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Lifelong learning, Conclusion, Puralsight has library of on demand…
Lifelong learning
General Assembly
Uses physical world to teach technology
Curriculum based on conversations with employers about skills they are critically short of
Advisers help students with presentations and interview techniques
Owner aim to bring down cost and provide skills employers need
Reality
Returns of education less clear cut
Between 1982 and 2001, average wages of those with Bachelor's degree rise by 31% while high school graduates remain same
Following 12 years, wages of college grads fell more
Tuition costs at uni's increasing
Decision to go college still makes sense
Relationship between education and wages less
16% Americans think 4 yr degree course prepares for a high paying job
Better education = more likely to find work , but now fair chance its unenjoyable
College does not answer need for continuous acquisition of new skills
Demand for cognitive skills soared in 2 decades before 2000
Technology has waned this demand
Thus, share of high-skilled jobs falling in US
College-educated workers take less cognitively demanding jobs
Skilled and unskilled workers in trouble
On contrary
Employment growing faster for jobs that use computers
Because Automation tends to affect tasks within occupation than wiping out jobs
Partial automation can increase demand instead
Technology still forces people to change
From 1996 to 2015, share of American workforce in routine office jobs drop from 25.5 to 21%
Eliminate 7m jobs
Essential to acquire new skills
Burning Glass Technologies found biggest demand is a combination of skills
For example, coding skills required beyond tech sector
49% of postings in quartile of highest pay frequently ask for coding skills
Demand for data analysis grow by 372%
Demand for data visualization grown by 2574%
Vocational training good at giving job-specific skills
In rich countries
Concept of getting as much formal education for greater pay
+1 year in school = 8-13% rise in earnings
Unemployment drops as more education
Belief that technological change means need for more formal education
Jobs of routine tasks in decline
Employers
Less willing to invest in workforce
In 2015 Economic Report to President, Americas Council of Economic Advisers found share of workers receiving training fallen steadily from 1996 to 2008
May be unsure of expertise needed
Training budget inefficent
Change in labour patterns
Companies have broader range of options to complete job
Automation, crowdsourcing etc
Do not trust workers w/o exp
Conclusion
To remain competitive
Economies need to give training
Happening now
Massive open online courses by companies like Coursera and Udacity
LinkedIn brought online training business, Lynda, in 2015
Offer courses
Amazon cloud computing division
In Singapore...
Investing heavily
SkillsFuture
Career focused education throughout lives
Puralsight has library of on demand training vids