weather for the job seeking fresh graduates. Out of four million graduates, more than one million from professional colleges join the labor force every year in India. This year the industry forecast notes that the job outlook is far from bullish in the year ahead and its going to be herculean task for the colleges to place their students.
The job trend is shifting, with many companies preferring to hire more vocationally trained and management graduates than engineering degree or diploma holders. Though it is observed that the overall job readiness among Indian job market entrants is pegged at 34 percent, this year many businesses are planning to cut down the cost and are slowing down fresher hiring. Thanks to slowing demand, higher borrowing costs and delayed government approvals for projects.
While sectors such as engineering, hospitality and travel expect a rise in hiring, those like banking, financial services and insurance, information technology (IT) and IT-enabled services, and manufacturing are not expecting a major increase.
To encourage the businesses to raise the bar for the fresher hiring, India needs to invest in increasing the job readiness element among the fresh graduates. The country has emerged as a strong potential market for investments in training and education sector, thanks to it’s favorable demographics (young population) and being a services-driven economy. India’s expanding role in sectors such as software development, generic pharmaceuticals and healthcare, would require the country to invest heavily into learning and training segments.
For instance, India is ranked third among countries with the fastest growing tourism industries over the next decade. To support this growth rate, educational institutes have an added responsibility to play their role in providing trained professionals. Hence in this issue, our team of experts consisting of top HR managers, Educationalists and HER editorial team have used different parameters to present you the ‘Most Promising institutes for Hotel Management.’ These institutes are not only imparting knowledge about hospitality industry but also molding each graduate as per industry requirements thus meeting the market expectations.
Hence, today as many companies prefer to hire more vocationally trained and management graduates over engineering degree or diploma holders due to the job readiness factor, the key for each fresh graduate is to mold you for the market requirement, to face all the odds and take advantage of the changing economic scenario.
Wish you all Happy New Year!