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Lifelong learning is becoming an economic imperative - Coggle Diagram
Lifelong learning is becoming an economic imperative
link between learning and earning in rich countries
get as much formal education as you can early in life and reap corresponding rewards for the rest of your career
each additional year of schooling is associated with 8-13% rise in hourly earnings
E.g. America - unemployment rate drops as you go up the educational ladder
General Assembly
teaches the lingua franca of the digital economy in a programme lasting 10-12 weeks
Career advisors help students with their presentation and interview technique
Of its 2014-2015 crop, 3/4 used the firm's career-advisory services and 99% of those were hired within 180 days of beginning their job hunt
set up with intention of bringing down the costs of education and providing the skills that employers were desperate for
link between education levels and average wages
Between 2002 and 2013, the wages of college graduates in the United States fell by more than those of their less educated peers, while tuition costs at universities have been rising (New York Federal Reserve)
Supply issue: As more people hold college degrees, the associated premium goes down
Now that technology is largely in place , the demand for cognitive skills have waned (paper published in 2013 by a trio of Canadian economists - Paul Beaudry, David Green and Benjamin Sand)
Technology is playing havoc with employment
Since 2000, the share of employment accounted for by high skill jobs in America has been falling. As a result, college-educated workers are taking on jobs that are cognitively less demanding, displacing less educated workers (2013 paper)
Automation of jobs and its effects
by 2013, 47% of existing jobs in America are susceptible to automation
higher risk of unemployment for both skilled and unskilled workers
partial automation can increase demand by reducing costs
merely affects tasks within an occupation rather than wiping out jobs in their entirely
Between 1996 and 2015, the share of the America workforce employed in routine office jobs declined from 25.5% to 21%, eliminating 7m jobs
"hybrid jobs"
biggest demand in jobs is for the new combination of skills
E.g. coding skills - now well required beyond the technology sector
demand for data analysts has grown by 372% over the past 5 years; within that segment, demand for data-visualisation skills has shot up by 2,574%
college degree no longer answers the need for the continuous acquisition of new skills
vocational training needs to be updated over and over again
college degree, without experience - insufficient for employers to hire workers
America - the share of temporary workers, contractors and freelancers in the workforce rose from 10.1% in 2005 to 15.8% in 2015
Existing issue
employers seem to be less willing to invest in training their workers
In Britain the average amount of training received by workers halved between 1997 and 2009. to just 0.69 hours a week
companies now have a broader range of options of getting the job done
automation
offshoring
using self-employed workers
crowdsourcing
solution to remaining competitive and to give low- and high- skilled workers alike the best chance of success
offer training
career-focused education
existing solutions
LinkedIn now offers courses through a service called LinkedIn learning after purchasing an online training business, Lynda, in 2015
Massive open online course offered by companies such as Coursera and Udacity have embraced new employment-focused business models
Amazon's cloud-computing division has also an education arm
Universities are embracing online and modular learning more vigorously
Singapore investing heavily in providing in our citizens with learning credits we can draw on throughout our working lives