Today’s competitive, volatile and dynamic economic environment has prompted both the academic and corporate world to be highly flexible in the process of providing inputs to the candidates and producing output from them. The management institutions like IIMT Group of Institutions are becoming much demanded entities in the present service market.
To meet the need of the present situation IIMT Group of Institutions is trying to revise their syllabi in the light of the expectations of the corporate world. However, there is a growing gap between the input demand of the workforce of the organisations and output provided by the educational institutions.
According to the recent study by MeritTrac — an independent assessment company, it is identified that in India there are approximately 1,400 MBA institutions, which are having around 1,00,000 MBA students annually, out of them only 23% of MBA students are fit for job, and the corporates require 1,28,000 MBA students in India. This indicates that there is a problem of employability of human capital and there is a need for solving these problems.
The current education system in India is based on a syllabus which is conventional and practices of teaching and training that continue to remain unchanged while the needs of the dynamic world of business and industry change rapidly with flexibility, fast response time, and managerial and technological innovations due to globalisation. Not only basic academic skills are required by various employers, now a days, but also necessary work related competencies and skills, like, creative thinking, motivation, business communication, problem solving, decision taking, self-esteem, interpersonal ability, working in team and leadership skills are also required.
Basic academic knowledge and skills provided by the educational institutions are considered to be insufficient skills to mollify current job providers. Developing new work-related skills is necessary if an employee is to find and hold a good job in today’s workplace. Business management teachers need to foster students’ ability to develop additional workplace skills and competencies and that is the USP of IIMT Group of Institutions. Many of the educational institutions deliver graduate and post graduate students who are unable to apply their educational learning with the business world. In a study Rai (2007) mentioned that Indian industries are facing lack of qualified and skilled workforce and on the other hand, there are more than 5.3 million students who are unemployed.
Additionally the UGC, AICTE do not provide liberty to the heads of institutions to make necessary changes that causes a gap between the industry and education, thereby, depriving students or working professionals of their basic rights of gaining employability. But, fortunately, a ray of hope is seen as some of the top academician and head of leading private university of India (e.g. in IIMT Group of Institutions); are updating curriculum as per the requirement of the industry. This research deals with the competencies provided by higher educational institution to their MBA students so that they can gain employability after passing out. The researcher has tried to compare the competencies provided by higher educational institutions to their MBA students for enhancing their employability and competencies required by the business world.