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Industries today have no choice but to align with the constantly changing internal and external environment. Be they educational institutions, business or government organizations. Indian Education is also put on the path of ensuring employability or entrepreneurship. The organizations of today’s industries are expected to meet the requirement of industry 4.0. The challenge is that some of it cannot be known now. The need is to ensure that the degrees being provided by various institutions equip the graduates with ability to learn, change, adapt, be committed to and endure during difficulties. Similarly, the new age organizations, be they in the field of technology, engineering, commerce or education, require such workforce which can create, innovate, learn and change as per the changing environment. Moreover, the stakeholders are now well informed, assertive and are socially and legally supported. An organization cannot ignore its stakeholders and only focus on its customers. The demand is for such products and services which meet the interests of environment, society and future generations besides the customers and shareholders. There is also a clear focus and demand on emotional and spiritual fulfillment of individual employees and organizational social responsibility. Hence, one needs to think anew and afresh. We cannot depend on those definitions and theories which have survived till Industry 3.0. Employees being the backbone of any economy or organizations, needs to be capable of sailing through such turbulent times and unpredictable changes. One of the ways to identify, assess and develop such capability of the employees is through understanding and ascertaining their competencies. In general, competency is that which is close to standard and an objective way of looking at one’s suitability or match for a role. However, this understanding has not resulted into organizations becoming more competitive as evident from various surveys indicating towards poor employability and on ground skills. Besides, several important things are left out in this approach of defining a competency which would tap the undiscovered and deeper insights on one’s emotions, calling and purpose. Both students and employees have found themselves caught in the trends and hypes causing them an unfulfilled career and isolated & incomplete outcomes for industries and societies. Besides, it has also resulted into students being groomed or trained in a partial way in institutions, and employees’ capability being developed in an incomplete manner in industries. In order to meet the requirements of sustainable and humanly valuable outcomes both for industry and society, we need to rethink our understanding of what is a Competency or human capability i.e. what makes one willing, able, commit to, do it and do it well and enduringly so in a flexible way. The outcomes must meet the standards of quality, creativity and sustainability. Hence, this conceptual paper is rethinking on the human capability or competency which needs to be redefined, assessed differently and developed uniquely. There is a need for this paradigm shift for the industry 4.0 which is already setting in and even beyond that.
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