There is a new reality that is now shaping the job market—formal education alone no longer guarantees your dream job, especially in the creative and tech sectors. The need of the hour is acquiring the right skillsets. Top-tier tech companies such as Google, Apple, and IBM no longer insist on formal education. For them and many others, it is the skills that matter along with a formal education or degree. Kent Walker, SVP of Global Affairs for Google wrote in a blog that people shouldn’t need a college diploma to have economic security. “We need new, accessible job-training solutions—from enhanced vocational programs to online education—to help America recover and rebuild,” he wrote.  

While formal education is still a popular choice among students, many now realise that to be job-ready they also need to acquire some relevant qualifications/certifications apart from their degree. The reason is simple—in many instances the pedagogy of formal education is not aligned to the industry needs. Further, hands-on training is still minimal in most traditional modes of education. This gap impacts both the jobseekers and businesses. Job seekers stare at unemployment while businesses turn down projects as they are unable to find people with the right skills.  And this is a pattern seen across the globe. So many jobs, but not enough people with skills to fill them. Meanwhile, especially among old economy jobs, wage growth cannot keep up with inflation.  

Meanwhile, there are efficiencies created by the internet and new techs such as automation and blockchain. As a result, the global economy will look completely different in the future. Thus, half of today’s jobs will cease to exist. What’s left will be jobs that require skills most acquired through alternative pathways.  So, there is a need to look beyond formal education.  

As mentioned earlier, companies are not looking just at formal qualifications or certifications. They see your skills and motivation. With jobs such as consulting and artificial intelligence, if you have the skillset and the can-do attitude, you’re hired. A case in point, we now have platforms offering university degrees along with skill enrichment programs. In other words, learning matters. There is a need to find the right balance—between academic qualifications and relevant skillsets.