What We’re Reading - August 16th: Higher Ed Challenges, AI, and Labor Shortages

Welcome to the Virtual Internships Weekly Reading Round-Up. Week on week, we’re bringing you the trending conversations, the latest news, and articles you should be reading if you’re an educator or an employer. 

What’s more, is that we’re even including a friendly TL;DR (too long; didn’t read) round-up for each one so you can do your weekly industry reading in half the time. 

This week’s mid-August update brings chatter around higher education challenges, strategies for addressing skills shortages, and, of course, the latest in AI.

Let’s dive in!

The Power of Place in Building a University’s Reputation

HEPI - Read here

TL;DR: A university's location is crucial in shaping its reputation, as the geographical and cultural context greatly impacts student experience, research opportunities, and overall institutional success. "Place" becomes a pivotal factor in higher education strategy, influencing key outcomes across these areas.

US Colleges Are Cutting Majors and Slashing Programs After Years of Putting It Off

AP News - Read here

TL;DR: Facing financial pressures and declining enrollments, many US colleges are finally making tough decisions to cut underperforming majors and programs. These cuts, often in the arts and humanities, reflect a growing emphasis on practical, job-oriented education to meet changing student and labor market demands.

Will 25 Percent Of Colleges Consolidate? An Update On A Prediction

Forbes - Read here

TL;DR: The prediction that 25% of colleges and universities would close or merge within 15-20 years is holding up well. Many of these closures are for-profit schools, but non-profit institutions are also increasingly affected. With the ongoing demographic decline and financial pressures, the number of closures and mergers is expected to rise, potentially reaching the predicted 25% within the original timeframe.

What Would Higher Ed Look Like Distilled Into 100 Institutions?

Chronicle of Higher Education - Read here

TL;DR: The article imagines a future where the U.S. higher education system is streamlined into just 100 institutions. It explores the potential consequences for accessibility, diversity of thought, and innovation, suggesting that while efficiency might increase, the loss of variety could harm the broader educational ecosystem.

Community Colleges Band Together On AI Education

Forbes - Read here

TL;DR: Community colleges across the U.S. are forming alliances to expand AI education. These efforts aim to equip students with essential skills in AI and related technologies, addressing the growing demand for AI proficiency in the workforce and ensuring inclusivity in tech education.

2024 Graduate Employability Report: Preparing Students for the GenAI-Driven Workplace

Cengage Employability Report - Read here

TL;DR:  The Cengage report highlights the increasing importance of AI literacy in the job market. It emphasizes the need for higher education institutions to prepare students for a workplace increasingly shaped by generative AI, focusing on practical skills and adaptability. Key takeaways:

• Value of Education: The perceived value of education has significantly improved, with 73% of graduates now believing their education was worth the cost, up from 52% in 2023. This reflects a growing alignment between educational outcomes and job market requirements.
• Demand for GenAI Training: A notable 70% of graduates expressed that basic training in Generative AI (GenAI) should be integrated into their courses, emphasizing the increasing importance of AI literacy in the workforce.
• Career Uncertainty Due to AI: Rapid advancements in AI have caused 51% of graduates to second-guess their career choices, with 39% fearing that AI could eventually replace their jobs entirely.
• Employer Expectations: Employers are increasingly expecting GenAI competencies, with 62% believing that candidates should have a foundational knowledge of AI tools. Moreover, 58% of employers are more likely to hire candidates with AI experience, indicating a shift towards skills-based hiring.

Higher Ed Leadership Is Excited About AI - But Investment Is Lacking

Forbes - Read here

TL;DR: While higher education leaders are enthusiastic about integrating AI into their institutions, there is a significant gap between this excitement and the actual investment being made. 86% of higher ed leaders see AI as a "massive opportunity," yet only 21% believe their institutions are prepared for it. The article highlights the need for more funding and strategic planning to fully leverage AI's potential in education.

Here’s How To Address Labor Shortages To Drive Economic Growth

Forbes - Read here

TL;DR: The U.S. faces ongoing labor shortages, with 1.2 job openings per unemployed person. This trend, driven by low productivity and demographic shifts, threatens economic growth and could worsen inflation. To counter this, the U.S. needs to boost labor force participation, enhance skills development, leverage automation, and implement targeted immigration policies. These actions will help sustain economic strength despite the challenging labor market.

Are You a Micromanager or Too Hands-Off?

Harvard Business Review - Read here

TL;DR: This article helps leaders identify whether they are micromanaging or too hands-off in their management style. It offers practical advice on finding the right balance to empower employees while ensuring accountability, ultimately leading to a more effective and motivated team.

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