Founded over 118 years ago, with 7100 members and indirect membership of 90,000 enterprises, CII has played an integral part in the liberalization and growth of the Indian economy. The “Gen Next Workforce Study report” was jointly created by CII and Deloitte and released at this Summit, part of CII's ongoing work in helping Indian organizations grow and develop their Gen Y, Gen Z, and Gen Alpha (together referred to as Gen Next) talent¹.

Dr Shashi Tharoor acknowledged the tremendous potential but emphasised that the preparatory work must begin immediately, for it is only through an improvement of the education system, and the development of the existing workforce that India will be able to reap the “demographic dividend”. According to Dr Tharoor, the development of India’s education sector has reflected a journey through the “4 E’s” (Equity, Expansion, Excellence, and Employability). The emphasis should now be on "Employability". With a recent study revealing that at least 47% of Indian graduates are unemployable for any job, and rising to a startling 90% for some sophisticated roles, the onus is on the tertiary education sector to improve the production of adept, skilled, and critical-thinking leaders of the future. There are, however, encouraging initial signs of progress. The Indian Institutes of Management have started accepting liberal arts majors, not just engineers. A next useful step would be the adjustment of mentality for a nation steeped in the ideals of apprenticeship which dictate that master craftsmen pass on their skills only to disciples, usually their sons.

Talent, not family lineage, should be central to a person’s success.

The sons of carpet-makers become carpet-makers, the sons of businessmen do business, and those with parents in roles of influence get a tremendous head start. Although a good way to keep the secrets of the trade within the family, such mentalities could hinder the development of talent for the nation – talent, not family lineage, should be central to a person’s success.

Panel speaker Dr Mano Ramakrishnan: Gaining the loyalty of Gen Next

Besides providing a fertile environment through education and meritocracy for young talent to thrive, leaders must also learn to harness the potential, and bring out the best, of Gen Next.

Dr Mano Ramakrishnan offered his insights on this topic. India's Gen Next are not only different from their older colleagues, but also from their counterparts in other countries. For example, having grown up in the epicentre of the 1999 Asian economic crisis, Thai Gen Next are most attracted to organizations which offer stable employment. In contrast, Indian Gen Next pay attention to a company's brand image, while their Chinese counterparts emphasize the opportunity to specialise and further their interests ². These research findings imply that managers need to develop nuanced approaches to motivating and retaining their Gen Next Indian talent – what worked for Gen X, or for the rest of Asia, might not work for the unique aspirations of Gen Next Indians. 

Gen Next displays a paradoxical passion to do their part for society.

One key to approaching Gen Next across Asia, Dr Ramakrishnan suggests, is the potential for societal contribution. The common perception of Gen Next has been one of self-centredness, but it would appear that beneath a "me-focused" approach to career development, and the lack of loyalty to any organization, lays a paradoxical passion to do their part for society. On hindsight, this should not be too surprising as the advent of the Internet has allowed many of this generation to become accurately aware of social causes and the inequalities rampant in many societies. Corporate Social Responsibility (CSR), then, might just be the key to harnessing Gen Next talent.   Conclusion The journey ahead for India is a challenging, but potentially exceedingly rewarding one. To reap the “demographic dividend”, government and business leaders in India must each do their part. In 2020, 64% of the Indian population would reach working age with the average Indian a 29-year old city-dweller. The challenge is to make that 29-year old an employable, and well-managed, talent. Only then will the talent pool in India truly marry quality and quantity.

HCLI would like to thank CII for inviting Dr Mano Ramakrishnan to speak at the Summit. The Summit was supported by Tata steel, Godrej Interio, and Citibank.

End notes