Customer Success, Product Marketing and Partnerships in Fintech | ex-Wint Wealth, Fixerra
Where young professionals are facing a tough hand at the Job Market, Retirees are Enjoying a Second Career! In the challenging landscape of India's current job market, we have now reached a point where companies are favouring retired professionals over young aspirants. With AI already claiming jobs, the addition of retired professionals further limits opportunities for the youth. The recent revelation of Indian Institute of Management Bangalore's summer internship placement struggles, with 110 out of 600 MBA students still awaiting opportunities, the institute cited one of the factors to be the "tight job market" - a situation that should never be synonymous with an institution of such caliber. While premier institutions grapple with challenges, the plight of Tier II and III graduates becomes even more distressing. Rather than receiving direction, hefty college fees seem more like donations accompanied by false assurances. Internships, once perceived as stepping stones, are now increasingly labeled as unpaid or performance-based. Contrastingly, "AGE-TECH" platforms boast rates ranging from Rs 3,000-4,000 per hour, escalating even higher to Rs 10,000-15,000 PER HOUR in certain MSMEs and startups, as highlighted by Sreeradha Basu in The Economic Times report. Embracing retired professionals returning to the workforce is admirable; it presents an opportunity for valuable mentorship for young professionals. However, this shouldn't be at the expense of replacing young talent. When college students struggle to secure placements, it's crucial to understand the causes. Is it the fault of college placement committees? Do students lack additional skills? Is the curriculum outdated? Or are companies hesitant to hire fresh graduates? Identifying the root cause is pivotal for India's future. We stand at a critical juncture where the convergence of experience and fresh perspectives can truly transform the job market. It's imperative to ensure that this collaboration doesn't suppress the potential of the younger generation but fosters an environment where both seasoned and budding professionals thrive. What are your views, do share it in the comments. #hiring #jobmarket #youthempowerment #careergrowth #futureleaders LinkedIn News • LinkedIn News India • Neeraj Sagar • WisdomCircle
More companies in India are looking to hire retired professionals, Sreeradha Basu reports for The Economic Times. Firms such as Blue Star, Hitachi Energy, Suzlon Energy, and Elgi Equipments, among others, are planning to appoint retired professionals, says consultant WisdomCircle. Job roles are either part-time or consulting through 70%-80% contracts, with renumerations paid on an hourly basis and varying from ₹3,000 to ₹15,000 depending on the company and nature of work, the report says. Jairam Varadaraj, Managing Director of Elgi Equipments, a manufacturer of air compressors, says that experienced people bring a lot of value to the organisation. A source of income, staying active, getting involved with work that interests them, and the need to have a sense of purpose are a few reasons why retired professionals want to work, the report says. However, there is a supply shortage of such talent against the demand from companies, say experts. Source: https://lnkd.in/g5iqp9U6 ✍: Divya Pathak 📷: Getty Images #retiredprofessionals #hiringtrends
Poonam A
9mo
It is very important that India's youth get more opportunities. India's future depends on these youngsters. I hope the Indian government and companies take this seriously.
Karan Shah
9mo
Address root causes—outdated curriculum, hesitant companies. Youth potential matters. Collaboration should uplift, not suppress, the younger generation's potential.
senior assistant editor at The Economic Times
9moHI Pranav, I think it's important to highlight that the hiring of retirees, which is mostly on project/ consultant basis, is certainly not happening at the expense of young talent. More often than not, retirees are brought in for their wealth of experience and domain knowledge, either for mentoring youngsters or for knowledge transfer in certain areas.