How Memorandum of Understanding Benefit Education Institutions and Companies

Memorandum of Understanding between corporate organizations and educational institutions are turning out to be a good way to bring new meaning of work and learning for both the parties these days. The MoUs are a sort of agreement between institutions and their students and corporations that will work and learn towards a goal for new unexplored research, designs, content and overall project which might give out various meaningful results. The MoUs are the sort of deals that result in contracts worth millions of dollars for services and creation of products, and they envisage the development of some tremendous work shared by students as well as companies. Their collaborations are usually over collaborative research projects, provision of educational and training services, collaboration for creation of a corridor to facilitate trade of the content and products created and many more. The understanding and agreements are not just limited to domestic but foreign industries as well where the agenda is more on providing a platform for gaining access to experts and learn and collaborate in environments where the infrastructure and access paves way for the outcome of positive results.

MoUs envisage special lectures at excellent facilities, create atmosphere of positivity and inspiration and in terms of projects, an overall project bank for students that can be completed with interactions and first hand experiences from faculties and training experts. The goal of the project to be completed is that they enhance students' skills and employable quality while creating a niche platform for themselves where they could apply those skills in their day-to-day lives as well, and while improving students’ productivity in the global knowledge-based economy their true test of character, determination and zeal is measured. The objective of MoUs with educational institutions is typically to promote effective learning practices that enable students to develop skills that are on par with the highest standards maintained and followed in leading industries.

Benefits to Students

  • Living and working in educational and industrial hubs allows students to learn the concept of knowledge gained is worth when that knowledge is applied for betterment.
  • Allowance to learn and gain experience in application oriented industries where knowledge is used efficiently.
  • Advantage when the companies identify and improve the latent talent primarily to cater the academic requirements.
  • First-hand experience by getting groomed by industries' high level professionals by being moulded into one.
  • New technologies training on campus, highly valuable thesis, guidance and mentorship by the highly skilled creative professionals, and lastly honing those employable skills for campus recruitments.

Benefits to Institutions

  • Shaping students and making them go out as ready to work professionals which will send a strong message to parents or the student community about high maintenance of institutions' standards.
  • Placements of students in companies that are globally high in ranking and in the market which will send a strong message to the competitors and society about the institutions' activities as well as the environment one can expect.
  • Outstanding image make-over and media exposure.
  • Being updated of the latest technology which help students which enhance the employability skills and open many doors for the institution
  • Keeping the rapport with industry and attracting bigger players in the industry to look in the best talent pool in your institution.

Benefits to Company

  • Catering training to the students that are highly skilled and productive this may get absorbed in the near future.
  • Offering scholarships to students which will boost the image of the company in the media and society.
  • Emerging as a global job creator and make more meaningful collaborations with more institutions and across foreign nations institutions.
  • Groom highly creative students that bring positive change in the projects that are currently undergoing.
  • By focusing on refining the students' personal and technical skills with an approach of appropriate communication, those students turn out to be more assertiveness, creative, and develop business etiquette, teamwork, interpersonal skills, and learn conflict management which will be credited to the training and mentorship provided by the company.

Generally agreements between companies; be it Automotive, Telecom, IT or any industry's major player and institutions, the purpose and discipline of completion of project is different. An MoU agreement with a company helps colleges send students for summer training, internships and for various other learning experience opportunities, and also invite the companies for campus recruitment by choosing from a pool of talented and highly skilled students. Apart from that, educational inspirations MoUs with companies also aim to help institutions address industries' problems that are when colleges address major problems companies and industries are facing and by solving, the educational institutions' prestige gets enhanced and they develop a good reputation in the market as well as in the society. These steps also help institutions develop consulting centres to solve the problems even though they will be in a small size. While these steps are taking place the relationship also helps align institutions with industry standards and technology trends, and in the end by better equipping students with the right skills when they step into the professional real working world.

Author Details: This article is written by Mr. Varun Melanta. He is Director at MVJ College of Engineering one of the top notch engineering colleges in Bangalore.