“Technological change demands stronger and more continuous connections between education and employment” -Source: The Economist
Numbers of start-ups are being created with the value proposition of solving a problem of outdated knowledge amongst employees.
People with higher degrees of education have higher salaries. Could this be an old way of thinking that makes us perceive the relationship between education and salary as mechanistic?
From the late twentieth century up until the early 2000s, average salaries of bachelor’s degree holders rose by 30% while wages of less-educated employees didn’t budge. However, throughout the following decade, the average salary of highly-skilled workers experienced a steep decay while unskilled worker wages remained relatively stable.
The key requirement for any top position is a college degree, and so more young people find it essential to get one. Due to this, a surplus of college graduates is created. That leads to graduates choosing jobs that are cognitively less demanding, consequently taking away job opportunities from unskilled workers.
For most occupations, acquiring new skills is the benchmark that cannot be disregarded. MOOCs have become a pillar of success. However, most companies are not willing to invest in their employees because of the fear of losing the, later more competent, employee to a rival. This means it is critical for businesses to hire curious people who are always eager to bring something new to the table.
In Singapore, it is common to provide workers with a budget for professional development. By contrast, US workers are not funded and the leave for training time is unpaid. Another issue is the credential system. People only invest in courses that confer a qualification their employer will recognize. Start-ups are working towards the solution; one of them is to create a standardized grading language.
What are MOOCs?
Massive because enrollments are unlimited
Open because anyone can enroll — that is, there is no admission process.
Online because they are delivered via the internet.
Course because their goal is to teach a specific subject.
MOOCs are created by different Universities around the world, but all of those courses are available on such platforms as edX, Coursera, and Udacity. As of right now, around 450 free online Ivy League courses are available to everyone.
There is a way to keep track of all the courses that are available across different platforms. Class Central is a search engine for all free online courses.
Dhawal Shah, founder/CEO of Class Central published an article that listed 450 Ivy League courses that you can take now online for free. Why not use social distancing as an opportunity to learn more?