Diversity and Human Capital and Indias Workforce

Diversity and Human Capital and Indias WorkforceA diverse ethos like India not only showcases unity in diversity just now overly the potential to crruste waves in innovative thinking. India, generally an agro- brutishd thriftiness has undergone a cudive ski tow in the recent decade due to the dotcom boom, giving the economy a phenomenal push. Statistics reveal that India forget be a youth kingdom in the coming decades. Given the immense noesis pool, diversity and youth population at the countrys disposal, it is only natural to predict that India leave be the global leader. At the very(prenominal) time, amendments atomic number 18 required to manage these great resources effectively to deliver what we dream to achieve. Challenges faced by India Inc. are not only population burst, corruption, terrorism, etc only also management of youth the immense companionship base available along with attitude refinement to facilitate retention of acquaintance. The country which boa sts of a all overplus of natural resources should reinforce ways to utilize these depleting resources and the talent pool available to the best of its potential. This paper looks into a few(prenominal) of these issues and suggests methodologies for managing the diversity.INTRODUCTIONA country like India is a perfect example of unity among diversity with a mix of cultures, languages, religions, age groups, etc offering a tremendous hazard to contain and garner knowledge. The country has evolved over centuries into a multi-dimensional ethos, learning and assimilating a vast pool of knowledge. But abide we succeeded in managing and utilizing this talent pool to its full potential? This provoking head teacher leads us to the topic, Managing Diversity The Challenges Faced By India Inc.A key distinguisher and common asset, knowledge is of importance. The healthy diversity along with a huge population does India an opportunity to grow fast. New ideas and gratifying sides are natu ral offshoots of diversity and should be seen as blessings in disguise, rather than a challenging hurdle towards growth. But in this age of information technology and speed, application of knowledge, leave behind studyly contribute to the countrys growth story. Diversity in India and its implicationsBetween 2003 and 2050, India will add or so 250 million tidy sum to its labour pool By 2020, 61% of Indians will be under 35, i.e. about 780 million Indians will be in this age group.The statistics indicate that future day India will be home to more materialization minds, thus increasing the average disposable income, and facilitating greater youth participation in decision reservation activities with fresh outlook. The youth and baby-boomer generations together tail contribute a lot in adding value to the knowledge chain. The acquired knowledge should be practiced or else the country cannot thrive on the potential knowledge leaders diverse knowledge pool available.The concept of Knowledge Learnt, Used Thrown, entrenched in the young minds will have to be given up to produce innovators and thought leaders, and stress on practical application of knowledge is quintessential.Knowledge is of no value unless you arrange it into practice.-Anton ChekhovLITERATURE REVIEWA knowledge economy and its attributed index primarily depend upon 4 key pillars listed by The World Bank as novelty, Education, entropy Communication Technology (ICT) and Economical Incentive Regime (EIR) under the Knowledge Assessment Methodology (KAM) and Knowledge Economy Index (KEI). This index ranked India at 101 indicating a large scope for improvement on the knowledge front. As per our analysis, innovation has the highest weightage in the methodology used. Sample data shown below Innovation or the pioneering application of knowledge has a great impact on the countrys overall knowledge economy index. The contribution towards patents is closely related. Patent data largely by the US ( KEI Rank 10).In context with the categories of knowledge-based assets, two broad classifications have been make explicit or tacit. Included among the former are patents, trademarks, etc i.e. things that can be archived and codified. Much harder to grasp and record is tacit knowledge, which leads to knowledge creation. The challenge inherent with tacit knowledge is figuring out how to recognize, generate, and share it. The basic textile that employs knowledge creation as a cruddy box driving economic growth is usually called the endogenous growth lesson. The literature using this black box includes Shell (1966), Romer (1986, 1990), Lucas (1988), Jones and Manuelli (1990), etc.The basic variable of study is a knowledge worker (or K-worker). Every time a K-worker researches with their best partner(s) the new knowledge jointly created becomes shared knowledge, thus dynamically builds up knowledge in common. Heterogeneity in K-workers provides an opportunity to cooperate and is endo genous to the model. In this way, the heterogeneity or diversity of all K-workers changes endogenously over time. Thus, a partnership in knowledge creation is most productive when common and differential knowledge are in balance.From a birds eye view, the ability of a nation to use, synergize and create knowledge bang-up determines its capacity to empower its citizens. Aptly in the speech of Dr. Manmohan Singh, Prime see of India, The time has come to create a second wave of institution building, and of excellence in the fields of education, research and capability building so that we are better prepared for the 21st century. India today needs a well defined knowledge-oriented epitome of development to provide a competitive advantage in all the fields.The National Knowledge Commission (NKC) in India has been entrusted to study the parameters and suggest corrective measures to give India the competitive knowledge edge in the coming decades. The KEI model of World Bank has been re- visited from the Indian context introducing various parameters which draw plausible sense in the country. The modelMETHODOLOGYThe paper explores both tangible and intangible asset parameters for enhancing the knowledge capital in India. The world in future will be driven by a knowledge-base economy and this notion is not strange to India. Indias history is marked with events that reinforce the countrys potential to learn and showcase unity through diversity. Think about the Indian War of Independence and it will make sense.India is and will remain for some time one of the youngest countries in the world. This demographic dividend is seen as an opportunity to accelerate the countrys rate of growth. We have a critical mass of skilled, English-speaking knowledge workers. The knowledge economy of the twenty-first century demands competencies not only in the area of ICT but also in group learning, risk-taking ability, perimeter to multicultural views, learning from nature and synergi zing to innovate.The gathered knowledge needs to be effectively channelized, applied and disseminated to the people of this country. This eventually increases the common knowledge pool and benefits the economy as large. The scriptures, tralatitious knowledge and the baby boomer generation help us to think in a holistic manner for applying the knowledge. The attitude of young minds, if nurtured in the right way, can produce a positive impact. Like Victoria Abril puts itKeep your ears open, your eyes open, grab everything you can, react, and learnThe countrys youth should be advance to research and get an insight on various subjects to tackle real life challenges through innovative methodologies. Traditional scriptures like the Vedas are treasure chests of knowledge and teach us how to deal with state problems, how to teach and grow, etc. They should be shared with the common man, to enable him to think and utilize age old experience in an age of intense competition. In Sanskrit, t he importance of knowledge is quoted as Nahi Jnanena SadrshamNothing is equivalent to knowledgeFINDINGS ANALYSISA burgeoning young human capital is bound to have positive implications on the economy. If not tended well, this boon can turn into a bane. The age distribution of India is projected to change by 2020. The population in the age group 15 -59 years (currently 58 percent) is projected to increase to nearly 64 percent. This shift is shown below India would then have a handsome mix of youth and grey-haired wise men to share different views and synergize to suggest solutions by application of their acquired knowledge. But, this upcoming bulge will also have its own set of ideologies thoughts and would thus have to develop a tolerance level and attitude to learn from their older generations about the vanities and gyan of life. The baby boomers have retained knowledge imparted to them about 80 years back and continue to apply them in real life problems. The youth needs to apprec iate this and shorten on application of gathered knowledge rather than garner degrees. The flip side is that the countrys education system forces one to memorize more and remember the same till exams.The classroom learning limits the students perception. The lessons are merely learnt, used thrown today. More nature and environment based learning would give students a fresh perspective. QUALCOMM has pioneered and introduced solutions inspired from nature like Low-friction ship hulls inspired by shark skin, etc. If all the young minds of India can be guided to think this way, surmise what wonders can be created. The knowledge imparted and discussed should be taught along with examples from diverse backgrounds.At graduation level, students should be encouraged to pursue research work apply knowledge creatively, and indulge in good communication. These are imperative for attitude refinement of individuals which needs tendering to keep them receptive to ideas. This could proactively nurture entrepreneurs at an early stage. Today with a demand driven economy, there is a tendency of people to learn, use throw (forget) the acquired knowledge and comment it doesnt matter well start afresh and learn fast. For facilitating retention, reframing teaching patterns is equally important along with grooming of students.This grooming would include exercise based teaching, vocational training and soft skills training. The habit of reading gaining perspective about varied issues is dwindling and should be emphasized at an early age. We need to strike a healthy balance between self made efforts outsourced lines to help develop a rational outlook on activities around us. This is imperative for creating a sustained cadre of knowledge workers. It is clear that workers with equal uneven skill sets create better synergy and lead to value addition in knowledge pool.The overall literacy rate in India is highly unsatisfactory. There are areas in India where the abundance of know ledge gets eclipsed by the inability to communicate. Due to this disparity, thoughts and ideas are stalled without getting discussed. Such barriers need to be removed, to educate and tap the knowledge base available. Socrates subtly quotes,The only good is knowledge and the only evil is ignorance.Illiteracy is one of the acclaimed evils in society. The initiative to educate is not with the Government alone but requires active support from every citizen. Empowering minds and sharing knowledge will corroborate the Indian growth story and make it flourish. Management of gargantuan diversities like India will be effective only when citizens rightfully learn, teach apply acquired knowledge for betterment of the country at large.Diversity in population provides an excellent opportunity to explore and learn. A clichd process business leader be holistically applied for a different cause to apply, learn and grow. If, like the IT companies the concept of collating ideas can be practiced at the national level it would keep the minds of people busy and help everyone learn more from the surroundings and contribute more. Heterogeneity plays a major role in this context. The quote below from Mahatma Gandhi states how important it is to share knowledgeIf you give me rice, Ill eat today if you teach me how to grow rice, Ill eat every day.Innovation in a developing nation requires a favorable climate, one that is free from bureaucratic regulatory obstacles and fosters interactions across boundaries. The sources of knowledge might be universities, research institutes, think tanks, etc but the right to information is the prerogative of every individual. With this, we conclude our paper and hope to ignite thoughts through an insightful Sanskrit shloka about knowledgeCONCLUSIONIndia has showcased unity integrity for umpteen causes. Now she is faced with the new challenges of growing population and managing knowledge. For the nation to become a leader in knowledge based economie s, the same commitment and unity needs to be shown by each citizen. Today in an intense global market, few variables will give India a competitive advantage. Lifelong learning, youth population and synergy between diverse cultures and attitude to learn, to name a few.In the next few decades, India will have a large youth base. Given this demographic advantage over other countries, we are optimally positioned to establish a knowledge-oriented paradigm of development. An economy that creates, acquires, manages, adapts, and uses knowledge effectively for its economic development, can overcome many challenges while its individuals learn, retain and re-use the knowledge base to innovate and grow perpetually. In the words of our Prime Minister, to leapfrog in the race for social and economic development.The attitude towards learning would also differentiate a country as a trend-setter. originative education patterns, fighting illiteracy, and application of knowledge are important tasks f or India Inc. amidst exiting challenges. The proactive involvement of elder generations in designing learning programs for students and future managers, to incorporate their traditional wisdom and insights on real life challenges is important.In short, the message is to learn, share, apply and manage through diversity and adversity. Hope and inspiration along with dedication to the task are equally important to the success of a vision. This thought has been beautifully quoted by the former Indian President and visionary Dr. A P J Abdul Kalam in his book Wings of Fire,For all your days prepare,And treat them ever alike,When you are the anvil bear,When you are the hammer strike