Innovation Imperative: Enhancing the Talent Pipeline

Transcription

1 Innovation Imperative: Enhancing the Talent Pipeline National Business Leader Poll Results NORTHEASTERN UNIVERSITY 3 rd Innovation in Higher Education Poll April 29, 2014

2 Methodology Northeastern University s third Innovation Imperative Poll examines business leaders views on key issues at the intersection of employment and higher education. The poll examines current views on college student outcomes, graduates preparedness for the workforce and innovation in higher education, as well as the impact of the Great Recession on hiring practices and workforce development. The national sample (N=502) is proportional to the composition of U.S. businesses, with supplemental oversamples in three Designated Market Areas (DMAs): Boston, Seattle and Charlotte (N=301). The poll was conducted February 3 19, The overall incidence was 75% and the margin of error (MOE) is +/ for the national sample, and +/ for the oversample (95% confidence level). 2

3 Key Findings Most business leaders believe the U.S. education system lags behind both developed and emerging countries in preparing students for the workforce, and virtually all steadfastly believe innovation is crucial to remain globally competitive. The employee skills gap is real, and it might worsen: Business leaders resolutely believe there is a skills gap in today s U.S. workforce and a substantial majority contends that most college graduates lack the most important skills needed to succeed. American business leaders are divided in their expectations of whether college graduates will be more, less or equally prepared for the workforce in years. Nearly two thirds of C-Suite executives say the Great Recession has impacted their businesses, with the most common consequence being a reduction in the number of entry level positions. Higher education must develop innovative ways to educate and prepare our students: C- Suite executives resolutely believe colleges and universities should expand opportunities for experiential learning and teaching about entrepreneurship. 3

4 1Global Standing and Innovation Imperative

5 The C-Suite and general public agree the U.S. higher education system currently lags behind most countries Thinking about emerging economies, such as China, India and Brazil, and mature economies such as Japan and many nations in the European Union, how do you think the U.S. ranks in terms of preparing students for the workforce? 2014 C-Suite 49% 2013 National 47% 41% 36% 7% 5% 5% 7% Ahead of all Ahead of most Behind most Behind all Ahead of all Ahead of most Behind most Behind all 5

6 Business executives feel most strongly that innovation in higher education is critical for global competitiveness And, please indicate whether you agree or disagree with the following: The U.S. higher education system needs to innovate to remain competitive with other countries around the world. AGREE / DISAGREE 2014 C-Suite 96% 3% 2013 National 87% 13% 2012 National 83% 11% 6

7 1-in-3 say graduates will be less prepared for the workforce in years, with small business leaders most concerned And, in the next years, do you think college graduates in this country will be more prepared, less prepared, or equally prepared to enter the workforce as compared to today s graduates? 2014 C-Suite 27% 32% 39% More prepared Less prepared Equally prepared <100 Employees 100+ Employees 25% 33% 40% 43% 19% 35% More prepared Less prepared Equally prepared More prepared Less prepared Equally prepared 7

8 Executives are divided on whether the value of a college degree in America will increase, decrease or stay the same Do you expect that the value of a college degree in America will increase, decrease or stay the same? 34% Value of College Degree in years 28% 38% Increase Decrease Stay the same 8

9 2Skills Gap and Effects of the Great Recession

10 Employee skills gap: Business leaders widely believe there s a sizeable shortage of necessary skills in the U.S. workforce Do you think there is currently a skills gap, or a shortage of necessary skills, among the U.S. workforce? 73% Skills Gap 25% Yes No 86% Manufacturing 14% Professional Services 77% 21% Healthcare /Social Services 67% 29% 10

11 And they re concerned about the long-term impact of government funding cuts on the quality of the workforce Overall, how concerned are you that cuts in government funding for higher education and research will have negative long-term effects on the quality of the U.S. workforce? 39% 37% National 37% Boston 31% 23% 15% 7% 6% Very concerned Somewhat concerned Not very concerned Not at all concerned Very concerned Somewhat concerned Not very concerned Not at all concerned 11

12 The Great Recession has had a wide range of negative effects, with cut-backs on recruiting, hiring, and training Please indicate which, if any, of the following describes the impact of the Great Recession on your company? Impact of the Great Recession We reduced the number of entry-level positions 40 % We slowed promotion tracks for existing employees 31 % We invested less money and resources in employee training programs 29 % 30 % Among Boston C-Suite executives We stopped or reduced recruiting at colleges and universities 17 % 12

13 3 Online College Education, Experiential Learning and Entrepreneurship

14 Business leaders are divided over the quality of an online degree, but would consider hiring an online-only candidate An online college degree provides a similar quality of education as compared to traditional colleges or universities. Online Degree: Same Quality as Traditional My company would consider hiring an employee that received an online degree or certification from a non-university course provider. Hiring an Employee with Online Degree 53% 36% 34% 12% 14% 16% 18% 4% Strongly agree Agree Disagree Strongly disagree Strongly agree Agree Disagree Strongly disagree 14

15 Virtually all C-Suite executives believe experiential learning is paramount for graduates success Please indicate how important you think each of the following is for U.S. colleges and universities to focus on: Integrating education programs with practical experience, such as internships with employers. 76% Integrating Education with Practical Experience 21% 2% 1% Very important Somewhat important Not very important Not at all important 15

16 Business leaders say partnerships with educational institutions are key, but most don t sponsor such programs Many colleges and universities partner with private industry. Which of the following would you say is the most beneficial type of partnership for your organization: Most Beneficial Partnerships Long-term internships for college students (6-12 months) 36 % Education partnerships focused on specialized skills training 36 % Research partnerships 10 % 7-in-10 Support partnerships that promote experiential learning None of the above 18 % And, is this type of program currently underway at your company? Partnerships Currently Underway 44% 54% Yes 16 No

17 Nearly 9-in-10 business leaders say entrepreneurial skills are important for workforce preparedness Please indicate how important you think each of the following is for U.S. colleges and universities to focus on: Programs that teach students about entrepreneurship, including how to start their own business. Importance of Entrepreneurship Programs 45% 44% 9% Very important Somewhat important Not very important Not at all important 1% 17

18 4Employee Training and Career Success Factors

19 Boston-area business leaders are more likely to offer funding for continuing education and employee training Please indicate which, if any of the following are currently offered at your company: Continuing Education and Training NATIONAL BOSTON SEATTLE CHARLOTTE Funding for employees to take online continuing education courses 33 % 44 % 48 % 33 % Funding for employees to take inperson continuing education courses 38 % 43 % 50 % 44 % Professional development training 51 % 62 % 65 % 44 % 19

20 Executives cite personal drive as the most important factor; C-suite in Boston are most likely to tout mentorship Which of the following was the most important factor for your own career success? Please select the top two in order of importance. Personal Career Success Factors Personal drive and ambition 72 % Early career training 31 % College or graduate education 27 % 45 % Among Boston C- Suite executives Mentors or advisors Internships or summer jobs during college 27 % 21 % 20