The Fourth Industrial Revolution will disrupt every industry. Powered by machine-learning and big data, it will mark a fundamental change in the way we live, work and relate to one another. Exactly what this will look like is hard to know.
What we do know, though, is that in order to continue to be relevant, we’ll have to reinvent ourselves again and again, faster and faster. The future undoubtedly lies in the hands of the next generation — but are students and schools keeping up with this fast pace of change? Are students being properly prepared, are the right skills and mindsets being nurtured?
For the third in our FutureTalks series, we brought a diverse panel together to discuss these topics.
Mary Stuart, Vice Chancellor of The University of Lincoln, UK
Charles Taylor, technology entrepreneur and founder of careers app Debut
Shane Barr, mechanical engineering student at The University of Lincoln, UK
Juergen Maier, CEO Siemens UK
Watch the conversation in full below — or, if you only have a few minutes spare, scroll down for the highlights.
Will digitization reduce graduate jobs?
Maier: I am often asked what can we do to get ahead in this area of industrial revolution. What our research clearly shows us is that if we can get it right then this revolution will create many more jobs than the technology itself displaces. So the good news is universities are definitely not worthless.
Can universities keep up with the pace of change?
Stuart: Universities need to adapt and respond to changing environments. We are at a point where we are about to see the world of work and our daily lives transformed very significantly. Universities are thinking about how they respond to that. We are starting. But there is a lot more we need to do and we have a responsibility to do that.
What is the value of a degree?
Taylor: I actually believe the degree is becoming a lot less valuable. At the moment in the labor market, students have a fixed currency. Knowledge itself is still important, but this stamp (the degree), this currency, is definitely deteriorating. For example, Ernst and Young have removed the degree as an entry barrier completely.
Stuart: Still, I think the theory that you learn is invaluable. University provides a framework in which you can think about practice.
Barr: I would say that a university degree is important as it gives you a range of skills. Alongside lectures you have other activities where you learn vital skills such as leadership and teamwork.
Does a degree become dated the minute you graduate?
Maier: Of my degree, what I learned that is applicable today, I’d say it’s probably about 10%. But the point is that I learned problem solving skills, and how to work with a team of people. The key is to keep building on your knowledge and ensure it stays relevant today. What I learned at university stayed relevant for about 10 years. Now, the minute you get into the workplace you’re having to stay on top of the new things. I am learning every day and the rate in which I am developing is amazing and I’m loving it.
Stuart: Moving forward, I think the biggest challenge will be to make sure people have the right skills to keep working in the industry they’re already in. More than 85% of the people who are going to be working in the future are already in the workplace. It’s about growing strong partnership between industry and learning organizations.
What advice would you give a student about to graduate today?
Barr: Apply yourself. Be able to adapt to different environments. Look forward to the future, embrace it with excitement and not be scared of it.
Taylor: Be able to demonstrate things like Emotional Intelligence to an employer, whether with work or life experience. If you are going through the apprenticeship route that’s great — but mathematically so are a lot of other people. So the ability to showcase yourself through skills is going to set you apart.
Stuart: Stay curious. Make sure you think about what’s going on and happening and what it means for you. Experiment with things and don’t be afraid if things go wrong. Take a punt on things. Those are the kind of people we need in the future.
Maier: For those students who are studying technology — which I know is very broad — try and pick a field that you’re particularly passionate about, something that you feel you can use to create significant change. That might be company improvement or societal change, and it could be in the form of AI, advanced management or some sort of technological advanced material. Whatever it is, get into it and become an expert in the field and use that to become someone who can really drive change.
Illustration: Benji Roebuck
