Oregon's "Pay It Forward " Plan: Rep. Michael Dembrow Hopes Tuition Proposal Could Become Model For Nation
Oregon's state legislature is looking into a radical new idea: allow students to attend college for free in exchange for a small percentage of their paychecks for over 20 years post-graduation. Some see the "Pay It Forward" plan as a solution, but to others it's a gimmick.
On HuffPost Live Tuesday, Rep. Michael Dembrow, D-Portland, explained that the idea was first pitched by a group of students at Portland State University. "Pay It Forward" gained traction over the legislative session and was ultimately passed by the state's legislators.
"Our Higher Education Coordination Commission is going to study it and put a pilot together and then bring it back to the legislature for approval, and then we'll try it," Dembrow said. "If it looks promising, we'll extend it, and then perhaps be a model for the nation if it works out like we hope it will."
Jordan Weissman, an associate editor at The Atlantic, told HuffPost Live's Jacob Soboroff that he's concerned that some students could actually end up worse off at the start of their careers under a "Pay It Forward" plan. But John Burbank, the Executive Director of the Economic Opportunity Institute, said his hope is that the program will result in a reduction in tuition as more students express interest in participating, ultimately creating a lever to increase funding of higher education.
Originally Posted On: Huffingtonpost.com
I've always had a fascination with the Prohibition Era. For years the country and the temperance movement continued to work the political landscape to drive their initiatives. One interesting aspect was the division of the industry as a whole. This consisted of the Brewers Association and the spirits Association. The Brewers insisted that the product was not harmful and also healthy (yes, they coined the term "liquid bread") thus less of a threat than their counterparts. By ignoring the momentum upon the nation, the Brewers sat by the sidelines until the movement became so momentous that they had no choice but to join their colleagues - and then it was too late. Ultimately prohibition was passed on all alcohol consumption.
OK, call that an extreme analogy, but I can't help but sit back and watch traditional higher education sit on the sidelines and hope they are ignored by watching government move forward so aggressively against proprietary higher education. The parallel legal ramifications that the Department of Education directly appears to be putting into place certainly bring the traditional higher education colleges and universities into the fold at some level. By sitting on the sidelines and watching, traditional colleges and universities put themselves in the same exact position as the Brewers Association over 100 years ago.
Ideally, I would like to see a unified front from all academic institutions to note the government's upcoming proposed legislation around gainful employment. By sitting back and watching rather than teaming up with their "sinful competitors" they're potentially setting themselves up to be completely unprepared and blindsided with legislation that will affect them and severely jeopardize their own existence as they know it today.
Capital Round Table
Thursday, July 25, 2013
New York City
Our firm will be making its annual trip to the Capital Roundtable conference - Private Equity Investing in For-Profit Education Companies in New York City this week. Staff will be available for general and private consultations. President & CEO, John Assunto can be available to meet privately by contacting him directly at firstname.lastname@example.org
Perhaps the title of this post is bold, but I strongly believe in the use of social media and social networking (including, but not limited to, Twitter, YouTube, Skype, Scoop.it etc.) in the classroom to promote learning. I recognize that social media and social networking are nothing more than another tool in a pool of options available to us as teachers. However, social media and social networking allow teachers to provide students with a learning experience that is not possible within the confines of their own classroom walls.
There are many arguments for and against the use of social media in the classroom. Lederer (2012) states that the pros of social media in the classroom include fostering collaboration and discussion, creating meaningful dialogue to share ideas, boost student interaction and prepare students for successful employment. Alternatively she discusses how social media can be a distraction, increase opportunities for cyber bullying and discourage face-to-face communication. Although I respect her arguments against social media, I do not fully agree with them.
Digital Citizenship is one of the competencies outlined by Alberta Education in the “Framework for Student Learning: Competencies for Engaged Thinkers and Ethical Citizens with an Entrepreneurial Spirit” (Alberta Education, 2011). A goal of the digital citizenship competency is to “help [students] find information, communicate with others, solve problems and make decisions” (Alberta Education, 2011). The point of integrating social media into the classroom is to promote student understanding of the benefit of it’s use. Social media can be used to teach students about exercising integrity while interacting with others online. If we are to genuinely teach our students about digital citizenship, we must use technology to do so. Discussing the online world that exists, and that our students are already involved in, without allowing them to engage in real world applications does not promote learning.
Bullying has been a reality in our schools for years and with the influx of technology use, cyber bullying is on the rise and becoming a more pertinent issue. Teaching our students about their digital footprint and how to interact with individuals online in a professional manner will help to decrease cyber bullying. Many students don’t understand that what they do online is tracked throughout their life and follows them into their adult life; this is not like a nasty note passed around a classroom that can easily be destroyed. If we discuss, with students, the implications of their actions this will help to deter students from making poor choices. The key to success is early education, we cannot begin this in high school, but need to begin in elementary. If we start educating our students at younger ages, they will grow up with an understanding of the intricacies of the Internet and in the older grades we can continue the discussion of digital citizenship, but with a focus on their future and not on cleaning up, or burying, their past.
To discuss Lederer’s (2012) argument pertaining to the affect social media has on face-to-face communication, I believe that it could actually increase face-to-face interaction if this is done properly. Sawmiller (2010) discusses the way blogging, a form of social media, gives silent students a voice. I believe that as students engage with one another online, they will become more comfortable in their classroom environment and this will transfer directly into the face-to-face classroom. It is also important that the teacher engages students in conversations in the classroom, not just online. Combining these forms of interaction will increase the positive learning community in the classroom and promote student learning. As with anything there are drawbacks, however with careful planning and implementation negatives can be reduced to provide students with a fantastic opportunity to learn.
Before exposing your students to social media, I recommend you get involved yourself, so that you can model exceptional practice to your students. I have personally had a fantastic experience with Twitter since becoming active in PSI. Below is a selection from a previous post, “Twitter: A Social Media Platform that Promotes Collaboration & Learning by Teachers & Students”:
“What I didn’t see coming, was the pure enjoyment and excitement I would find in reading other professionals posts, developing my Personal Learning Network (PLN) and composing my own relevant educational tweets. I couldn’t believe the vast number of resources that are available on Twitter; it is absolutely wonderful! In the past six weeks I have enjoyed and learned a lot through this simple social media platform and made connections with some extremely interesting professionals. The importance of collaboration is one of the key lessons I have taken away thus far from my Education degree; there are few ways easier to collaborate with professionals worldwide, than through Twitter.”
What I have learned from my personal experiences with Twitter is directly transferrable to the classroom and our students. Before you resist the use of social media in the classroom, take the time to learn it yourself and you will see the wonderful learning tool it can be for your and your students.
Alberta Education. (2011). Framework for student learning: Competencies for engaged thinkers and ethical citizens with an entrepreneurial spirit. Retrieved on July 8,2013 from http://education.alberta.ca/media/6581166/framework.pdf
Lederer, K. (2012). Pros and cons of social media in the classroom. Retrieved on July 10, 2013 from http://ht.ly/8GiRd
Sawmiller, A. (2010). Classroom Blogging: What Is the Role in Science Learning?. Clearing House: A Journal Of Educational Strategies, Issues And Ideas, 83(2),44-48.
Originally Posted On: Justinbechthold.wordpress.com By: justinbechthold
Vaclav Havel might be rethinking that honorary doctorate from Thunderbird.
The Thunderbird School of Management, one of the world’s top business schools, has a daunting management problem to deal with: How to maintain its academic prestige and mollify 40,000 angry alumni after selling its campus to a for-profit college company—a situation it was forced into by a severe downturn in demand for MBA degrees.
As Quartz has reported, modern-day MBA programs were once a golden ticket to the executive suite at a large corporation but now often result in hefty debt and a dismal placement rate for graduates. That trend has been most severe at lower-tier schools, but Thunderbird—ranked the No. 1 international business program by both US News & World Report and Bloomberg Businessweek—is an exception, or perhaps an ominous harbinger for higher education.
The deal revealed on Monday resembles a marriage between a destitute blue-blood spinster and a no-name nouveau riche suitor. Thunderbird, based on a former Air Force Base in Glendale, Arizona, has a dwindling enrollment and endowment: Applications for its two-year MBA have dropped 75% in the past 15 years, and it had only $26.6 million in the bank at the beginning of the year. Private equity-owned Laureate, formerly known as Sylvan Learning Systems, has about 780,000 students in 29 countries; revenues were about $4 billion in 2012. Thunderbird will be the only non-profit institution in Laureate’s US network alongside schools like the online-only Walden University, which spent $1,574 on teaching and $2,230 in marketing per student in 2009-2010, resulting in a tidy profit of $101 million.
Under terms of Thunderbird’s deal with the for-profit Laureate Education, its campus will be sold in a leaseback deal for $52 million, and the two will form a joint venture to host Thunderbird programs at some of Laureate’s 71 worldwide campuses, and to expand its online and undergraduate programs. The deal could be quite lucrative for Thunderbird. In a letter to alumni obtained by the Wall Street Journal, the school said it expects to garner more than $100 million over the next decade. But many of the school’s far-flung alumni, which include top bankers and Fortune 500 CEOs, are irate that the value of their degrees will be diminished by the association with Laureate.
“This is the end of Thunderbird as we have known it,” Merle Hinrich, one of two Thunderbird board members to resign in protest, wrote in an email to his former colleagues. “My personal belief is that the Laureate transaction is a tragedy for Thunderbird and a total windfall for Laureate.”
The return on investment for business school degrees has never been in more doubt, especially for low- and mid-tier schools, as Quartz contributor Jay Bhatti (Wharton, 2002) wrote earlier this year. Thunderbird alumni now face the prospect of their degrees being devalued even more. Perhaps prospective business school students could profit by learning a business lesson from their predicament.
Originally Posted On: qz.com By: Adam Pasick
My company, Pathbrite, spends a lot of time talking to leaders in schools, colleges and universities around the country. While the vast majority of educators are clearly focused on their educational mission — bringing an inspirational passion to their work year after year — they also confront an array of challenges.
Most public institutions will tell you money is their biggest problem. But beyond that, over the last year we’ve learned that three main issues plague American education: Student completion rates; return on learning investment; and job placement rates.
On the issue of completion rates alone, Rebecca Strauss, associate director of publications at the Council on Foreign Relations, writing in a recent New York Times blog post, says we’re falling far behind other developed nations:
America’s relative fall in educational attainment is striking in several dimensions. American baby boomers ages 55 to 64 rank first in their age group in high school completion and third in college completion after Israel and Canada. But jump ahead 30 years to millennials ages 25 to 34, and the United States slips to 10th in high school completion and 13th in college completion. America is one of only a handful of countries whose work force today has no more years of schooling than those who are retiring do.
In other words, she says, the United States is relatively good at getting high school graduates into college, but it is horrible at getting them to graduate on time with a college degree. Strauss wrote “With more than half of those who start college failing to earn a degree, the United States has the highest college dropout rate in the developed world.
These issues should be concerning to Americans for a whole host of reasons, not the least of which is economic, according to the Council on Foreign Relations, and gets at the heart of return on learning investment:
Historically, broad educational gains have been the biggest driver of American economic success; hence the economist’s rule of thumb that an increase of one year in a country’s average schooling level corresponds to an increase of 3 to 4 percent in long-term economic growth.
It also matters in terms of job placement rates (or, conversely, unemployment rates) and earnings potential:
Holding a college degree matters for landing a good job. In 2011, according to the U.S. Census Bureau and the Bureau of Labor Statistics, thirty- to thirty-four-year-olds who had only a high school diploma earned $638 per week, and their peers with bachelor's degrees earned $1,053.
The bottom line? If we can address the issues related to student completion rates, we also go a long way to address return on learning investment and job placement rates. So how do we address the problem of completion rates?
The nation’s schools, colleges and universities are looking at solutions such as our cloud-based e-Portfolio platform because of research that indicates portfolio learning is the best way to get at learning-by-doing – or applied learning – which leads to much deeper student engagement. Systems like ours also enable educators to tailor learning to each individual student’s abilities and natural inclinations. Educators are also better able to monitor a student’s progress in real time and intervene when a student shows signs of falling behind or becoming disengaged.
When students are engaged; when their own particular learning style is taken into account; when faculty consistently demonstrate investment in a student’s success; when the contemporary technologies students already use every day are leveraged, students are more focused and more motivated. With increased focus and motivation come improvements in college completion rates. And with improvements in completion rates, we will see improvements in job placement rates.
While student loans will always be onerous for young people just starting out, they’re much less so when an individual is earning at the peak of their potential, making the repayment of student loans more achievable.
Completion rates are an alarming issue and only exacerbate the problems of return on learning investment and job placement rates. But we can address the completion rate problem leveraging new, low-cost education technologies. We just need the focus and the will.
Originally Posted On: Linked In By: Heather Hiles
It really doesn’t matter if your employed working in corporate America or owning your own business, you must start thinking outside the box. Therefore, you must stand out from the crowd, figuring out different ways on doing things in order to solve a problem. Thinking Outside The Box This will definitely help you to start thinking outside the box rather than doing the same things that others are doing the same activities. You are simply separating yourself from other people. Therefore, it increases your chances of succeeding as an entrepreneur or getting a raise at a job.
Whenever you are doing something differently, you are being considered as thinking outside the box. It can be really a difficult and competing challenge when working from home or working as a employ is very important when you start doing some type of creative thinking.
By thinking outside the box, you are positioning yourself to start coming up with great ideas and strategies to have a better idea for your company by taking new heights or your online business to the next level. This will absolutely start increasing your sales, profits and the possibility to get a raise.
Ways To Start Thinking Outside The Box Obviously, there are many choices when it comes down to start thinking outside the box. You got to start doing your creative thinking that can definitely be useful and the ability to get things done a lot easier. Here are 2 important methods to start thinking outside the box if you are doing it consistently in order to get the results you are looking for in the first place.
First of all, the biggest problem with most people, they tend not to start thinking outside the box when talking about new ideas and thoughts with others. It’s because they might feel embarrassed or stupid from their very own suggestions.
However, some of the very best ideas and thoughts may become a game changer when it comes down to business. You should never consider your ideas to be stupid or unworkable until you start sharing your own thoughts to others when you start thinking outside the box.
You Just Need To Be Creative
It’s vital to speak your mind on what ideas you are thinking about when discussing it to others. If you start experiencing an idea or a thought that you might feel to start thinking outside the box. There is no harm done when you start thinking outside the box and having brilliant ideas on what comes to mind.
Second, It’s critical point when it comes down to a specific strategy or ideas when you start thinking outside the box is always to figure out different ways on finding a problem to solution that can be fixed. A frequent problem when it might happen when sales professionals are having problems selling their products or services or start recruiting a prospect into your business.
Other than staying focused on a problem, it would be a lot better to start thinking outside the box by figuring a solution to a problem to start increasing the value from your product or services. If you do that then you will absolutely start selling more of it to your customers.
Just a reminder, it would be better to start thinking outside of the box. When you begin to do your creative thinking from your subconscious mind. You just need to let it all out by telling other people that your idea’s can be great.
Therefore, only time will tell whenever you come up with ideas in your mind that can make a big difference when doing business then it will get higher returns and profits starting right now when you start thinking outside the box that most people aren’t willing to do.
Originally Posted On: dannysyoon.com By: Danny
Northern State University and Presentation College are working to improve and expand their reach through social media.
They are among a growing number of colleges across the country using social media for public relations purposes, according to a study released by the Council for Advancement and Support of Education. This year, 52 percent of colleges have integrated or plan to integrate social media into their public outreach strategy, up from 41 percent in 2012, according to the study.
Tim Beckham, Presentation College's marketing and public relations director, said social media has become a vital tool for connecting with current and prospective students. Facebook is the college’s primary social media platform, he said.
“We use it on a day-to-day basis,” Beckham said. “We’re in the process of venturing out into other social media platforms, but Facebook is our No. 1 right now.”
Northern State information specialist Elissa Dickey said the university uses social media to connect with everyone.
“We're trying to engage students, faculty and alumni and anyone curious about (Northern)," she said. "It can be informational or press releases. Sometimes we find media coverage about Northern, and we will link to that."
Dickey maintains all of Northern State’s social media platforms: Facebook, Twitter and YouTube. The university's official Facebook and Twitter pages are updated on a daily basis, but YouTube updates are varied.
"On a slower day, we may only update one time. On a busy day, it could be up to five to seven times per day. YouTube is more whatever is available,” Dickey said.
Facebook’s popularity is slowly on the decline, specifically with the younger demographic, so Northern has to explore other avenues to reach prospective students, said Brenda Dreyer, Northern State university relations director.
“We’re finding that the younger demographic is more on Twitter, and we’re getting into Instagram because that’s where kids are at," she said.
Northern State began making a concerted effort to promote its brand through social media about a year ago, Dreyer said.
"We just refocused and knew that’s where kids were at, and so we responded appropriately.”
Beckham said Presentation decided to make social media a priority only recently. Beckham said Presentation hopes to add video and interactive tools to its official website.
Both colleges are in the process of updating their social media policies for next year. This includes posting guidelines for university-related accounts, such as Facebook pages for athletic teams at Northern.
“The policy is going to be more consistent, just how to use and what not to use, those kinds of pieces,” Dreyer said.
Originally Posted On: Aberdeennews.com By: Creighton Hoefer
Education isn't equipping students for the world of work, says James Jefferson – could a new virtual apprenticeship, co-created by universities and business, be the answer?
The virtual apprenticeship provides a new and alternative solution for experience-based learning. Photograph: Martin Meissner/AP
In a world of economic doom and gloom, the creative industries, and digital in particular, provide an enormous ray of light. The digital industry is booming, pumping money into the economy and creating thousands of new jobs each year. Digital is no longer the future – it is the present. So why, at a time of such prosperity and growth, are fewer than 10% of graduates able to find work in their chosen careers?
The problem is simple. There is a growing gap between business and education. The creative sector has had to become increasingly agile to survive (and thrive) in a challenging commercial climate. Despite the fact that almost 60% of the creative and cultural workforce are educated to degree level, the industry continues to face considerable skills gaps and shortages.
This suggests two things: that students are not leaving university with the most marketable and industry-relevant skills and that courses aiming to create the next generation of bright young creative minds are falling behind on innovations and advances. The result is that many graduates lack the necessary skills to hit the ground running.
A few years ago, I was invited to be an external assessor for a university design faculty. After talking to students, it became clear that there was a serious gap between what they were being taught and what I was looking for in graduates I might hire. This felt really unfair on undergraduates – some understood this difference but others would only find out when it was already too late – when they'd graduated and started going to interviews and were rejected time and time again.
Universities and colleges are failing some students by not understanding what they need to be able to do to succeed in businesses. In fact if you look at the roles we hire for in our agency, Equator, none of them, bar programming, is well catered for by universities – some, like SEO are almost entirely self-taught. It has become increasingly difficult for courses to keep up with the rate of change in our sector. Heck, we struggle to keep up. But change for us is fundamental.
Our whole business is structured around the ability to learn and implement new technologies every day. We're constantly asking how we can improve our processes and make better stuff to make our clients more money. We share a lot – we have regular academies, where one of the team presents a new idea or technology to everyone else. We get together every month to discuss the direction of the business and what each of the teams have been doing. We invite project teams to openly share with everyone the successes and failures on completed projects.
We do all these things to ensure that new ideas can be picked up fast by everyone in the studio. Even a little of that could leak out into the lives of students studying for any of the roles in our business, they might benefit hugely. But this can't come purely from an internship.
How can we give students ongoing first-hand experience of the type of thinking we expect from our team? The answer is simple: social media. This 'always-on' connection between groups of people is what social media is really good at. So might it be possible to create a digital social space that enabled professionals and students to work side by side continually? To share experiences, critique work and mutually benefit from the experience?
There are examples of this happening already. Educational institutions have begun to innovate to keep up with the demands of students with virtual learning environments, platforms like TED.com and the much-feted Moocs. And some institutions are using student data to create personalised virtual learning plans. This is the beginning of a move away from the classic, linear, classroom approach of old to a new way that develops each student individually. But they are, for the most part, still inward looking.
Time to rethink the apprenticeshipWe've got amazing things happening within colleges and similar things happening in businesses but the two aren't yet meeting. Now's the time to introduce them. There are two elements needed for this: one is simply the technology, the other is a catalyst for cultural change in both the business and educational spheres.
Both of these can be solved using the ideas prevalent in emerging social media:
• Using the data to understand individual student progression
• Creating deeper connections by reading language and emotions (see MIT Media Labs)
• Crowdsourcing expertise on a trust-based platform (see AirBnB, Vayable)
• Using dating-style algorithms to connect students to professionals (see Partnered)
• Creating rich experiences with higher fidelity co-working online (see Yammer, Skype, GoToMeeting, iThoughts)
• Using trusted offline networks to lend this weight (see CCSkills, BIMA)
This is a model for a new form of crowdsourced virtual apprenticeship. It moves us away from thinking the only solution for experience-based learning is short internships which don't work for many small to medium sized businesses.
This type of solution would be both a platform and an agent for change. It could be supported by organisations that already exist to help connect courses and businesses and could create measurable benefits for everyone involved. It would enable students to connect frictionlessly to professionals, building great reputations rather than dull CVs. It would enable businesses to help shape the type of people they need and equip educational institutions with the data and tools to keep up with the needs of the sector.
Through a structure like this we could empower students to develop careers rather than just degrees, we could drive change in educational institutions and we could help businesses get the talent they need to help them grow.
I would dearly love this social revolution for education to be led by UK education and business and the digital and creative sectors, among the worst affected by this issue, could create the solution. We have some of the best digital and creative courses and businesses in the world – and only by bridging this gap can we hope to continue this success.
Originally Posted On: theguardian.co
Often a great business decision, choosing to hire a student or a recent college graduate gives all businesses much more job description flexibility. Of course, when a business is trying to decide between hiring a recent college grad or pursuing a more experienced workforce veteran, there are many pros and cons that need to be considered. Definitely outweighing the negatives, the positives of hiring a student can lead to a wide range of business advantages. From wanting lower salary costs to having a young, eager employee, there are many reasons why a business should hire a current student or recent college grad. No matter what your needs, giving a student their first employment opportunity could prove to be an extremely wise long-term decision for your business.
Saving on Yearly Employee Salaries:
Undoubtedly, one of the main functions of a business is to earn a profit through whatever specific trade, services or goods they offer. Combining with this, whenever a business can maintain their running efficiency, while also saving valuable operating capital, they will 90% of the time. Probably the biggest advantage that hiring a student gives a business is the lower cost of the employees’ yearly salary. Because already established workers naturally require a higher salary, a difference of ten to twenty thousand dollars, many employers might be reluctant to pursue an older candidate. One of the most appealing aspects of hiring a student is the fact that, due to their lack of experience, a business can offer a lower employee compensation package.
Comfort Level with New Technology:
Without question, one of the biggest advantages of hiring a college grad is the students’ ability to navigate through new, innovative technology, especially new age computers and all of their essential work related applications. Because a portion of the current workforce started their careers before computer technology took over the business world, a lot of individuals, unfortunately, don’t have the ability to follow many computer processes and applications. By being raised in a generation that’s more dependent on computer technology than ever, recent college grads and students will be able to quickly learn all of a businesses’ computer applications.
Students are Easier to Manage:
Definitely giving less of their option and more work related drive, college grads and students are much easier to manage when compared to experienced, entitled feeling workforce veterans. Whether feeling less important and established or just generally not concerned with the overall business operations, students definitely focus more on their day to day workload. Although initially college grads may require more training and managerial attention, as time goes on, they actually require less direction from a manager. Not getting caught up in office politics or bias relationships, being easier to manage is a great advantage to hiring a student.
Think About the Long Term: Even though job positions need to be filled relatively quickly, a business should still consider the long term capabilities of their newest possible employee. Without question, because of their new drive students and college grads are anxious to climb all of their various corporate management matters. By thinking about the long term needs of your company, hiring a student with a lot of drive and potential could definitely be a much smarter business decision. With the ability to be trained and guided toward specific managerial roles, students and recent grads usually offer more flexibility than more experienced professionals.
Working Longer, Uninterrupted Hours:
A great aspect of hiring a student is their ability to work harder and longer without many outside distractions. Not a bad thing, the majority of the time, more experienced workers are generally older than new workforce members. Along with their age difference, already established individuals often have personal life influences like a family. Depending on the job requirements, a students ability to work longer hours may prove to be extremely beneficial for all types of businesses. There’s no question that working more hours increases business efficiency, which is just as import as maintain low overhead costs.
Quick Learners with Adaptability:
Not taking the old saying ‘you can’t teach an old dog new tricks’ too literally, recent college grads and students definitely have the ability to absorb, understand and execute new instructions and training at a much higher rate than older workforce members. Because they are quick learners with the ability to multitask, students prove to be a better hiring option for a wide range if business options. Eager and looking to quickly please their superiors, students offer businesses the willingness to do a lot of odd type of office jobs. On top of that, recent grads and current students are usually more willing to help other coworkers when needed.
Originally Posted on: Goolgeswiki.wordpress.com
The last few years have been pretty rough for college graduates. According to Accenture's latest college graduate survey (completed in April), 59% of 2011 and 2012 college graduates believe they will not earn the salary the want to earn and only 53% claim they found jobs in their desired field of study.One could argue (and many have) that the days of college degrees being a ticket to a great career are over.
Well lots of research shows that college degrees are not as differentiating as they once were, but things are looking up. Here are some important findings to consider:
1. 41% of the people who graduated from college in 2011 and 2013 feel "underemployed." This is not surprising given the economy. But this number is declining.
2. College grads are not finding the training they expected at work.
While 77% of grads expect to be trained during their first few years of work, only 48% got it. If you're an employer, this is a big fat red flag. Training new hires is among the most important things you can do - both for performance, retention, and long term capability development.
3. Among the grads from 2011 and 2012, 48% said they would have done better in the job market with a different major.
This is an important and disappointing statistic. Colleges and universities do a poor job of occupational assessment and are not well equipped to show students the range of job opportunities available to them. McKinsey's research last year highlighted the mismatch between educational institutions and corporate employers. All major colleges and universities need to strengthen their occupational research and provide this education to incoming and ongoing students.
4. Students have slowly but steadily increased focus on science, math, business, health, and public services.
The percent of graduates in the Accenture study who majored in math or science was 24% in 2013 up from 20% in 2011 and 2012. Health and medicine increased from 10% to 13%, and public policy studies increased from 4% to 6%. Social sciences showed a dramatic decrease, from 22% in 2011 and 2012 to only 13% in 2013. Students have become much more pragmatic.
5. While internships remain important in finding jobs, college grads state that they now see social networks and LinkedIn as a huge tool for finding jobs (23% rated as one of their key tools), and understand the personal and family contacts are still their best bet (42%). (LinkedIn has been investing heavily in building its college grad outreach programs.)
6. College grads are starting to become more patient about their careers. In 2011 and 2012 41% of the grads stated they would only stay in their first job for 1 year or less. In 2013 this number dropped to 32% and 35% said they expect to stay in their first job five years or more. The job market is looking better so students have more confidence in their new careers.
What does this mean to you as an employer?
First, realize that college graduates (and nearly 40% are coming from 2 years schools) are now serious and more pragmatic than ever about work. If you want to attract great candidates, offer generous training and you will find people who want to stick around. (There have been many anecdotal stories about GenY employees jumping from job to job - this data shows this trend declining).
Second, stake out your claim throughout the social sphere to attract candidates. Build a talent network () and make sure your LinkedIn, Glassdoor, and other employment websites are up to date, authentic, and compelling.
Third, remember that all first year employees out of college (or two year school) have more potential than productivity. Today's US education system is not developing job skills, but it is attracting ambitious, hard-working people. Hire for "potential" not only for "achievement" and remember that over the first few years young people will dramatically improve their contributions to your business if you build the right environment.
Finally, understand that young people today are seeking meaning and purpose, not just a job. All our research shows a dramatic increase in "work environment" and "great people to work with" as key factors in job decisions. Create an environment that is fun and enjoyable for young people and you can attract and keep the best.
The unemployment rate for college graduates is still to high in the US (and way too high in Europe and other countries), but it's getting better and students are developing more confidence in their prospects every day.
Originally Posted On: Linked In By: Josh Bersin
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