Misalignment of two objectives
So, why are employers finding it more difficult to fill vacant positions when there are many more job seekers?
It basically comes down to the misalignment of two different objectives.
Universities exist to help students experience an educational journey that is intellectual, socially, and personally transformative.
They focus generally on academic and research. It’s about producing future researchers, academics, and thinkers.
They hope that the information taught and experience gained will be useful someday, especially to future employers.
I believe that many professors and academics are far more interested in their tenure and research than they are about making sure you get the best education they can possibly give you.
On the other hand, businesses exist to make money.
They require doers (i.e., workers) with specific skills and knowledge who can immediately get the job done in the instant, to meet their customer’s increasing demands, and ultimately to make money for them.
As a consequence, companies are increasingly looking for skilled-up workers who can step immediately into their jobs and instantaneously start making contributions without the need for any more training.
It’s no different to the instant gratification mentality that prevails in today’s society.
Organisations only want workers who they don’t have to educate or train. It is costly to train workers and they do not have budgets for it.
If organisations are forced to pay for training, they would rather hire a school-leaver over a graduate and train them from ground up. It’s also cheaper to hire a non-graduate.
Fit-for-purpose training could be administered by businesses rather a just-in-case educational program that is both costly and time-consuming.
Fit-for-purpose training
Another key misalignment is this: universities do longer disciplinary-based programs while the economy needs shorter skill-based programs. Hence the growing trend for lifelong learning.
It’s good to know that colleges and technical schools that offer skill-based programs work in collaboration with industry. They provide hands-on, practical training to equip their graduates with workforce skills that are essential for entering the job market, including through apprenticeship and traineeship schemes.
In sectors like hospitality, management, and humanities, it is best to look at the market and consider alternative pathways without necessarily enrolling in a university course.
The one-size-fits-all approach to higher education is dead. Customisation and just-in-time trainings are keys to success and the future of work.
Your no. 1 goal – being job-ready and employed to earn a living
Pursuing our passions via universities is noble.
But it does not pay the bills!
With more job seekers apply for limited job vacancies, graduates have no choice but to get employed first and pursue their passions later.
With the majority of people going to universities and hoping that they will be equipped with employable knowledge, skills, and experience that will land them secure jobs, they will truly be disappointed.
Being job-ready and being employed and having just-in-case educational experiences and knowledge are two different things.
Unless you want to be a researcher, teacher or academic, there will not be any intersection between the two.
The solution for you
You have to anticipate what your future employable skills will be and ruthlessly acquire those skills through action!
Start with the end in mind.
If you want to enter a particular profession or career in the future, anticipate what skills and experience future employers may want.
There is sufficient knowledge on the Internet to help you guide your decision.
Then proceed to identify who can effectively give you those future employable skills and experience. It could be universities, technical schools, online courses, apprenticeship programs, on-the-job training opportunities, or just voluntary work.
Do not limit yourself taking into account industry timeframes and your ability and budget for doing so
Your objective is to ruthlessly acquire the required knowledge, skills, and experience from these specific providers in the shortest possible time and at the lowest possible cost to you.
Only take in what is relevant to perform the job at this stage.
The acquisition of nice to have knowledge is not your priority right now, especially if you do not have a job.
Once you have secured full-time employment, then you will have the luxury to acquire nice to have knowledge.
If you are a recent graduate, listen up
Many graduates are very eager to find work — any work. But that first job, however arbitrary or desperate, can have a significant impact on the rest of their career.
Research by the Strada Institute for the Future of Work and Burning Glass Technologies found that with the exception of some STEM disciplines like engineering, computer science, and a few others, if graduates started off working in jobs for which they were overqualified to perform, then these graduates will have a higher likelihood of remaining in those underemployed positions for five to ten years out.
Recent college graduates who end up in jobs that didn’t require a college degree are five times likely to be still in such positions five years later when compared with those who put their diploma to use right away.
Ten years later, three-quarters of graduates who took jobs early on that didn’t demand a degree will be in the same spot. These graduates earn around $10,000 a year less than their counterparts who started early in jobs that required a college degree.
The research also found that more than 40% of college graduates took positions out of school that don’t require a degree.
What’s interesting is that more than 1 in 5 college graduates still aren’t working a degree-demanding job a decade after leaving school.
It is imperative that people need to start thinking about their first job well before they graduate. Perhaps even before starting college.
More important than what you study, it’s about keeping in mind the skills you must have to land a job in your chosen field from day one.
Your degree does not guarantee and secure a job. It’s only a prerequisite for gaining entry into the competitive workforce where your field of study is irrelevant. Where possible, look for jobs that demand degrees.
From an immediate employability perspective over an increasing number of job seekers, universities will become less relevant in the future especially when they are not equipping graduates to be employable, job-ready and future-ready to fulfil the immediate and specific needs and requirements of employers.