According to the India Skill Report 2023, India produces nearly 1.5 million engineering graduates annually, among which only 20% are employable in high-demand roles. It is harder than ever for organizations now to acquire employees with the skills needed. Organizations also find it difficult to retain the existing employees. Medhavi Skill University’s WISE initiative offers a great way to help with both talent acquisition and retention through skill certifications for employees. This blog gives a detailed account of what is WISE, how it can help with talent acquisition, retainment and more.

Problems faced in case of talent acquisition 

As it is evident, organizations these days face problems in terms of acquiring new talent. Some of the problems faced by an organization in case of talent acquisition are as follows -

• Lengthy Recruitment Processes - The process of hiring a new employee is often times way too lengthy for an organization which makes it an issue.
• Significant Onboarding and Training Expenses - The cost of onboarding and training a new employee is extensive because a lot of time and resources goes behind preparing one single employee.
• Lack of Formalized Training for Job Role - It is often seen that candidates do not have the required skills for a particular job which results in extra training expenses for the organization.
• Incorrect Skill and Job Role Mapping - Sometimes the skills that an employee has does not properly align with the job role they are hired for which again required additional training from the employer’s end.
• Academic Learning and Industry Requirement Gap - Most candidates face a problem of not having skills required to work in the industry and only have academic or theoretical knowledge. 
• Lack of Relevant Skills - Candidates often face the problem of not having specific industry relevant skills to work in the industry.
• On-The-Job Training Gaps - Candidates having the skills and knowledge of a particular subject often lack the practical skills required to work in the field.
• Customized Skills Requirement - Some organizations require a very specific customized set of skills in their employees.

Problems faced in case of talent retention -

Even if an organization manages to acquire talent or employees, often they are unable to retain those employees. The problems faced by an organization to retain the talent are - 

• High Attrition Rates Affecting Productivity - The most significant problem faced by an organization is high attrition which greatly affects the productivity of the organization.
• Need for Career Growth Opportunities to Retain Talent - Often candidates feel that they are lacking opportunities of growth or career progression or learning new skills at their organizations.
• Employees Seeking Upskilling and Reskilling Options - There are times candidates want opportunities to upskill and re skill while doing their jobs. 
• Limited Access to Flexible Higher Education - Sometimes employees want to explore higher education options while working which is often very limited in organizations.
• Inadequate Perks and Compensation - Some feel that they are not getting enough benefits or compensations from the organization.
• Lack of Recognition - It is often a complaint of employees that they feel they are not appreciated or acknowledged enough in the organization.
• Difference in Expectations - There are times when the organization expects a certain level of performance from their employee and the employees have a different expectation.
• Better Opportunities - Most times employees go for other organizations thinking it's a better opportunity for trivial hikes and benefits.

What is WISE (Work-Integrated Skill-based Higher Education)?

WISE (Work-Integrated Skill-based Higher Education) is an initiative of Medhavi Skills University that offers work-integrated learning, application and practical-based programs to the candidates which makes them employable. These programs are backed by on-the-job training and apprenticeships which gives the candidates real-world experiences along with the benefit of earning stipend. They offer the Best work-integrated learning programs.

Why choose MSU?

• Curriculum Customised to Suit Skill Competency Needs of Industry Partners - the curriculum is designed in collaboration with industry experts to meet industry specific skill requirements, ensuring practical skill development and necessary theoretical understanding. The motto is workforce development through education. 
• GoI recognized Degrees/Diplomas/Certificates - a wide range of university programs in line with NEP 2020 and NCrF offer hands-on experience with earning opportunities, providing financial support that enhances employability. Certificates from NSDC/UGC/SSCs/Industry also provide great opportunities for skill certifications for employees.
• Flexible Blended Learning Models and Examinations - accessible, online, self-paced, and practical learning modes and exams make it convenient for learners to learn and help them align academics with daily work schedules.
• Embedding Work-Integrated Programmes to Reduce Attrition - combines academic learning with hands-on apprenticeships, improving job satisfaction and lowering attrition by aligning skills with industry roles and expectations.
• Increased Productivity with Relevant Skill Training - candidates have better productivity with relevant skill training from the get go which makes tracking of performance easier with practical and theoretical examinations.

Benefits in terms of Talent Acquisition -

The kind of benefits that an organization experiences in terms of talent acquisition through WISE are as follows - 

• Industry-relevant Skills - organizations face the problem of their employees not having specific industry skills. WISE enables the candidates to learn industry-relevant skills.
• Customizable Talent - under WISE, the organizations have the liberty to customize the curriculum according to their needs making sure the employees gain skills accordingly.
• Cost-effective Hiring - the organization’s cost of hiring and training new talent decreases because the existing employees gain relevant skills and higher education. 

Benefits in terms of Talent Retention -

The kind of benefits that an organization experiences in terms of talent retention through WISE are as follows - 

• Scope for Career Growth - employees feel a sense of growth in terms of career and self because WISE enables continuous learning and upskilling.
• Sense of being Valued - with the organization investing towards the upskilling and development of their employees, the employees feel valued and needed.
• Skill Development - employees gain industry relevant skills making them more productive and confident in the work that they do.
  Therefore, it is evident that WISE is the solution for all talent acquisition and retention problems and it currently offers the best work-integrated learning programs through its unique work-integrated programs that focus on hands-on learning, on-the-job training and practical experience, it not only provides the candidates industry-relevant skills, it also helps them financially independent with stipend from apprenticeship. It is in fact the one stop solution for both the organizations and the candidates.