According to data put together by Teamlease Degree Apprenticeship, India is projected to confront a potential skill deficit of 30-32 million people by the end of fiscal 2025 and 47-49 million by 2027. The world now is ever-evolving and very fast paced, the job market similarly is rapidly changing. The workforce now is required to be ever more versatile, adaptable, and skilled due to new things like advanced technologies, digital revolution, and AI. Therefore, now it is important for organizations to focus on investing in workforce skills. This is where Medhavi Skills University’s WISE (Work Integrated Skill-based Higher Education) initiative can be instrumental. 

This blog contains the details of how organizations can put the WISE skill development model to use for their long-term growth through upskilling.

What is WISE?

WISE (Work Integrated Skill-Based Education) by Medhavi Skills University offers work-integrated, practice-based programs with on-the-job training, apprenticeships, and stipends wherein industry partners co-develop the curriculum and provide hands-on training at their facilities.

The Role of the WISE Model in Skill Development

As per many recent reports, surveys, and studies, it is evident that India is facing a significant skill shortage which needs to be addressed as soon as possible. Medhavi Skills University’s WISE initiative is specifically designed to address this stark workforce skills gap. The WISE skill development model strategically combines theoretical knowledge with real-world industry exposure to ensure that students acquire industry relevant skills. With emphasis on hands-on learning, on-the-job training, and apprenticeships, it fully provides students skill development and competitive advantage.

Why Investing in Skills Leads to Business Growth? 

Investing in workforce skills has now become a necessity for organizations and no longer an option due to today’s fast-paced world. Organizations investing in skill development have experienced long-term growth through upskilling. Some benefits of workforce upskilling are:

• Improved Productivity and Efficiency - Employees with up to date skills are more likely to perform better, more accurately, and efficiently. Therefore, strategic investment in employee skills leads to skill development and competitive advantage which enhance both the technical and interpersonal skills of the employees, in turn increasing productivity. This optimizes operations, minimizes downtime, and collectively adds to the growth of the organization.
• Better Employee Retention - Investing in workforce skills is one of the workforce investment strategies that can help with employee retention. Organizations giving employees opportunity for personal growth and development are likely to have better job satisfaction and loyalty rates. High employee retention helps the organization avoid unnecessary recruitment, training, and retention costs.
• Industry Transformation Adaptability - Employer-driven skill development programs can ensure that the employees of the organization are up to date with latest trends and transformations in the industry.  This enables the organization to retain existing resources and not invest in hiring newer resources. Upskilling the employees leads to skills development for sustainable growth of both the organization and the employees.
• Bridging Workforce-Skill Gap - It is evident till now that India is facing a quite significant skill shortage in the workforce. Employer-focused skill development of existing employees helps the organization retain them and not invest on new resources. This in turn equips the workforce with new-age skills that are required for the organization to thrive.

How Employers Can Develop a Skilled Workforce?

In the time and age where investing in workforce skills has become crucial, organizations may find it intimidating as to how to go about it, how to skill the workforce, etc. Medhavi Skills University’s WISE initiative has truly simplified the entire process for the organizations. Adopting the WISE skill development model can be beneficial for strategic investment in employee skills. 

The WISE initiative by Medhavi Skills University can help organizations seeking skills development for sustainable growth to upskill their existing employees. As per their requirement, MSU can provide B. Sc, MBA, B.Voc, D.Voc or even certified boot camp programs for their employees. The organization can select from the pre-existing programs or MSU can customize the program according to their upskilling needs. Medhavi Skills University can provide certifications to the employees after completion of the programs because MSU is the youngest skills university in India to be the Awarding Body of UGC and NCVET. This way the organization can reap the benefits of workforce upskilling while future-proofing businesses with skill training.

Why Go for WISE launched by Medhavi Skills University?

The WISE skill development model by Medhavi Skills University is a one-stop solution for all kinds of skilling, up-skilling, and re-skilling problems. The WISE initiative fosters students with real-world industry relevant skills to its candidates. The programs impart up to date skills and are diverse, flexible, competency driven, outcome based and industry immersive. 

Benefits to the Employers

• Enhance Employee Retention

Employers investing in the personal growth and development of their employees are likely to experience more loyalty, dedication, and commitment from their employees.

• Reduce Talent Acquisition Costs

Upskilling existing employees and getting them equipped with up to date industry relevant skills help the employers reduce the costs of hiring and training new resources.

• Financial incentives from GOI

The Government of India gives out certain financial privileges and incentives to employees and employers investing in skill training. 

• Stipend and Training Expenses under CSR 

Employers investing in upskilling their employees can show that cost under their CSR goals which can help them both train their employees and add to their CSR records.

• No Payroll Mandate for Employees

Candidates who are enrolled under the WISE model can be treated as trainees or apprentices which exempts employers from any kind of payroll commitments.

• UGC-approved degree/diploma

Medhavi Skills University is an UGC approved university which makes the certifications given out to candidates of the WISE model great for career advancement.

• NCVET approved Certification 

Medhavi Skills University is an NCVET-approved university. This validates the certifications given out to candidates of  WISE.

FAQs:

Why should employers invest in employee skills?

As stated in many reports, India is facing a skill gap right now and the organizations in business are facing it too. Investing in workforce skills can be an easy step for the organization to take. This not only helps them make the current employees up to date with industry relevant skills but also helps in the overall growth of the organization. 

What is the MSU WISE model in skill development?

The WISE skill development model by Medhavi Skills University enables organizations to upskill their existing employees and get them certifications. Medhavi Skills University can provide certifications to the employees after completion of the programs because MSU is an Awarding Body of UGC and NCVET. MSU can provide B. Sc, MBA, B.Voc, D.Voc or even certified boot camp programs for their employees. The organization can select from the pre-existing programs or MSU can customize the program according to their upskilling needs. 

How does skill development benefit long-term growth for businesses?
Investing in workforce skills not only helps the organization make their employees up to date with industry relevant skills but also helps in long-term growth through upskilling. There are a lot of benefits that an organization can gain by upskilling their employees some of them are things like improved productivity and efficiency, better employee retention, industry transformation adaptability and bridging workforce-skill gap.