Is A University Degree Becoming Obsolete?

The Udemy Skills Gap Index was commissioned by Udemy and conducted by ResearchNow. The survey polled consumers to determine their thoughts, perceptions and attitudes toward not only the skills they believe they possess, but also how these skills impact their professional lives. They surveyed a 1,000 people between the ages of 18 and 65.

The results of the survey show an undeniable skills gap–a disparity between what employers are looking for and what the workforce has. Astonishingly, 61% of those surveyed believed there was skill gap present. But 95% also believed that they either qualified or overqualified for their current positions. This reveals the contrast between the employers’ perceptions and those of the workforce. A Talent Shortage Survey released by ManpowerGroup earlier this year revealed that 40% of employers find it difficult to find employees with the proper skill level to fill positions.

Further statistics show that 43% of Baby Boomers (1946-1964) believe they have all the skills need for their jobs compared to 53% of Millennials (1981-2000). Another statistic also shows that more workers who make above than the national average believe in the skills gap (71%) compared to those making at or below the national average (61%). This trend shows a higher self-awareness of those who have been working for a longer period of time. Those who have been in the industry and workplace longer are more aware of the lack of new skills.

The problem that is being faced right now is that, while employees believe that there is a general lack of skill in the workforce, they do not believe that they themselves lack these skills. But alongside this is the lack of on-the-job training provided by employers. More and more workers are losing jobs and promotions due to a lack of skills. This is a problem, especially because they aren’t willing to work on themselves and their employers aren’t providing opportunities for skill development.

But what these findings really uncover is the fact that once university graduates get their first job, their university education becomes obsolete. More than a third of those surveyed believed that they used less than 10% of what they learned in college in the workplace. More than half of those surveyed had to turn to online courses to learn new skills or keep up to date. Only 41% said that their knowledge from college is helping them in their current job; 72% said they need to acquire new skills for their job.

So, does that mean that going to university is a waste of your time and money? No, your university degree works as a signal for employers. What the university degree really does for you is help you get your first job; after that, its significance decreases and your skills and employment history have more importance. It is very clear that the skills you learn in college or university vastly differ from those you require at the workplace. With the rapid change in technology also comes a change in the way work is done. In fact, of those who said they needed new skills, technical skills (32.8%) and management skills (23.6%) were the majority skill set groups that they reported lacking. A major indication of this change is also the fact that 18.6% of those who knew they lacked skills, didn’t know what they lacked.

The need for adult skill development is growing more urgent over time. It requires an investment not only by the individual but also the employers; building these skill sets enables workers and businesses to compete in today’s global workforce. This challenge can’t be addressed solely by a revision of the structures and curriculum of universities. It needs to be addressed by changing the way we look at education. Simply put, a 4-year degree can not prepare anyone for the rest of their lives and careers.