Industry Thoughts | Jourdan Marie Hathaway

Pre-Read Caveats

Higher education is very politically polarized right now and is in the news daily – from the ROI of a degree and the loan debt crisis to job readiness and equity/accessibility. Enrollments have been trending down for more than a decade and there are loads of systemic challenges being discussed. The below content doesn’t discuss any of that. Below is a summary of the content that was gathered when a few higher ed folks got together for a casual and informal discussion specifically on career-connected education and some of the obstacles universities (and B2B partners) cite when thinking about shorter, job-relevant programming for today’s workforce needs. It’s not exhaustive by any means, just some of the themes that higher ed professionals face in this topical domain. Yes, it’s totally biased to a few points – it was a focused conversation. It’s worth sharing because it’s important to bring people together who are working to solve similar problems – so here goes…..

Universities and Career-Connected Education

It’s certainly not suitable for everyone, nor is it the only path, but the traditional path of a college degree remains a vital and important option for career mobility – at least for the foreseeable future. Degrees provide a foundation of knowledge and cognitive abilities, forming a comprehensive perspective that equips learners to navigate diverse challenges in their professional journey. Degrees remain an essential component of career progression and personal development. That said, many in the higher ed industry are also deeply aware of (and focused on) the widening skills gap in our labor markets and are looking for ways to close the chasm for tighter career-connected learning. It’s a complex and multi-faceted issue, but there’s an exciting proliferation of interest and actions happening in the market today.

Competing in the Upskilling Marketplace

In the face of rising competition in the upskilling marketplace, some universities struggle to maintain their relevance (actually more than “some”, it’s “many”). The higher education sector finds itself vying against various entities – from certification bodies, industry associations, or professional associations to learning providers like Google and LinkedIn Learning. In some cases, work experience or industry credentials are seen as more valuable to an employer to demonstrate a particular set of competencies and skills. For learners looking for the total package, universities must carve out their unique value propositions, they have hundreds of years of expertise with bachelor’s, master’s, and terminal degree programs. Today, there are additional expectations to:

Further embed specialized credentials from industry-specific organizations
Accelerate frameworks (and scalable AI solutions) that allow the curriculum to be more aligned with skills-based programming (at the industry level and even down to the specific employer level) – this isn’t just about hard skills; soft skills mapping is critical too
Give adequate and fair credit for military or prior work experience such that it appropriately maps to specific job requirements

Universities and Career-Connected Education

This is a sweeping generalization from decades of working in higher-ed, obviously, not all institutions face the same challenges, but there are common themes that show up on this topic. When discussing career-connected education with universities, they generally express enthusiasm for job-relevant programming. However, obstacles tend to be operational and practical. Universities grapple with aligning curriculum to career pathways and developing alternative pathways for students for whom a traditional four-year degree is not an option. These challenges are really exacerbated for universities when it comes to alternate pathways – meaning non-degree learning products (to be clear, there are a lot of institutions and companies doing fantastic work in this space). Moreover, industries don’t always clearly define the micro-skills needed for specific jobs, making it challenging for educators to create relevant skill-based programs. There is no standardized system for recognizing acquired job skills. Degrees and diplomas still hold sway due to their standardization, whereas certs/badges for specific micro-skills are less recognized, although this is rapidly changing.

AI will no doubt solve these things, but it’s not been adopted and scaled yet in a way that institutions and employers have equally forged to mutual understanding and satisfaction (yes at some point, this will be embarrassingly outdated). Today, curriculum-to-job-skills translation mapping (and vice versa) still requires some type of oversight and taxonomizing from a human SME who can translate and bridge gaps – and figure out where to prioritize opportunities. It can be a slow-moving slog with the amount of stakeholders involved.

Economic Challenges for Universities

Universities play a pivotal role in providing upskilling opportunities. However, they are often stymied by the economics of running these programs and connecting them to learners and employers. Competitive learning products can be expensive to develop and sustain if not carefully executed. At the end of the day, they must have reasonable unit economics. Rightfully so, the market demands a low price point for short-form learning products. The business model must make sense after you consider development and maintenance expenses along with the cost of student acquisition (e.g., marketing costs). Universities on their own are often unable to cost-effectively compete in a direct-to-consumer market; this is where employer partnerships and strategic B2B relationships become so important. Of course, there are indeed institutions that do have sustainable organic learner traffic at scale, great D2C e-commerce experiences for non-degree upskilling products, and mutually productive skills-focused employer arrangements – but many more that do not, and they and their partners are grappling with ways to win in this space.

Upskilling and Degree Requirements

Upskilling and credentialing continue to be pressing topics in today’s labor market. There are many complex obstacles to solve for both employers and educational institutions. For the upskilling paradigm to succeed, hiring requirements need an overhaul. Many employers still rely heavily on traditional bachelor’s degree requirements, even when the candidate may hold significant military experience, work experience, or alternate job skills credentials. The sirens are going off though as we’re already starting to see employers and states dropping the bachelor’s degree as a job requirement. Perhaps it’s not an either-or resolution – the world is evolving where there are different paths to prove competency and job readiness.

The Need for Lifelong Learning

The rapidly evolving professional landscape necessitates continuous learning, even after obtaining a job. Lifelong learning products are indispensable in catering to these emerging needs. Such educational resources, which may include online courses, workshops, certificates, apprenticeships, or badges to name a few, allow individuals to enhance their skillsets and remain competitive in a changing job market. They offer the flexibility to accommodate personal and professional commitments while pursuing further education.

Technology advancements, particularly in areas like AI, are not just disrupting jobs but also creating new ones. These emerging roles often require niche skills and a deep understanding of the technology, which can be gained through targeted learning programs. However, in other cases, qualifying for these new jobs might demand a full degree to ensure a comprehensive understanding of the field. Again, not an either-or; careers should be underpinned through optionality. Proving candidates have the knowledge, skills, and abilities for a given position will be key.

Degrees and Upskilling: Embracing Optionality

In the face of this evolution in job requirements, a three-pronged approach that values degrees, continuous upskilling, and non-degree alternate pathways can all serve a purpose. Degrees lay the groundwork for a large segment of the population, providing broad knowledge and critical thinking skills (granted, we still need degrees to provide actual employment). Simultaneously, lifelong learning products offer a means to stay updated with industry changes, acquire new skills, and prepare for the jobs of the future. Just as vital are non-degree alternate pathways for job readiness. Together, these different pathways can equip learners with the capabilities and optionality needed to thrive in a dynamic professional environment.

Conclusion

In conclusion, while there is growing recognition of the importance of upskilling and the provision of alternative education pathways, several obstacles remain, including ingrained hiring practices, the economics of delivering shorter-term, lower-cost programs, competition, and the lack of standardized micro-skill credentials. To address these challenges, a multi-pronged approach involving educational institutions, employers, and policymakers is necessary. This approach could involve a review of hiring requirements, an overhaul of educational program structures and pricing models, and the development of standardized systems for recognizing micro-skills.

WCET Webcast Recap from Thursday, April 20, 2017

Strategic Portfolio Development (SPD) is a forward-thinking program planning approach that helps institutions position themselves to more efficiently operate in today’s market while preparing for tomorrow’s. It identifies the most strategic and scalable market-centric digital program anchors, concentrations and certificates to create a series of “suites” that build off of each other, interconnecting current and future content and program areas.

Benefits of the Strategic Portfolio Development Approach

The modular nature of this approach provides schools the ability to attract a larger section of the market to their digital offerings, maximize their use of resources, quickly increase their number of market interesting programs offered and ultimately grow a more robust and long-lasting digital presence.

Panel Speakers

How SPD Works:

SPD involves analyzing trends in the market and understanding where the educational gaps and opportunities exist, not just to identify students, but also to help students prepare for jobs. By doing this, institutions can build efficient, flexible, and relevant online curriculums.

Connect with Wiley Education Services to learn more.

SPD helps institutions:

Maximize the courses they offer.
Quickly address changes in the market, without having to redesign an entire program.
Bridge outcomes with workforce expectations.
Identify employment needs/gaps to offer programs that will provide students with strong employment opportunities after graduation.
Make program planning and development more efficient.
Increase enrollments as students often prefer programs that allow them to focus on a specific, market relevant, specialization.

Strategic Portfolio Development – A Marketer’s Point of View

The approach of Strategic Portfolio Development influences marketing in two main ways:

First, is the University’s value story in the market place
Second, is the economic benefit to the marketing budget

Let’s start with unpacking how a University builds its value story. We have things like history, mission and credentials – these are long established macro-level brand ingredients. The value story is further made by factors that are rapidly evolving – program differentiation, outcomes, and the online environment itself.

The Intersection of Institutional Competency and Today’s Student Journey.

So where does Strategic Portfolio Development come in to this? In effect, it helps the school become a center of excellence in a set of scalable disciplines, which in turn, helps build competitive differentiation. While SPD has great internal benefits for the school, it’s also a student-centric approach. I like to say that it’s the intersection of institutional competency and today’s student journey. When an institution can market a depth of experience that gives students meaningful choices, the value story further grows in the marketplace.

At Wiley, our strategic marketing direction starts with a solid understanding of the product portfolio and the markets it can serve. We’re immersing ourselves in the university brand and looking to understand the in-depth details of the programs. A competitive analysis is paired with this information to provide perspective on the landscape. It gives us a feel for where to position the program, department, or university at large, that allows for market differentiation. As much as I’ve used the word market differentiation, it’s most meaningful if that is arrived at from the student’s perspective. Gone are the days of using course catalog descriptions to sufficiently describe the program. Gone are the days of the online modality being unique. Students want to know the outcomes and the ROI. If there’s a set of related choices that can better speak to the nuanced need of a chosen career path, it helps build confidence.

Impacts the Efficiency and Scale of Budget

Let’s move on to the way Strategic Portfolio Development impacts the efficiency and scale of budget.

At The Onset of Research, Not Every Student Knows Exactly Which Degree to Pursue

Sometimes there’s an assumption that every graduate student knows exactly which program they want to pursue. The reality is, many of the initial searches higher up in the funnel are very broad. Students start looking for program comparisons. This often leads to uncovering a specialization, or even a different program, that the student didn’t know existed. I’ll give you an example. I was recently looking at search index that compared the terms ‘accounting masters’, ‘accounting MBA’ and ‘business masters’. On average, there’s 76% more searches for the broad term ‘business masters’ than searches for an ‘accounting masters’. And, ‘accounting master’s has 147% more searches than typing in ‘accounting MBA’. {for all you data scientists, I know you can slice the data in infinite ways and there’s conversion impacts at every level – this stat is to help get a broad point across}.

Now let’s imagine that the school could compete with any of these phrases. That’s exactly what happens with SPD if there’s a program suite that can be co-marketed today. Even if it’s messy internally because the programs come out of different colleges, there is real strength in marketing relevant choices together. Instead of building many one-off marketing assets that support a single program, you can consolidate. The speed to market is quicker because you can add a tangential option to an existing set of assets and marketing campaigns rather than start from scratch. From a paid media perspective, digital marketing efforts can be initially targeted to a larger audience which can result in a lower cost-per-inquiry.

See a Real Example of SPD in Action

Check out the WCET Webinar to see how this plays out in Scranton’s real world portfolio example. In the marketing section, we talk about how to market at the individual program level while bringing down costs in aggregate by marketing the suite at large. Market demand then dictates how inquiries shake out by program.

At Wiley, we underpin this strategy with sophisticated media technology that allows performance targeting and conversion modeling – but that’s a webinar for a different day.