The primary means by which the skill council will achieve this objective is by creating a system to engage in the following:

To Create a Labor Market Information System (LMIS)
• The first step – which is already underway is the creation of a LMIS – which will act as the primary database of critical labor market information which will form the basis of the strategy and operational template of the skill council. We are currently in talks with some of the leading service providers in this field as a part of a thorough process to select the right partners to help us build this information center for us.
• Clearly define roles for each segment of the sector
  • This objective addresses a direct and current need for there to be a clear and unified source of information on the various roles within the BFSI industry. This will give potential entrants into the BFSI labor market a better sense of what their skill development (SD) is being directed to. We will partner with one or more reputed firms to provide current, analyzed data.
• Identify competencies required for each role defined as stated above
  • After identifying roles, we will define the competencies required to perform each role in a value-adding manner and in doing so utilize the help of entities that we will partner with – research firms, potential training providers, financial institutions etc. The goal is to create defined standards that are accredited to achieve uniformity across organizations and furthermore, in the labor market for BFSI.
• Map learning objectives to the competencies and define learning modules
  • This is essential because it helps achieve relevance to actual positions in the industry. In doing so, the Sector Skill Council (SSC) will achieve a higher validity in its learning outcomes and will help monitor progress on the job as a result of a competency-based framework for skilling and up-skilling.
• Train the trainers, provide certification and accreditation for training service providers
  • Centralization will be a priority for creating the standards for trainers and training firms / partners to be met. Trainers will be trained with a focus on creating “high contextual value”. For instance a trainer who is certified by BFSI SSC to train for the role of a mutual fund salesperson in a semi-rural area – will need to be well versed in the language and culture of that population in order to effectively communicate with them.
    In summary, we will partner with government, corporate and other stakeholders to create a significant socioeconomic impact on the Indian economy including financial inclusion and social entrepreneurship. Through this project, BSFI SSC will create a value-abundant training body that will act as a) a research and data centre b) broadly oversee and standardize training delivery and c) create metrics to measure success and relevance to all stakeholders.