COVID-19 led economic slowdown is pummeling higher education.
According to the Moody’s,
The outlook for higher education in the US remains negative for 2021 due to impact of the pandemic on the revenues.
Reasons being?
-Reduced student enrolments
-Declining auxiliary revenues, and
-Weaning state funding and philanthropy
Higher education is at the cusp of change. Edvantic, an education management company digs deeper into what the future holds for colleges and universities. We take a quick look at their findings on higher education.
For detailed information, check out the infographic report published on Edvantic’s insights.
Changing nature of higher education
The age-old model of enrolling students to universities when they are 18 and preparing for them for a job, they can do for their entire lives is out of vogue.
The number of jobs a person is likely to switch in one career lifetime has multiplied in the last 10 years. (US Bureau of Labor Statistics)
When opting for higher education students today are seeking courses that prepare them in a variety of complementary skills. HEIs need to realize the importance of educating leaders in new-age career options and rehash curriculum accordingly.
This need for the changes in higher education is not only there in American colleges. In fact., some of the best Colleges in Dubai are looking at ways and means to bring down the number of years or integrate certain professional courses and internships in the degree program. Curriculums need to be changed according to the changing needs and requirements of our times.
The reasons for this change are many:
•The skyrocketing tuition fee
•The declining trust in employability quotient of traditional degrees
•The slowing enrolment rates
•The changing nature of work
Edvantic explores these causes and reasons in different reports related to K12 and higher education.
So, the big question – Is there a need for education leaders to innovate their academic programs, and for that matter even executive education programs? Yes.
A major obstacle: Institutional bias in favor of degrees
Among thousand other big and small hurdles, one of the major ones are education leaders themselves.
As an axiom goes – sometimes you are the only one standing in your way.
This is what is happening with legacy education institutions. They are finding it difficult to transition and change.
Result? Hesitant, broken changes implemented in silos.
However, as the world of work changes by light years, education must keep the pace. Just off-the-shelf products that are only skills focused will not do, and neither will traditional classroom-based courses.
Experienced education leaders are in the position to bring synergies and carve out courses that reflect research knowledge as well as meet the demands of millennials and Gen Z.
This is an opportunity for educating leaders on the pivotal role they have the opportunity of playing in recreating the idea of higher education.
Edvantic has some valuable suggestions for the new era education for the leaders in its report.
Classification of New Learning Options
New course terminologies that are emerging in the advanced education landscape include:
•Professional Certifications. They are industry recognized short duration courses that validate candidates on their skills signifying industry-quotient for their skills.
•Certificate. Sounds like above, but they are a bit longer duration courses aimed for priming one in the basics of a theme. It can be pursued by newcomers in a field.
Bootcamp, MOOCs, Training Workshops, are some other forms of learning gaining popularity.
Check complete definitions and the benefits they bring in the full Edvantic report.
A Quick Overview of Edvantic Report
So, do the professional certifications, certificate programs, and other new shorter-form courses constitute a part of your education offerings?
If not, it’s time they do now.
In its report on “State of Higher Education 2021,” Edvantic lays out:
-10 Upcoming trends in higher education
-Classification of new-age courses
-Must-include features in course design
-Reasons for the current decline
And more.
Help students unlock the full potential of their present times and make value in the labor market.
For the full report, visit Edvantic’s Insights.
