Unlocking Potential: Boosting Social Mobility for Economic Growth

A study by Michael Page India and Cebr highlights the economic benefits of enhancing work-related social mobility in India. Improving social mobility can significantly boost workforce participation, adding millions to the GDP. Businesses can harness diverse perspectives by addressing biases in hiring practices, focusing on skills, and enabling remote work.

A recent study conducted by Michael Page India in collaboration with the Centre for Economics and Business Research (Cebr) sheds light on the untapped potential within India's workforce. By improving work-related social mobility, there is an opportunity to significantly boost GDP and workforce participation rates.

The research indicates that if India increases its ranking on the Social Mobility Index by just two points, over 5.2 million people could join the labor force, adding Rs 2.7 trillion to the nation's economy. Currently, India ranks 76th out of 82 countries in this index, revealing ample room for improvement.

Reforms such as shifting the focus from institutional prestige to individual skills, promoting remote work, and providing language support are essential. These steps can help businesses tap into a diverse talent pool, particularly from Tier 2 towns, ensuring innovation and growth through varied perspectives.

(With inputs from agencies.)