The first year after the great recession of 2010, a prevalent narrative floating around was that the value of college degree was rapidly waning. This was attributed to the massive open online courses (MOOCs) popularity. Business theorist Clayton Christensen forecasted that half of all colleges would be in bankruptcy within 15 years. Others said the degree was “doomed.”
A national survey of employers at the Northeastern University however displayed that Human Resources leaders said that the value of educational credentials in hiring has either increased (48%) or held steady (29%) over the last five years. This ascertains the significance that the traditional degree today is very much relevant in the job market. However, we see that traditional institutions have been partnering with technology firms to delivery learning.
The continuous technological innovation in the delivery of educational credentials has been increasing access to and has created a wide-ranging new option for talent development and corporate training.
In a survey conducted by HBR 64% of employers agreed that the need for continuous lifelong learning will demand higher levels of education and more credentials. In essence, this has prompted a boom in post-under-graduate learning as there is an increased demand of skills in the knowledge economy.
Organizations are aware that professional education can be earned online from an array of the top universities from around the world, but are cognizant that the programs vary significantly. As employers are the key evaluators of value, there is a general understanding that they will come together around clarity and standards.
To this end, the responsiveness of business leaders to new educational credential offerings and delivery methods will be crucial in outlining the future form of the market.
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