Bid & Ask: Are new graduates ready for prime time?

Just read an interesting McKinsey study: Education to Employment – Designing a System that Works.

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The focus of the study:

Worldwide, young people are three times more likely than their parents to be out of work.

Paradoxically, there is a critical skills shortage at the same time.

In other words, there are two related global crises: high levels of youth unemployment and a shortage of people with critical job skills.

This report focuses on skill development, with special attention to the mechanisms that connect education to employment.

More specifically:

  • Seventy-five million youth are unemployed
  • Half of youth are not sure that their postsecondary education has improved their chances of finding a job
  • Almost 40 percent of employers say a lack of skills is the main reason for entry-level vacancies

An obvious conclusion: employers need to work with education providers so that students learn the skills they need to succeed at work

The pivotal finding: Employers, education providers, and youth live in parallel universes.

That is, employers and educators have fundamentally different understandings of the same situation.

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Fewer than half of employers believe that new graduates are adequately prepared for entry-level positions.

Education providers, however, think they’re doing their job: 72 percent of them believe new graduates are ready to work.

I think that’s called a fundamental disconnect.

Oops.

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One Response to “Bid & Ask: Are new graduates ready for prime time?”

  1. Greg Says:

    This is especially the case in high-skill manufacturing jobs, the type that the US needs to be competitive globally. Did you know that only 4% of new college graduates have an engineering degree. Compare that to 31% in China!

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