Is a university degree these days merely seen as keeping up with the Jones’; bowing more to societal norms and pressures than adding any actual value to a graduate’s life? Why are graduate students finding it so hard to find employment or even, internships? There certainly appears to be a misalignment between what universities provide and what corporates expect in terms of professional acumen from fresh graduates.
This is not a new problem, but most universities worldwide have continued to ignore it and are trying to combat student drop-out rates by alluring advertisements, varied disciplines, attractive pricing and campuses, instead of working in tandem with corporates to fix the actual issue. For instance, one university in the UK spent its budget on building an outdoor set for students studying soap operas, which, in balance, makes little sense! In 2014, a few UK universities came up with the loopy idea of inviting students to enroll without waiting for the final A-level grade results, provided students made the university their first choice!
The traditional concept of degree-guaranteed job doesn’t seem to be working quite as well in the times we now live in. Many universities perceive technology and online learning as the twin dangers to traditional degree courses.
However, they seem to be ignoring the fact that it’s not the students alone but corporate houses too, that have become rapidly dissatisfied and disillusioned with fresh graduates who may well have degrees and high GPA’s, but who have no hands-on knowledge of the work they’re expected to do. Not only do companies have to pay higher salaries to those with university degrees, but they’re also expected to provide a period of training while doing so, making it a waste of both revenue as well as resources, from their perspective.
As I mentioned above, this is not a new phenomenon. As far back as 2014, Sir David Robert Bell, the Vice Chancellor of the University of Reading at the time (and also previously the Permanent Secretary at the Department of Education) was quoted in the Telegraph as having said that: “The number of firms hiring intelligent teenagers directly from school represents the biggest ‘threat’ to the authority of the higher education system.”
Heavy-weight titans in the UK such as KPMG, Unilever and Price Waterhouse Cooper, to name just a few, started taking on high schoolers on their rolls in 2014 (source: The UK Telegraph) and were willing to pay them while training them according to their company’s work culture requirements. Students definitely preferred this alternative, as they could earn a salary while continuing their higher studies if they so choose. This also put them ahead in the career race, as they now had work experience to offer, compared to fresh graduates.
Last but not least, let’s not overlook the fact that, in western countries, most students take loans to see them through university, which they then spend years paying off; opting for this viable alternative left them debt-free while their more traditional minded contemporaries were contemplating years of student loans to be paid before they could start enjoying the fruits of their labour.
The problem is not confined to the UK alone; it stretches across the pond too. According to a Gallup report in 2017, 44-million Americans had US$1.3 trillion in student loan debt. The same report cited that 96% of chief academic officers of colleges and universities believed that their institutions are very, or somewhat, effective at preparing students for the workforce, while only 11% of business leaders strongly agreed. To make matters infinitely worse and undermining the value of college education even more, only 35% of college students said they were prepared for a job.
The problem is not quite as rampant in Asia as in the West, but things are changing here too. I observe that students are getting more disgruntled with the time spent at university and the financial pressure this puts on their families. I used to teach a Japanese man Business English, who’d dropped out of university in his second year. As the youngest of three, his parents were vastly annoyed with him, as his older siblings had been “model” sons and therefore, he has a fractured relationship with his family.
Be that as it may, professionally he is a success; at the age of 24 and without a degree, he’s lived in Ho Chi Minh City and Bangkok; his monthly salary is four times mine and he heads a team of employees. I know another Thai student who spent six years at university and then dropped out without getting his degree, reasoning that he’d wasted enough time already. He is now employed at a mid-level company in Bangkok.
Therefore, the onus is on already beleaguered higher education institutions to prove that there can be a good return on investment (RoI) on acquiring a university degree. One effective solution to marry all three demands, i.e. of the institutions, corporates and students, is to provide applicable courses that simulate real-life work situations, as also partner with companies to provide internship opportunities to senior students.
Times are a-changing and, rather than compete with each other as perceived threats, many universities need to recognise the need of the hour and realise that the threat is internal, in that they need to alter their stereotyped mindsets of plain academia and, instead, provide a competent workforce that is ready to take on work responsibilities from Day One.
Failure to do so means the alternative is already staring them in the face – there will be an increased drop-out rate as more companies provide salaries plus hand-on job training to high schoolers.
The featured/main picture from Pixabay has been used for illustrative purposes only
