As described on The Economist’s “Schumpeter” blog, economic growth depends on innovation and more flexible job preparation:
Entrepreneurs repeatedly complain that they cannot hire the right people because universities are failing to keep pace with a fast-changing job market. Small firms lack the resources to provide training and are consequently making do with fewer people working longer hours.
The claim that “established firms are usually in the business of preserving the old world” bears interesting parallels to universities, which tend to replicate their own status quo. Instead of producing numerous graduates of the programs of yesteryear, universities need to update their training to develop knowledge and skills in current demand. Adapting to these demands through lengthy committee review and accreditation requirements is unlikely to be fast enough for the “agile-development” expectations of today’s startup culture. Educational institutions thus need new processes for tailoring programs of study to modern demands with both integrity and efficiency.
An even stronger motivation for allowing students to tailor their own course of study to their particular needs is that employers seek teams of people with a mix of complementary skills, not multiple copies of people with the same skill set. Instead of trying to differentiate candidates on some imagined basis of unidimensional merit, employers need to differentiate them along multiple dimensions of value to their particular needs. Employers are constantly talking about “fit”; educational institutions should facilitate discovery of a good fit by using personalized assessment, to provide richer information about how a candidate’s unique strengths and experiences may match a particular profile of needs.