Traditional academic degrees are rapidly losing relevance in today’s dynamic job market, according to the Unstop Hiring Kart: Skills and AI Report 2024. The report, unveiled by Unstop, a hiring platform, highlights a critical disconnect between academic preparation and industry expectations, with 93 per cent of HR leaders and 78 per cent of GenZ professionals asserting that traditional degrees fail to equip graduates with workplace-ready skills.
The report, based on insights from 6,900 GenZ professionals and 610 HR leaders, was launched by industry figures including Hidekazu Ito, Managing Director of Mynavi Solutions India, Pankaj Bansal, Founder of PeopleStrong, and Ankit Aggarwal, Founder and CEO of Unstop. The event also marked a significant partnership between Unstop and the National Skill Development Corporation (NSDC) through an MoU aimed at bridging the gap between academic learning and workplace demands.
A staggering 45 per cent of arts, science, and commerce graduates reported feeling unprepared for the workforce, a sentiment echoed by 25 per cent of working professionals. GenZ overwhelmingly believes that skill-based learning holds the key to career success, with 46 per cent favoring skill-first evaluations during hiring processes. However, traditional hiring methods persist, with 59 per cent of HR leaders conducting skill assessments only after resume screenings.
“The gap between academia and workplace readiness has never been more pronounced,” said Ankit Aggarwal, Founder & CEO of Unstop. “This report is a wake-up call for academia and organisations alike. We must prioritise job-ready education, adapt hiring strategies, and foster mentorship to create a workforce prepared for the challenges of tomorrow.”
The report shines a spotlight on the polarised views surrounding artificial intelligence. While 65% of HR leaders acknowledge the growing influence of AI on hiring strategies, only 14% view Data & AI as critical skills compared to 45% of GenZ professionals. GenZ, however, warns of the risks associated with over-reliance on AI, citing concerns like “intellectual dwarfism” and stifled creativity.
Interestingly, 89% of GenZ and 68% of HR leaders agree that candidates equipped with AI training can command higher salaries, underlining the value of AI proficiency in shaping career trajectories.
HR leaders identified analytical skills, teamwork, collaboration, and strategic leadership as the most in-demand yet hardest-to-find competencies. Structured mentoring programs emerged as a potential solution, with 74% of HR leaders advocating for their implementation. However, GenZ professionals flagged the lack of challenging opportunities as a significant barrier to skill development.
Despite these challenges, GenZ is proactively bridging the gap through independent efforts. Around 60 per cent of respondents reported upskilling via online courses, internships, and competitions. Yet, while 81 per cent of HR leaders claim their organisations provide role-specific training, 19% of companies still lag behind, failing to invest in continuous learning opportunities.
The report concludes with a call to action for academic institutions and organisations to collaborate in redefining education and hiring practices. It underscores the urgent need for curricula that emphasise job readiness, skill-first hiring approaches, and robust mentorship programs.
The findings from the Unstop Hiring Kart: Skills & AI Report 2024 make it clear: the future belongs to those who prioritise skills over degrees, embrace AI, and foster environments of continuous learning.
Why should you buy our Subscription?
You want to be the smartest in the room.
You want access to our award-winning journalism.
You don’t want to be misled and misinformed.
Choose your subscription package
