The Pulse of Higher Ed

At the turn of the Millennium, institutions of higher education placed all of their chips on red by modernizing dorms, integrating technology into the classroom, digitizing their libraries, building out campus WiFi, and adding amenities such as state-of-the-art fitness centers and progressive dining halls. Many built dorms with greater perks and luxuries. Once the competition for the campus-based student waned, the focus shifted to the online learner and continues today. To offset financial shortfalls, many institutions rushed to launch professional master’s degrees, either developing their own competencies or embarking on relationships with Online Program Management (OPM) companies. As demand for online degrees outpaced program supply, this became a winning situation for the higher education industry, for both educational institutions and corporate providers.

Along came the pandemic and online education is in even greater demand, but it has the potential to replace enrollments in other educational streams and pathways, such as the displaced campus student. Institutions invested further in online learning and are starting to normalize some of their operations, but the size of the educational pie did not increase while the number of institutions offering online degrees did. Some have argued that, in addition to unfavorable demographics, with a weakened economy there will be a weakened market for degrees. The pandemic will continue to reshape higher education by making the stackable or alternative credential more viable and palatable as business and industry, as well as consumers, look to these as options and solutions in an evolving automated economy.

The need for reskilling and upskilling has become more obvious as a result of the pandemic and will gradually fuel the stackable or alternative credential market in the short-run. High performing remote workers will be in great demand and will be poached from their existing jobs by companies willing to pay for talent without having to recruit in local markets or pay for moving expenses. Coupled with the behavioral demographics of Millennials and Generation Z employees, retaining remote worker talent will become a greater challenge for many companies and organizations. Employee retention and the continued evolution and acceleration of the “gig economy” will be factors that business and industry will face as we move deeper into 2021. Providing education and training opportunities, including tuition reimbursement, could be one solution, as it mutually benefits both parties, and it also sends a message that the company cares and is interested in the employee’s future. Offering training and education opportunities to high performing employees is also an internal marketing benefit, as employees place a value on corporate commitment, something that Millennials and Generation Z workers are used to and can resonate with.

Yes, the world will be different post-pandemic. Everyday life has changed as a result and higher education is expected to be different. The perception that it is the same, but just online, is not enough. Learn more about my 2021 outlook here.