Is education getting us ready in time for the future of work?

Welcome to Monday Mornings! This fortnightly publication dives into the new world of work beyond the 9-5, exploring the rise of mass entrepreneurialism. Through sharp analysis and interviews with the builders, thinkers, and leaders driving this shift, we’ll unpack what a post 9-5 world means for individuals, businesses, and society.

Monthly Briefings are always a deeply-researched summary of a particular topic or trend. Each month, it includes the following segments: In a nutshell, Get informed, Trailblazers, A final word (from me) and - your favourite! -  Monday Marvels and Monday Moanings.

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Happy Monday, folks!

In this month’s briefing, we’re exploring the role of education in shaping (and preparing us for) the future of work. 

This January briefing includes:

• Canada’s Gen Z are skipping university in favour of starting businesses

• The investment banks now hiring for ‘humility’

• An educational setback that’s slowing down climate progress 

In short we’re asking: just how ready are we, as learners, for the future and a post 9-5 working world?

Whilst historically, a university degree could prepare graduates to work in their chosen field and be set up for life, today, that notion is waning. The pace of change is happening so fast and workers are adapting to job insecurity and technological advancement by setting up multiple streams of income, and crucially - reskilling (as we heard from Upwork’s Kelly Monahan).

This publication explores how the future of work includes a shift to entrepreneurialism, away from the “9-5” as the norm. So has education prepared us for a more entrepreneurial future? According to a panel on education at Davos 2024, broadly speaking, it has not. Education has not prepared us especially for a future of work that also includes:

• The rise of A.I. and automation – These present challenges of both job displacement and reskilling to meet more AI-focused jobs (McKinsey Global Institute 2024)

• A growing green economy - More jobs are emerging to address the climate crisis through sustainable practices and innovations (Reuters, 2024)

• A shift in essential skills – Workers and leaders alike will need greater emotional intelligence, digital literacy, adaptability, and problem-solving skills than traditional qualifications and specialisms (Gartner Trend Report, 2023). 

These trends pose such risks to people’s livelihoods that the World Economic Forum has called for a Reskilling Revolution to better prepare workers. Evidently, education has a huge role to play here: skills like digital literacy, leadership and resilience are qualities that must be taught, ideally from school age. 

Learning plays a key role in helping workers navigate the future of work. Yet, with only 0.5% of global GDP invested in adult learning and a growing number of young people opting out of employment and education altogether, the challenges are plentiful.

1/ Venture Forward 2024 Report
(Source: GoDaddy, September, 2024)

The appeal of higher education seems to be fading fast amongst Canada’s youth, with many opting to skip university in favour of starting their own businesses. Research from GoDaddy’s Venture Forward initiative found that only 47% of surveyed Gen Z entrepreneurs have a university degree: which lies in stark contrast to 65% of Millennials, 58% of Gen X, and 56% of Baby Boomers.

Canada, like much of the world, has felt the economic pinch. The combined impact of rising tuition fees, stagnant wage growth, and cost-of-living crisis makes traditional education less attractive. In fact, 25% of Gen Z entrepreneurs surveyed ended their education after high school, compared to just 13% across all age groups. Seemingly degree attainment is a downward trend.

Added to this, nearly half of surveyed university graduates claimed their degrees were not valuable to their entrepreneurial ventures. 

In line with GoDaddy’s own proposition, the report reveals that barriers to starting a business have come right down: 27% of Canadians surveyed needed less than $500 in startup costs. This generational shift highlights the changing relationship between education and work. As the job market evolves toward entrepreneurial and self-directed careers, traditional higher education is increasingly viewed as a less relevant—and more expensive—pathway.

2/  Green Shoots: Growing the green workforce of the future
(Source: Report by Green Alliance, January 2024)

The environmental charity and think tank Green Alliance’s 2024 report reveals that net zero mandates could impact up to one in five jobs in the UK. And with young people the most likely to suffer from ‘eco-anxiety,’ this presents a potential solution for finding a career that matches their values.

Except, the growing demand for these skills is revealing weaknesses in the UK’s education system. For one, there is a growing number of youth not in education, employment or training (NEET)  – which is itself concerning – and second, the training and education needed to meet the demands of these jobs is not being met by our education system. The requirements for environmental jobs are so high which creates a catch 22: to get a job you need experience in the job, which those from better-off backgrounds can find in the form of unpaid internships. Or, they are more able to pursue the right qualifications with masters degrees or various types of further education.

But the way education is funded means that it is only those with the financial means who are able to afford to work in these jobs and there is a socioenomic barrier to entry. As a result, the environmental sector is underwhelmingly diverse (the second least diverse industry sector of them all).

Green Alliance appeals to its readers – government, employers and educational institutions, that this doesn’t have to be the case. Fixable solutions and systemic changes could ensure the green economy becomes a force for inclusion rather than exclusion; through initiatives like awareness campaigns, and more apprenticeships and training programmes. The education system needs urgent reform, not just for workers in this case, but also for the climate.

3/  The new business school curriculum: spreadsheets and humility
(Source: Financial Times, June 2024)

Business schools like Bocconi, Insead and Edhec are making efforts to solve the soft skills gap, as those employing its graduates (banking, finance and professional services organisations) have recognised that technical skills are not sufficient on their own.

A source from ESCP in France said the isolation during the pandemic created shortcomings in student’s education and exposed a lack of understanding of the social codes specific to the workplace. A study by Reed Recruitment UK found job listings seeking “excellent communication” were up by 18% following the pandemic, and references to Excel down 40 per cent (sorry, Microsoft).

Insead even offers ‘hyper-personalised’ soft skills coaching, based on the specific type of finance role a student is aiming for. And Durham, for example, now includes international trips for students to meet businesses abroad and enhance their ‘real world skills’.

A Director inside Rothschild’s M&A team told the FT that kindness and humility are “increasingly highly valued in this industry”. OK bankers, let’s see what you got!

• Edufuturists - A media platform led by educational experts to address the gap that exists between education and the needs of learners today.

• Future Faculty - An edtech consultancy co-founded by Ed Halliday and Jay Shorter, teaches students both the entrepreneurial skills and mindset needed to thrive in the future of work.

• Global Shapers - A network of global hubs for young people to work on ‘impact projects’, including reskilling and sustainability, with a combined impact on over 2m lives since 2011.

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A Final Word (from me)

Clearly, our current education system has significant pitfalls in light of the demands of the future of work.

As an ex-recruiter in tech, I’m acutely aware that the best-paid, most in-demand roles out there—like data science and engineering—require advanced degrees. Unfortunately, just like we saw with the ‘green jobs’, the high cost of university puts these qualifications financially out of reach for many.

This setup pushes many young people to either opt out of higher education entirely or choose quicker, less fulfilling career paths simply to start earning money. Adding to this, much of what we learn in school does little to prepare us for the harsh realities of adulthood. The often-repeated trope about Pythagoras’ theorem being irrelevant certainly rings true for me.

Given these constraints – that most degrees can’t fully prepare us for most jobs – it’s no surprise that university applications are declining while entrepreneurship is on the rise.

Entrepreneurship offers an antidote to the gatekeeping so many workers face in their pursuit of a fulfilling career—whether due to lack of the right qualifications, network, access, or the ‘face that fits’. Entrepreneurship allows individuals to choose themselves, attracting the most self-directed and motivated to carve their own path.

In this light, I must acknowledge that while my A-level business studies class didn’t do much for my entrepreneurial skills, the education I’ve accessed online—largely for free—absolutely has. I have been able to be a learner every single day of running a business, not getting far without needing to google how to solve a problem, deal with a client, or analyse a spreadsheet. No MBA in sight. 

So it is thanks to tools like the internet and now AI,  that entrepreneurship is more accessible than ever. The same tools that challenge us in the future of work are also our greatest assets; with powerful computing in each of our pockets—if we know how to use them.

Education must adapt to teach young people how to learn, and be resilient, and problem-solve (also known as the entrepreneurial toolkit) if it wants to continue to provide the foundation of a future that reflects the realities of today’s workforce … in all of its varieties and employment structures.

And, in other news this month….

👍Monday Marvels  

100,000 people in Scotland on zero hours contracts are expected to benefit from the UK-wide Employment Rights Bill, to ‘Make Work Pay’, which tackles income insecurity and inequality — part of the the biggest upgrade to workers’ rights in a generation.

👎 Monday Moanings

The gig work app, Handy, has been misleading workers. They are being condemned by the The Federal Trade Commission for thir adverts touting opaque fees, inflating earning potential of jobs on the platform. In some cases, a bug in the platform was unfairly charging workers $50 fines — many of whom are already in precarious earning situations and reliant on public housing to get by.

That’s a wrap for today, but I’ll be back in two week’s time to continue this learning and skills for our future theme, with an interview with a man on a mission to shake up the education sector!

I’d love to hear your thoughts on today’s topic. What else do you think should be considered? Share your opinions in the comments!

Monday Mornings is written and hosted by Ellen Donnelly, a writer, speaker, and coach focused on the future of work. She specialises in the shift towards mass entrepreneurialism, and supports founders navigating pivots in her private coaching practice, The Ask.