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Excelators

  • 1. 5 September 2013 Manthan Boosting Skillsets: Increasing the employability of youth Proposed Solution: Employability Enhancement Bonds and KarmaNet (National OnlineTrainee Exchange) •The Excelators •Abbas Sura •Anindita Das •Bhuwan Mahajan •Gaurav Mahajan •Sanchari Samui
  • 2. •^ Employment Annual Report 2012, Ministry of Labor; ^^Aspiring Minds’ National Employability Report UNEMPLOYABILITY:THECHALLENGE Current Need  Skill development measures in terms of innovation and scale  Wider reach to youth across regions and socioeconomic levels  High involvement by industry to achieve higher efficiency and success of adopted measures 6% Unemployment Rate^ Despite several government measures, schemes, and plans, the country struggles with 47% Unemployable Graduates^^ With nearly half our graduates deemed unemployable, our country faces a mammoth task of imparting large-scale effective skill-training • Percentage of workforce in India receiving skill training (2008): Only 10% • No. of people trained by various ministries/ organizations during Jan-June’13: 0.76 Mn o Target: 7.3 Mn for 2012-13 (only 10% achieved so far) Lack of skilled population • 48% of employers in India have difficulty in filling their job requirements (2012) o Global standard: 34% • Only 3% of graduates employable in accounting roles, 13% in IT services, and 15% in teaching • Corporate are not actively involved in designing trainings for the youth o Lack of check on the quality of training imparted • At grass root level, in the economy there is lack of awareness about skills required to become employable Lack of skilled population Low Corporate Involvement in Government Initiatives
  • 3.  Outcome-based Payment: Invests tax-payer money in only effective programs that achieve the desired outcomes  Upfront Raising of Finance: Frees govt. funds initially as govt. pays only when the program is successfully executed  Innovative substitute for grants and loans: Compared to grant-based programs, increases accountability of private players towards the government and trainees  Flexibility to Training Providers: Provides flexibility to raise funds based on needs and thereby, providing more room for innovation  Online platform to bridge skill demand-supply gap: KarmaNet allows an effective platform for trainees and industry to engage  Government , in collaboration with NSDC, to establish an independent body - Employability Enhancement Bond Committee (EEBC)  An online database of unemployable youth – KarmaNet – to be built to assist in selecting trainees for each program  EEBC to issue bonds to investors for raising capital for the skill-development programs Training programs to bridge the gaps between skill demand and skill supply  An independent evaluator to determine and assess the outcomes, basis which government to make payments to investors and service providers  EEBs are performance-based bonds that will allow government to raise capital from private investors for running skill- development programs run by independent third-parties (e.g., NGOs and social entrepreneurs) o Trainees for each program to be selected through an online trainees database – KarmaNet – to be setup by National Skill Development Corporation (NSDC)  Investor returns and third-party service providers’ payments will be based on the outcome of training programs  Thus, EEBs will ensure utilization of taxpayer-funds for only effective training programs AND mobilize enough funds upfront to launch skill-development initiatives at a huge scale Proposed Solution: Employability Enhancement Bond (EEB) and KarmaNet We propose to launch performance-based bonds to raise capital for training programs and develop a portal to map skill demand-supply Implementation Model Innovation
  • 4. Parent Body of EEBC IndependentEvaluationand MonitoringAgency Employability Enhancement Bond Committee (EEBC) Government Investors Training Providers Employable and Underprivileged Youth • Selected from the national training register, ‘KarmaNet’, based on their existing skills • Will include pool of unemployable graduates Performance –based Disbursement of Funds ROI based on Performance Investment in Selected Training Program Operating Capital Training-program customized to Industry demand •1 •2 •4 •5 •6 Evaluation of Outcomes National Skill Development Corporation (NSDC) Representing social impact investors, private companies, and development agencies Includes social entrepreneurs and NGOs having past track record in the field •3 Solution Design EEBs will engage stakeholders across the society and ensure high degree of transparency and accountability at each stage
  • 5. • Financial and social returns through single investment vehicle • Opportunity to invest in transparent social programs that also actively engage them • Tax rebate on the investment in EEB • Promotion of training programs meeting their specific needs • Increased pool of skilled labor trained according to their standards and requirements • Enhanced government and consumer credibility • Investment of funds in only effective training programs • Improvement of prevalent training infrastructure • Development of credible database of potential trainees to gauge skill demand and supply • Effective mapping of market demand with aptly skilled labor supply, thereby reduction in unemployment • Effective training in in-demand skill sets • Higher absorption in organized mainstream • Increased probability of employment within vicinity of inhabitance • Certification providing credibility, thereby assisting in securing better job opportunities • Reduced burden of job placement as training program directly mapped (through KarmaNet) to skill demanded by industry • Easier access to flexible funding • Assistance in training program development through industry engagement • Access to repeat opportunities if program executed efficiently • Returns based on transparent evaluation system ADVANTAGES Government Training Providers Youth Investors EEBs offer unique financial and social benefits to each stakeholder while providing the society a huge pool of effectively trained youth
  • 6. Establish EEB Committee  NSDC will establish the independent Employability Enhancement Bond Committee (EEBC)  EEBC will be responsible for implementation and monitoring of the program  It will have representation from the government, private players, and NGOs on its boards  NSDC will build the KarmaNet  All unemployable youth in age group 18-35 years can be part of KarmaNet  KarmaNet to enable mapping of training needs with potential skills of registered youth  Youth enrolled in a training program to provide refundable security (say INR 3,000) at the start ImplementationProcessStakeholders  EEBC will identify gaps in availability of skilled labor  Then identify service provider through tender process  Each service provider can offer training in more than one discipline  Then EEBC to raise required capital by issuing bonds to investors  Then disburse only the operating capital to the service provider  EEBC will select an independent evaluator that will: o Formulate the contract o Assess desired outcomes  Evaluator to establish the threshold outcome-level and ROI-based on outcomes above threshold  Then, provide report to the government for the contract period basis which payment to be released  Government  NSDC  EEBC  NSDC  EEBC  Youth  EEBC  Social Entrepreneurs  NGOs  Social impact investors  Private companies  EEBC  Government  Independent evaluation agency Develop ‘KarmaNet’ Identify Providers and Issue EEBs Independently Evaluate Outcomes Implementation of the Solution The model will be managed and implemented by the independent EEB Committee, acting under purview of NSDC
  • 7. Supply Side  Unemployable youth in the age bracket of 18-35 years will be able to register on the online database by creating a user account o The database would target both educated and uneducated audience  To create awareness about the database, dedicated camps would be organized across the nation o Computer illiterate youth will be able to register on the database through these camps, supervised by NSDC representatives  Registration process would be fairly easy and require basic demographic and skill-related data  Further, it would be adept in vernaculars of the concerned region and contain images • KarmaNet will be an online platform that will allow employable youth and the industry to engage thereby helping in reducing the critical gap between skill demand and supply • The online database will be owned and managed by the National Skill Development Corporation and will be similar to National Employment Exchange database Demand Side  Employers would be able to register their specific job and skill-set requirements on this database o Including period when skilled-labor required, potential remuneration offered, and the region of placement  Gauging the demand for the skills, EEBC will float EoI and tenders for relevant training programs in the specific region  The database will allow the service providers to submit their EoIs and tenders through the database itself o The tender will be evaluated based on the – past experience in the particular skill-set training, experience in the region, infrastructure, efficacy of course module, and the bid amount KarmaNet will offer a platform for youth and private players to engage, thereby assisting in mapping the skill supply and demand
  • 8. Selection of Independent Evaluation Agency • Independent evaluation agency will be selected through an RFP process • The selection will be based on following criteria: o Experience in the training program and contract formulation o Credibility of the institute o Price quoted in the RFP Development of Evaluation Metric for Desired Outcome • The agency will be responsible for determining the desired outcome levels for each training program monitored by it o It will establish the outcomes in-consultation with EEBC, investors, and training providers • The agency will develop a scoring metric based on: o Social excellence parameters: E.g., % trainees placed, presence of quality manuals, etc. o Financial excellence parameters: E.g., total capital utilized, etc. • Success of the program will be evaluated based on this scoring metric • The evaluation will be done over a long-term horizon (e.g., at least a period of 2-3 years) Determination of ROI based on Evaluation Metric • The evaluation agency will determine a threshold score below which the program will be deemed unsuccessful o Investors and service providers will not be offered any payment in such a case • Further, the agency will set discrete outcome-levels (above the threshold) that will determine the returns on investment o E.g., for a score of 80, the investor will be given a return of 8%, while for score of 85 a return of 12% will be offered Implementation of the Solution Independent agencies will regularly monitor the progress of training programs, delineate desired outcomes, and define the criteria for RoI
  • 9. NSDC EECB Board Independent Director (Nominated by Society) Government Representative Corporate Representative Chairman-EECB EECB Team Corporate Relation Team Recruitment Team Marketing/ Media Team Finance Team IT Team Evaluation Team Stakeholders Investors (Corporate and others) NGOs and Other Institutes Potential Workforce (Society) EEBC Board will have representation from the government, private sector and the society
  • 10. •Greater involvement of Corporate •Increase in Number of Vocational Skills Institutes •Poverty Reduction •Balanced Regional Growth •Demand Supply Matching •More Employment Generation •Economic Growth EECB •Funds Skill Requirement •1000+ new corporate joining the cause each year for next 9 years (Pan India) •1000+ new institutes join the initiative each year to teach vocational skills •Each new player imparting vocational skills to 1000+ new persons across India •1 million+ additional trained people across India per year •81 million+ additional trained people across India by 2022 with ready market to for employment •Reduction in unemployment by 81 million+ people and reduction in regional employment imbalance Impact of the Solution The EEB model will be able to provide effective training to more than 1 million youth each year
  • 11. Risks Involved Mitigation Measures Low Awareness Failure to create awareness about KarmaNet among masses Launching dedicated promotion through national TV, social media, and in-person physical camps Reputation Loss Consistent under-achievement by institutions to attain expected results, leading to loss of reputation, credibility, and trust Proper due-diligence prior to finalizing a contract with an institution Economic Condition of Market Dampened market conditions leading to potential investment-aversion sentiment Bond committee to ensure market return by measures such as adjustment of interest rates, provision of tax exemption as incentives, etc. Investor Interference Interference by investors due to their vested interests in the training- impartment processes Regulations to be incorporated to regulate the level of interference in the process by corporates Sustaining Focus Without additional resources, maintaining focus on the EEB structure may become a challenge in the long-run Dedicated personnel should be employed to create awareness about advantages of EEB Risk Mitigation Strategy While the EEB model faces marketing, economic, and social risks, with upfront planning each of these can be successfully mitigated
  • 12. Appendix Calculation of Impact On Employability Participating Investors/Corporate Base Participating NGO/ Skill development Institutes People covered Under the Programme 1000 1000 1,000,000 2000 2000 2,000,000 3000 3000 3,000,000 4000 4000 4,000,000 5000 5000 5,000,000 6000 6000 6,000,000 7000 7000 7,000,000 8000 8000 8,000,000 9000 9000 9,000,000 Total 45,000,000 Average 9,000,000 •On conservative basis, assumed 1000 people trained by each institute annually and number of institute increase 1000 per year
  • 13.  National Skill Development Corporation  Labor Bureau, Ministry of Labor & Employment, India  Instiglio  Social Finance.ca  Federal Reserve Bank of San Francisco  Directorate General of Employment & Training, Ministry of Labor & Employment  Aspiring Minds’ National Employability Report  IMaCS & Aon Hewitt  CAG, India  “Knowledge Paper on India Skill Development in India”, FICCI and Ernst & Young, Sep 2012 Appendix References