The strategic role of partnerships between universities and private corporations as a driver for increasing workforce competitiveness in a global economy

A global economic context means increased competition as corporations face contenders from other countries, and there is a wider range of choices on the market available to consumers. This global competition drives economic actors to seek competitive edges to increase the efficiency of their operations; within this global economy, corporations seek these advantages, outsourcing their activities in order to make use of the opportunities of globalisation. The same situation can be encountered on the labour market. While the expansion of economic activities globally often means increased employment opportunities, it also means that job seekers from around the world need to become more competitive on the job market to attract better employment opportunities. Workforce competitiveness is determined by various factors, like availability and ease of access (i.e. job market legislation), level and quality of education, and cost. The level and quality of education are of particular concern, as it gauges the potential of the workforce, and is the cornerstone of the controversial “skills gap”, based on a common complaint of corporations regarding a shortage of skilled employees. Acknowledging the importance of this factor, numerous companies have concluded partnerships with local universities, leading to intimate connections between the business environment and education. Thus, in the same manner that supply and demand shape the markets for typical goods and determine the success of a market, these partnerships between universities and corporations influence the labour market, bringing together demand (i.e. the corporations seeking skilled employees) and supply (universities and education centres training the future workforce). There are numerous long-term benefits that such partnerships can bring to a country’s education sector. As such, the present paper seeks to examine the strategic importance of partnerships between academia and industry as a key driver in defining the competitiveness of the workforce, with a case study on Uzbekistan.