The Future of Talent

And What This Means for Higher Education

Companies must adapt to remain competitive. This is not new, of course, and sustained competitive advantage has been the holy grail in business for decades.

For decades, too, higher education has played an instrumental part in supplying the appropriate knowledge to the world of business, thus enabling a workforce that is equipped with the appropriate skills to succeed. This dependency is likely to continue for the foreseeable future, not least because of the need for companies to have access to new knowledge and research to stay alive in volatile and competitive markets.

As we look to the future, it is becoming increasingly clear that finding talent in unconventional places can provide a significant competitive advantage for companies. This is a game changer for higher education institutions as well.

We are already seeing remarkable examples of this. By tapping into pools of talent in unconventional places, companies can gain access to a wealth of workforce potential. This can be particularly valuable in industries where there is a shortage of skilled workers or where competition for top talent is fierce.

The increasing recognition of certifications based on skills is a trend that is changing our perception of talent. Currently, we are witnessing a surge of providers of digital credentials such as microcredentials, upskill/reskill initiatives, open badges, etc. What we are seeing is that instead of relying on traditional academic credentials, companies are increasingly looking at an individual’s specific skillset and abilities rather than higher education credentials.

This allows companies to identify and recruit talented individuals who may not have had the opportunity to attend a prestigious university or obtain a traditional degree. The unbundling of the degree in the form of stackable, industry-based microcredential programs is a trend that is helping to drive this change.

Instead of focusing on the degree and where someone obtained their education, companies are looking at the specific courses and training programs that an individual has completed. For instance, someone who has taken an innovation course with Steve Blank may not need to have a degree to demonstrate actionable skills in ideation, testing at low cost, stakeholder mapping, creating minimum viable products, or whatever the case may be.

This general understanding of what learning and competencies are allows companies to assemble a more diverse and well-rounded team or workforce, with individuals who have a wide range of skills and experiences.

And some companies take this even further in a fiercely competitive market. They just don’t care about your educational background AT ALL if you can prove you’re fit for the job.

Crossover, Trilogy, Google and Equalture

One of these companies is Crossover, an HR broker that specialises in attracting remote top talent for other companies. On its platform, Crossover screens for high potential candidates who - if succesful - then have open doors to companies such as Trilogy which pays employees handsomely in various roles such as software engineers, product managers, etc. All candidates undergo rigorous screening, and only about 0,1% succeed; but those who do are hired for their skill set rather than the degree they may or may not posses.

Similarly, Google has implemented a program where individuals who successfully complete their programming boot camp courses are offered a job. While the vast majority of participants will not make it through the program, those who do are highly skilled and valuable additions to the company - again, regardless of their educational background.

Other companies such as Equalture are experimenting with innovative approaches to talent development at the moment, such as offering individuals the opportunity to operate digital factories through gaming simulations. Those who excel at these simulations will be offered a job interview, which provides a unique opportunity for them to showcase their skills and abilities that they might not have had otherwise, especially compared to candidates without college degrees.

Finding talent in alternative places seems to provide companies with a significant competitive advantage. Obviously, not all companies will implement the full “formal-qualifications-don’t-matter” approach we have seen above, but it is undeniable that the rapid pace of change is posing considerable challenges for higher education institutions.

So What About Higher Education?

Higher education institutions still have a crucial role to play in preparing individuals for the future workforce. There is still time to capitalise on research based approaches for optimum effect and for obvious competitive reasons. But in many institutions, we need to get in better overall shape - MUCH better shape - for understanding the true customer pains and value propositions in our offerings.

We also need to focus more on collaborations with industry partners to develop even better and more flexible learning opportunities that allow individuals to acquire the skills they need at their own pace, along full-time work or other commitments.

To remain competitive, we need to be able to deliver online offerings of outstanding technical and instructional quality. Yesterday.

That’s the new reality of what talent looks like in the workforce.

Welcome to the Future of Higher Education.

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