Need for Upskilling

Rethinking Education: The Demand for Skill Development in a Rapidly Changing Job Economy

Traditionally, education has been highly valued by only a small segment of the global population. It presents a space for personal growth, fostering social networks, engaging in sports and teamwork, conducting research, validating credentials, and skill development. This system, known as ed1, has birthed some of the world's most esteemed and influential institutions. Yet, it has also left a considerable number of individuals on the sidelines.

When contemplating higher education, students and parents primarily consider it as a pathway to skills acquisition. The pursuit of abilities that promise a secure career or university placement forms the crux of debates surrounding the value of education or the merit of a particular institution. Certain establishments, such as polytechnic universities or technical colleges, lean heavily into this focus on vocational training. Additionally, non-traditional learning modalities, such as technology boot camps, have gained popularity as they offer skill-based learning. Yet, such practical training is often less emphasized in research universities or liberal arts colleges.

The rapid pace of technological advancement is mandating more frequent skill upgrades for both existing employees and those stepping into the workforce. By the time a student completes a four-year degree, the knowledge they've gained often risks being outdated.

The job market is in a state of constant flux too. Upskilling older workers and sourcing younger talent has become essential to meet evolving labor demands. With the rise of remote work and immigration, there's a significant potential to tap into talent from emerging economies. As we move forward, this pool of talent is expected to be in even higher demand.