Despite a positive labor market and high demand for skilled talent, employers continue to struggle finding and retaining workers to meet their evolving business needs. A new report released from Cengage Group reveals significant shifts in graduate perceptions, the growing impact of artificial intelligence (AI) on the workforce and how higher education is adapting to meet these challenges.
This curricula shift toward employability has improved graduates’ perception on educational value with a substantial three in four (73%) graduates believing their education was worth the cost, a significant increase from 52% in 2023, 68% in 2022 and 56% in 2021.
Additionally, two-thirds (68%) feel their education has positioned them for success in the current job market, with 51% of graduates stating that a college degree or certification was essential for their job performance, up from 42% in 2023.
“Our 2024 Employability Report reveals post-secondary education is experiencing a pivotal moment,” says Michael Hansen, CEO of Cengage Group. “The increased satisfaction among graduates and their improved perception of education’s value are encouraging signs that educators are listening and responding to the needs of both students and employers. As we continue to bridge the gap between education and employment, we’re not just preparing students for jobs – we are empowering them to build successful, adaptable careers in an ever-changing market.”
Key takeaways:
- There’s been a marked improvement in the focus on employable skills, with nearly three in five graduates (57%) believing their program equipped them with the skills needed for their first professional job, a considerable rise from 41% in 2023.
- Three in four (70%) graduates believe basic GenAI training should be integrated into courses. More than half (55%) of graduates said their programs did not prepare them to use GenAI tools. Gen Zers are the most likely to feel this way (61%) compared to Millennials (48%), Gen Xers (60%) and Baby Boomers (50%). Nearly three in four (69%) graduates say they need more training on working with new technologies in their current roles.
- Over half (51%) of graduates are second-guessing their career choices due to rapid technological advancements, up from 33% in 2023. More than one-third of graduates (39%) fear AI could replace their jobs entirely.
- Nearly two in three (62%) employers believe candidates and employees should have foundational knowledge of GenAI tools, with 58% being more likely to interview and hire those with AI experience. Three in four employers say employees use AI tools in daily workflow to assist in research (49%), writing (47%), data analysis (43%), brainstorming (36%) and product development (27%).
“The data reinforces what most of us are experiencing in the workplace today – GenAI is at the forefront of nearly every conversation,” says Hansen. “This omnipresence can create a great deal of uncertainty and fear, but it is important not to read too much into the sensationalism, and rather, find grounding in the opportunity. The data supports the growing need for institutions to integrate GenAI training and professional skills development. In doing so, institutions will not only enhance their value proposition but also play a critical role in shaping a workforce ready for the challenges of tomorrow. By bridging the GenAI skills gap, we can ensure our graduates are not just prepared for their first job but are equipped with the adaptability and technological fluency to thrive throughout their careers.”
