While 70 percent of academic institutions believe their graduates are well-equipped (at least 60 percent ready) for the corporate world from day one, only 16 percent of corporates share this view, according to a report by recruitment automation firm HirePro,
The ‘Momentum '24: The New Reality in College Hiring’ report revealed that entrepreneurship emerges as a significant trend among Indian students, with 67 percent of them planning to start their businesses within ten years of graduation. However, this entrepreneurial spirit is not fully embraced by all stakeholders.
While colleges are increasingly offering courses and setting up incubation centers to support this trend, 63 percent still prefer their students to focus on securing corporate jobs after graduation. Similarly, only 5 percent of corporates prefer to hire candidates with entrepreneurial ambitions, perhaps worried about attrition.
This is despite the fact that most corporates try to promote entrepreneurship among their employees (intrapreneurs) by providing platforms, attractive incentives, and occasional funding, the report said.
The report is based on surveys of over 20,000 candidates, 350 colleges, and 200 corporates, along with interviews with 100 campus talent recruiters.
Role of CGPA
Further, there is a shift in how students view their academic performance about job prospects. A substantial 71 percent of students believe that CGPA alone is insufficient for evaluating their capabilities during placements and prioritizing technical skills is required. This sentiment contrasts sharply with the practices of academia and corporates, who continue to rely heavily on academic performance as a primary criterion for candidate shortlisting.
A majority of students still view internships as an opportunity to learn the real-world nuances of what they study in classrooms, with 68 percent of students willing to relocate for quality opportunities. While 70 percent of students prefer in-person experiences if given an option, corporates strictly oppose newer models like remote and off-college hours internships.
The study also sheds light on the mixed reactions to the NEP 2020 initiative allowing year-long breaks from studies. While 59 percent of students strongly support this idea, only 30 percent of academia and a mere 16 percent of corporates are in favor, highlighting the need for better alignment between policy, education, and industry needs.
“Our findings highlight the need for greater collaboration and understanding between corporates, academia, and students. Cautious optimism is the overarching sentiment because we are no longer operating in a homogeneous market,” said S Pasupathi, chief operating officer at HirePro.
Pasupathi added that industries are changing, economies are becoming more dynamic, while students’ profiles are evolving, and so are the requirements.
"It’s crucial for all stakeholders to adapt their approaches and fill in the expectation gaps," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
