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Every challenge comes with an opportunity waiting to be seized. The world is facing a demographic challenge today. Globally, there are 1.8 billion young people between 10 and 14 years old standing at the door of adulthood. Every month, nearly 10 million young people reach the official working age and are ready to start their productive lives. But countries like Korea, Japan, Italy, Germany, etc., have seen a decline in the working-age population. On the other hand, the US workforce faces a tsunami of elderly workers. The share of elderly workers (over the age of 75) will grow from 1.8 million in 2018 to 3.7 million by the end of 2028.
However, when it comes to seizing the youth demographic dividend, these countries are facing uncertainties. On the other hand, India’s vast youth population has made a case for earning a demographic dividend. According to the Prime Minister of India, “it’s critical to prepare the ‘demographic dividend’ of the country as per the demands of the changes in job roles.”
How Can India Earn its Demographic Dividend
India entered the window of the demographic dividend in 2005–06. This window is expected to remain active until 2055–56. During this period, the working-age population ratio will be equal to or greater than 150%. Also, the dependency ratio will be equal to or lower than 66.7%. The ratio is used as the cut off for the window of demographic dividend. In fact, the highest working age ratio will be between the years 2021 and 2041. Importantly, the peak in the working age ratio will occur in 2031.
India can harness this demographic dividend if it focuses on training this huge talent pool in the right areas through skill development. A healthy population, educated young people, especially girls, a truly skilled workforce, and a high-performing economy can generate more employment and contribute more to the nation.
How Can India Enable the Youth and Grab the demographic dividend?
According to various surveys, most number of young people coming out of colleges and universities are found to be non-employable. In other words, industry is not getting the right talent that can be absorbed in the workforce straightaway. According to CII, only 3% of the workforce in this country gets formal vocational training. So, when it comes to ensuring high-quality gainful employment, business organizations, NGOs, and the government should focus more on training working-age people. Businesses can take some steps to empower working-age youth and ensure a demographic dividend. What are the possible steps? Let’s find out:
#1. Make young people a part of your brand
All businesses want to hire and work with young people. This generation will lead global business affiliation and loyalty in the coming decades. Further, due to their unlimited access to news and current events, today’s youth is knowledgeable and socially engaged. Businesses should find innovative ways to tap into this demography and enjoy a distinct advantage over competitors that ignore this opportunity.
#2. Do good in your target community
It is not that businesses always need to profit at the expense of building communities. A well-supported community will definitely create more opportunities for them. In fact, they can invest in local solutions to let youth access means of education and skill development programs. In this way, businesses can easily generate shared value for themselves and the community at large.
#3. Empower the ‘school-to-work’ transition
Business organisations should always look to train young people within their communities. Also, they should focus on training youth from socially and economically challenged backgrounds. Hands-on mentorship and apprenticeships are great ways to train young minds. These can prepare tomorrow’s workforce while recognising and nurturing young talents.
#4. Young people to have a voice
It may sound cliche, but it’s the ultimate truth. Without doubt, young people are the future. Hence, it is critical to value them, bring them into decision-making, and identify their talent.
#5. Ensure gender equality
As a responsible business owner, you must ensure that your working policies and practises properly support women in your workplace. Young women should be able to participate in decision-making. If your business prioritises these things, it will gain a distinct advantage over others that don’t.
#6. Train youth to grab digital opportunities
Since the internet has become more accessible to the youth of India, it has created more opportunities for them. Digitization can allow the youth to work in various sectors, and sometimes, without even leaving their hometown. Young people can easily work for foreign employers and earn handsome money. They can also set up business and create more job opportunities for others. However, everything is possible only when the right amount of training and support is there for them.
Conclusion
Creating more opportunities for the youth by imparting training in digital services can help them get jobs and financial stability. It creates digital livelihoods or opportunities for underserved communities via technology and advanced skills. So, when it comes to empowering the youth to harness the demography dividend, organizations such as Anudip Foundation are doing a yeoman’s service in the service of the nation.
