g-f(2)49 “The Big Picture of the Digital Age”: Education is in the midst of digital transformation

Extra-condensed knowledge

• Companies can no longer afford to wait for the traditional “system” to supply the workers they hope will help shape their future — the need is too acute and too urgent, particularly given that many higher-education institutions remain in denial. We must change how we educate both traditional college-age students and adult learners.
• Leighanne Levensaler, the executive vice president of corporate strategy at Workday, bemoaned a great lack of investment in human capital despite all the buzz around the topic. 
• Michelle Weise, the senior vice president of workforce strategies at Strada Education Network, has written that although 93% of CEOs surveyed by PwC recognized “the need to change their strategy for attracting and retaining talent,” a stunning 61% revealed that they hadn’t yet taken any steps to do so.
• Employees seem to agree. According to a recent survey by Harvard Business Publishing Corporate Learning and Degreed, nearly half of employees are disappointed in their employer’s learning and development programs.

Genioux knowledge fact condensed as an image

The “genioux facts” Knowledge Big Picture (g-f KBP) chart

Condensed knowledge 

• Education, Disrupted. 
• Leighanne Levensaler, the executive vice president of corporate strategy at Workday, bemoaned a great lack of investment in human capital despite all the buzz around the topic. 
• Michelle Weise, the senior vice president of workforce strategies at Strada Education Network and the chief innovation officer for the Strada Institute for the Future of Work, has written that although 93% of CEOs surveyed by PwC recognized “the need to change their strategy for attracting and retaining talent,” a stunning 61% revealed that they hadn’t yet taken any steps to do so.
• Employees seem to agree. According to a recent survey by Harvard Business Publishing Corporate Learning and Degreed, nearly half of employees are disappointed in their employer’s learning and development programs.
• Companies can no longer afford to wait for the traditional “system” to supply the workers they hope will help shape their future — the need is too acute and too urgent, particularly given that many higher-education institutions remain in denial. We must change how we educate both traditional college-age students and adult learners.
• In the face of rapid technological changes like automation and artificial intelligence, helping employees keep pace is challenging. And companies are wrestling with how to retain top talent — a critical differentiator in a hypercompetitive environment.
• In today’s tight labor market, there are about 7 million open jobs for which companies are struggling to find qualified candidates because applicants routinely lack the digital and soft skills required to succeed.
• A staggering 77% of chief report that a scarcity of people with key skills is the biggest threat to their businesses, according to PwC’s 2017 executives CEO survey.
• A sharp increase in global mergers and acquisitions of education and talent development companies, up in total value from $4 billion in 2008 to $40 billion in 2018.
• Last year, when 4,500 people gathered at the ASU GSV Summit in San Diego, it was clear that the companies in attendance were eager to find alternative paths.
• At this conference, political leaders and policymakers join CEOs and VCs to discuss the imperative of investing in human capital.
• Online learning emerged over two decades ago as a technology category that enables a range of potentially disruptive business models. No longer do students need to convene at a central location to enjoy a real-time, interactive experience with a teacher and peers. They can instead participate from anywhere in the world, in a more affordable and convenient fashion.
• This trend is growing rapidly in postsecondary education. Today, roughly a third of students in the United States take at least one online course as part of their accredited higher-ed experience, and over 15% study exclusively online. Many of these students are adults who are employed while they learn. Countless more workers take supplemental courses on platforms like Coursera, Udemy, and edX.

Category 2: The Big Picture of the Digital Age

[genioux fact deduced or extracted from The knowledge of Fernando Machuca + “genioux facts”]

Type of validity of the "genioux fact". 

• Inherited from sources + Supported by the knowledge of one or more experts + The research on the state of the art of “The Big Picture of the Digital Age”.

Authors of the genioux fact

Fernando Machuca

References

Education, Disrupted: A Live Session at Disruption 2020, Michael B. Horn and Karen Dillon, May 21, 2020, MIT Sloan Management Review.

ABOUT THE AUTHORS

Michael B. Horn (@michaelbhorn), coauthor of Choosing College (with Bob Moesta), is the chief strategy officer at the Entangled Group, an education venture studio, and cofounder of the Clayton Christensen Institute, a nonprofit think tank. Karen Dillon (@kardillon) is a former editor of Harvard Business Review, coauthor of three bestselling books with Clayton M. Christensen, and guest editor for MIT SMR’s spring 2020 issue. She moderated this session.