- Graduates increasingly view their education as providing good
value for their investment (73%), up from just 52% in 2023
- 3 in 4 (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
- GenAI and other emerging technologies have 51% of recent
graduates second-guessing their career choices, with more than a
third (39%) fearing that GenAI could replace them in the workforce
entirely
BOSTON, July 23,
2024 /PRNewswire/ -- Despite a positive labor
market and high demand for skilled talent, employers continue to
struggle with finding and retaining workers to meet their evolving
business needs. A new report released today from Cengage Group, a
global edtech company, reveals significant shifts in graduate
perceptions, the growing impact of AI on the workforce and how
post-secondary education is adapting to meet these challenges.
The 2024 Cengage Group Employability Report, based on surveys of
1,000 U.S. employers and 974 recent graduates (individuals who
received a 2- or 4-year degree and/or a skills certification within
the last year), offers key insights into how educational
institutions are evolving to close talent gaps and prepare students
for an AI-driven future, with a growing emphasis on practical,
job-ready skills alongside traditional academic credentials.
This curricula shift toward employability has improved
graduates' perceptions of education 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. The
recognition of the need for higher education has also increased,
with 51% of graduates stating that a college degree or
certification was essential to their job performance, up from 42%
in 2023. Perhaps most importantly, there has been a marked
improvement in the focus on employable skills, with nearly 3 in 5
graduates (57%) believing their program equipped them with the
skills needed for their first professional job, a considerable rise
from 41% in 2023.
"Our 2024 Employability Report reveals post-secondary education
is experiencing a pivotal moment," said 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."
While the perceived value of education has improved over the
last year, the report also exposes opportunities to continue
driving new value by enhancing GenAI literacy. In fact, graduates
expect it, with 3 in 4 (70%) believing basic GenAI training should
be integrated into courses. As GenAI becomes more common in the
workplace, there are critical disconnects between the widespread
adoption of GenAI in the workplace and the preparedness – or lack
thereof – of graduates to use these tools effectively. Key findings
include:
- Graduates feel unprepared to work alongside GenAI:
Currently, 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 3 in 4 (69%) graduates
say they need more training on working with new technologies in
their current roles.
- AI is creating career doubt: Over half (51%) of
graduates are second-guessing their career choices due to rapid
technological advancements, up from 33% in 2023. More than a third
of graduates (39%) fear AI could replace their jobs entirely.
- Employers expect GenAI competency: Nearly 2 in 3
(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 4
employers say employees use AI tools in daily workflows 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," said 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."
Hansen continued to say, "The data supports the growing need for
GenAI training and professional skills development. Given the rapid
speed at which GenAI is evolving, the development of these skills
must come from use, practice, and experimentation – both in the
classroom and in the workplace. We cannot live in fear of this
technology, we must instead create environments where individuals
can gain exposure to these tools and deepen their skillset in
working alongside GenAI. 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."
For more information about the 2024 Cengage Group Employability
Report, click here.
About Cengage Group
Cengage Group, a global education
technology company serving millions of learners, provides
affordable, quality digital products and services that equip
students with the skills and competencies needed to be job ready.
For more than 100 years, we have enabled the power and joy of
learning with trusted, engaging content, and now, integrated
digital platforms. We serve the higher education, workforce skills,
secondary education, English language teaching and research markets
worldwide. Through our scalable technology, including MindTap and
Cengage Unlimited, we support all learners who seek to improve
their lives and achieve their dreams through education. Visit us
at www.cengagegroup.com or find us
on LinkedIn or X.
Contacts
Emily Featherston, Sr. Director,
Corporate Communications
Emily.featherston@cengage.com
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