This blog contains insights of Learning and Development Industry (L&D) and some of the challenges. Also it highlights how LearnKartS is helping to overcome those challenges.
If you belong to Trainer community and if you are serious in building a career in that field, there is good news for you. The research numbers which are predicted for next decade will surely bring smile on your face. These numbers show the scope and opportunity of Training industry in India in coming 2 decades.
Let’s look at some of the statistics:
- US L&D market stands at 100 billion USD of which 70 billion USD attributes to corporate training. US corporate spending on L&D is growing over 10% YOY since 2008 and 2009 world economy recession.
- India training and development spend is just under 1 Billion USD per year.
- India Skills sector is expected to become an over $20bn market opportunity yearly
- 90% of the jobs in India are skill-based while only 6% trained workforce availability in India.
- Currently the system has the capacity to train only 3 million youth against 12 million entering the labour force annually. So, there is huge demand for Trainers to make these people skilled.
Now let’s look at the Indian Corporate Training scenario:
India’s corporate spend on training is <2% of employee spend while most advanced countries spends anywhere between 10 to 15% on the same.
With India catching up fast to be 3rd largest economy by 2030 (as predicted by IMF). If this is to be true, it is estimated that at least 100 Indian corporate giants to be evolved and be represented in fortune 500 list, thus witnessing an unprecedented performance in coming decade.
This is nearly impossible unless corporate and retail training industry doesn’t grow in accordance. Thus fuelled by the huge demand in coming decade, Indian training industry has to inevitably form the back bone of this growth story. There need to be solutions which can with stand that pace and demand.
We have seen the numbers and certainly these numbers are very encouraging if you are a Trainer. But at the same time let’s look at the bottlenecks which are there.
THE BOTTLE NECK
L&D market is Flooded with not-so-valuable vendors:
There is a need for a mechanism to rightly connect the knowledge seekers to the knowledge givers. India L&D sector is highly organised. It is controlled by private agencies with little means for the trainers to reach out to their seeker community. This greatly reduces the cost effectiveness of the whole training. Vendor takes most of the profit.
Lack of Connect between Trainer & Employer
There is lack of solution which enables the reach out to the trainers already available in market. Half the problem gets resolved if we find a structured easily accessible and usable solution to connect the Trainers with employers.
The training fraternity system is crowded and entangled to such an extent that a trainer is unable to reach out to and fix an issue next door, but is willing to travels miles away to experiment and find their customer investing his precious time, money and effort. The result is; Loss of efficiency, loss of productivity and deviation from core capability building related activities
100s of extremely capable and knowledge rich people leave their lucrative job and venture in to training industry as freelance trainers TO pursue their passion, TO satisfy their inner urge and TO impart their knowledge. BUT most people don’t get a fair chance to represent themselves in the already crowded and un-organized industry of training
Thus there is a need generated To bring all trainers under one platform which will credibly project their profile, training capabilities & their work Enabling. A fair chance for the seeker and the trainer to meet up and make a win-win deal.
There is lack of transparency for both Trainers as well as vendor. Trainers mostly talk to corporate through vendor as the corporate does not have direct access and vendors are supposed to enable the communication. There is no verified record of past training done by trainer and also there is no record of vendor timely payment to Trainer.
LearnKartS – “Hire IT Trainers & Find Training Jobs online” is solving all these problem for the betterment of training industry which will benefit both ends – Trainers and Employer
Trainers, you are going to be one of the most sought after cadre in IT Training system in next 2 decades. All the best for your new journey.