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Is Higher Education Necessary to Achieve Financial Success?

Perspective of a student –

During our childhood, we all must have heard from our parents and elders that if we study hard during our childhood, we will reap the sweet fruit of it during our later years of life, but we have many examples in front of us like Mark Zuckerberg who left the Harvard University without even completing his degree but still, he has a net worth of 10,680 crores US $. And one of the greatest examples will be of Steve Jobs, so today most of us will be proud and feel self-satisfied of having the latest model of i-phone with us but this couldn’t have been possible if back in 1997 a college dropout wouldn’t have “THINK DIFFERENTLY” approach and launched an entire series of iMac, iTunesiTunes StoreApple StoreiPodiPhoneApp Store, and the iPad.

Education is one of the important factors which might help us to decide our future goals and career paths to lead towards financial success in the future but it is surely not the most necessary component for creativity, innovation, and constructive disruption in society and most importantly for our financial success. The era of Industry 4.0 has demanded an immense need of technical skills which were not there in the existing fundamental formal education structure but since the New Education Policy 2020 came in, it signifies that how important IT and technical skills are, that the government has to include it in the basic curriculum of primary and elementary school children.

The current digital era has brought many new professions that do not require higher education. So even if we consider time duration of the long back but just recently a decade ago, people would have never believed that “vlogging” – making videos and posting them online – would be a future career option. Now, some vloggers pay the bills uploading YouTube videos alone which have given rise to an entirely new segment of “social media influencers”. Irrespective of whether you hold any degree or not it has no impact on your popularity.

Having a formal degree does not directly lead to a successful career. If we look into the current scenario most of the employers place a higher value on experience, which could mean volunteering, work experience, or general experience of life for selecting the best fit for their organization. With a mixture of skills, hard work, and luck, people will do just fine even without degrees.

Even in this era of the COVID-19 pandemic, we have seen a sudden higher drift in the demand of online Artificial Intelligence, Machine Learning based technical and behavioral competency-based skill-courses which are quoted as vital to survive and compete in the current job market. As been quoted in one of the recent advertisements that to progress in career, continuous learning and skill-building are also important apart from basic institutional education.

One thing is also clear that most people do not land up working in their dream job aligned with their education even if they have enough skills for such a job or work. Intensive research should also be a mandatory part of the curriculum to reduce the current skill market gap and make our present and future workforce being ready for jobs in the upcoming digital era which will ensure financial stability along with a wider knowledge base as well.

As per an article in Financial Express dated December 26, 2018, India had only twenty- one thousand publications during the last decade which seemed to stand nowhere in the global mark. India holds its heads high in some of the key areas like traditional healthcare facilities existing in Ayurveda and other ancient histories. To survive and get successful in the current globally cut-throat competitive market, we should try to adopt an appropriate mix and balance of our ancestral knowledge along with adding technological aspects to the same.

And all these courses demand deep learning and research on the subject area which can be learned through various sources but just limiting ourselves to textbook knowledge or few restricted sources will never help us in attaining the right results rather we should focus more towards attaining a proper balance of theoretical knowledge along with practical aspect into the same.

So to conclude we can say that formal education should be made mandatory but then it should be flexible enough to let a student explore the creativity, innovation, and technological aspects of themselves. At IILM where I study for my higher education, the nurturing environment has given me the flexibility and freedom to choose from a wide array of electives and soft skills to pursue my passion and creativity and be future ready.

Author – Harshita Jain

MBA, Year II – IILM University Gurugram

 

 

Relevance of Soft Skills for Personality Development among Students

INTRODUCTION: Soft skill, sometimes known as “people skills” are personal attributes that enhance an individual’s interaction with others, job performance and career prospects. Unlike hard skills or technical or occupational skills, which tend to be specific to a certain type or task or activity, soft skills are broadly applicable. There are two broad classifications of soft skills viz. personal attributes and interpersonal attributes.

Soft skills broken down under personal attributes comprise of the following:

  1. Optimism
  2. Emotional Intelligence
  3. Responsibility
  4. A sense of humor
  5. Integrity
  6. Time management
  7. Motivation
  8. Creativity

Soft skills under interpersonal abilities are as follows:

  1. Empathy
  2. Leadership
  3. Communication
  4. Good manners and etiquette
  5. Sociability
  6. The ability to teach
  7. Problem solving

It is often said that hard skills will get an interview but one needs soft skills to get and keep going with the job. In the initial years of one’s career, individuals need technical abilities or occupational skills may be important to get an assignment one seeks. However, when it comes to growing in an organization, it is the personality trait that matters. And this would apply more aptly in a setting where several people with similar technical expertise will compete for a position or a promotion.

Training of soft skills in our country becomes all the more relevant where the education system does not always delve into coordinated personality development. There is a lot of contradiction and argument in the industry as to whether it is possible to enhance soft skills through different modes of training and workshops especially when we already know that the person has lived with those traits all their lives. The answer to this question seems harsh although real. A student who wants to do well in his career and does not really have a choice, a reorientation of lifestyle and personal priorities becomes essential.

The concept of soft skill is not a recent concept, instead, it is a concept discussed since ancient times. Our Vedas and Upanishads enunciate how Vedantic prescriptions cab be an effective instrument for the personal transformation that automatically enhances soft skills necessary for growth.

A desire in a young professional to create a strong positive impression about the self in intellectual and social circles is paramount. Soft skills for university students should come with the intention of an all round development of their personality and not only focus on academics but train them professionally also. Inculcation of soft skills among students would ensure greater success for them across all the spheres of life. Today’s organizations and companies look for individuals who are flexible to adapt to the organization’s culture and are apt enough to establish meaningful interactions with people around.

Relevance of soft skills among students:

  1. For creating a healthy and productive work environment: We have to develop interpersonal skills like listening and writing that can ensure the flow of smooth and accurate instructions and information. This can guarantee a cooperative work environment with minimum levels of manageable conflicts.
  2. Efficiency in dealing with challenges: Hard skills help you with technical knowledge and skill building whereas soft skills as they include communication skills, etiquette and leadership skills make your adjustment better at the workplace. They make an individual capable enough to deal with challenges and problems at the workplace.
  3. For overall personality development: All round personality development can only be guaranteed if both the hard and soft skills go hand in hand. Thus as mentioned earlier, hard skills are not enough to bring the best in you and ensure success. Pairing technical expertise with the process involved in the implementation of the technical expertise would lead to over all personality building and growth.
  4. Demand of today’s time:  In today’s time, the strength of an individual is assessed on both the hard and soft skill parameters.  The one who lacks soft skills would not be able to compete with the demands of today’s time. Thus there should be a strong focus of the course curriculum on building and strengthening of personality by inculcating soft skills.

Conclusion: All round personality development of individuals should emphasize on the mastering of soft skills. At IILM University, there is a lot of stress on developing soft skills as a part of the course structure.  There are diverse facilities initiated by the University to delve upon such skills. Some of these facilities are:

  1. IILM center for Emotional Intelligence: This is one of the centers that cater to provide an idea as to the significance of emotional intelligence in our lives. How relevant this is for ensuring the future success of individuals and how can we make ourselves happy and satisfied thus adding quality to our lives.
  2. Course curriculum: The courses offered by IILM University just do not focus on the academic growth and learning of the students. Rather it also tends to inculcate applications based learning that can be implemented and utilized when our students enter the professional world.

We offer papers like communications skills, emotional intelligence inter group relations personality growth and development that gives them an idea about the corporate setup. These courses, apart from adding on to their knowledge reservoir add on to the other aspects required for personality development example a course on communication skills makes them apt to use the power of communication during meaningful interactions. It helps them lay their point of view much more comprehensively thus ensuring them success whether it is about cracking an interview or cracking a good deal at the workplace. Similarly, the course on emotional intelligence tends to tap competencies like self-regulation, nurturing relationships etc. that helps accomplish higher order goals that one can set in life, a course on inter group relations also tends to make them understand the relevance of dynamic interactions between two or more individuals or big groups. It makes them understand the complexities of group functioning thus avoiding conflicts and ensuring teamwork while personality growth and development, make them explore, introspect and evaluate their personality strengths and virtues. It gives them an accurate understanding of themselves thus making them understand their potentialities and abilities. Thus, the emphasis on soft skills development among the student lot is the need of the hour.

References:

Govind Singh Kushwaha, Role of Soft Skill and Personality Development, Research Gate, February 2012

Barbara Cimatti, Definition, Development, Assessment of Soft Skills and their role for the Quality of Organizations and Enterprises, International Journal for Quality Research 10(1) 97–130, 2016

Barun K. Mitra, Personality Development and Soft Skills, Oxford University Press

Personality Development Video, The Economic Times and The TIMES Multimedia, 2009.

TIME magazine, Vol. 172, No. 2, 2008.