News Summary
Link to original article: click here (Huffington Post)
Throughout Latin America, and Mexico especially, there is sufficient evidence that points to a 'growing disconnect' between the skills that are taught in schools and the knowledge required in the market of labor. As stated by Ernesto Garcia, "there is no doubt that the supply and demand market for skills is not working efficiently."
Individuals between the ages of 18 and 24 are currently facing unemployment rates that are unbelievably high, especially compared to the country's overall unemployment rate of approximately 4.9% (CIA World Factbook Unemployment Data).
Unfortunately, even those that have graduated from university are met with this problem. It's been reported that less than half (about 40%) of all university graduates are actually hired into jobs within their field of study. The remaining 60% of graduates are either unemployed or choose to work in jobs that don't require higher education.
This phenomenon, the inefficiency of supply and demand for the labor market, could potentially have arisen due to the simple lack of job availability in Mexico and the surrounding countries. However, it is more probably due to the 'obsolete' nature of the education system. There is little to no connection between the skills required in the labor market and those taught in school.
In order to repair this disconnect, the fundamental principles of the education system in Mexico should focus more on specific labor market skills instead of earning degrees. Data needs to be compiled regarding the nature of the knowledge required in the current labor market and, more specifically, the firms in the private sector. This data should be used to compile an improved collection of school curriculum.
Overall, this is a worrisome phenomenon but has the potential to be easily reversible. If the fundamental changes are put into action, the improved results will surely be noticeable over time.
