Shalom Lamm Importance of Higher Education on Economy

Higher education is one of the most important drivers of national and global economic growth, wealth, and competitiveness according to Shalom Lamm. Universities and other educational institutions provide not only postsecondary education and continued skills training but also a thriving research environment that develops inventions with commercial value. In this article, we'll look at some ways higher education affects society, workforces, and graduates.

• Creates a Workforce

The modern workplace is in a condition of perpetual change. Job positions and the abilities required to succeed in them have evolved dramatically in the recent decade, with technology innovations playing a crucial role. Employees must evaluate their work-related abilities regularly and take advantage of possibilities for continuous learning, which should be encouraged by their employers. From students and new graduates to senior managers, the higher education industry is critical in providing training to people at all stages of their lives as observed by Shalom Lamm. Accreditation at all levels gives companies peace of mind and provides employees with tangible evidence of their professional development. As a result, personnel turnover is reduced and job satisfaction is improved, resulting in increased workplace morale.

Furthermore, skills training has a hugely favorable impact on the economy as a whole. A well-trained, highly competent workforce is better prepared for the modern workplace's difficulties and prospects. Employees who have the necessary skills work more efficiently and confidently than those who are trying to keep up with their roles' shifting demands. In the end, trained labor raises productivity, boosts production, and moves the economy forward. This outcome is contingent on high-quality, easily available workplace training. It's an intriguing new market for the higher education sector to enter, with seemingly infinite development potential. Lifelong learning is already promoted by universities and other institutions promoting quality in professional education is a natural continuation.

• Drive Innovation

Higher education institutions play an important role in fostering innovation to solve global concerns in areas that matter to society, such as healthcare, environmental protection, resource security, international development, and demographic trends. Many of the most significant breakthroughs in recent years, such as augmented reality, self-driving vehicles, HIV combo medicines, and cloud computing, have all come from university research. Innovations have a significant economic value, but they also benefit our health, our work, and our social lives as told by Shalom Lamm. The economy as a whole benefits from university research and innovation because it stimulates investment both locally and globally, boosts exports, and helps to balance the economy.

Students can develop transferrable skills that will help them excel in the workplace in a research-friendly environment, thereby strengthening the knowledge-based economy. Research has a direct impact on an economy's prosperity. For example, universities in the United Kingdom contribute £95 billion to the economy, whereas universities in Australia generate $25 billion and universities in Canada generate $55 billion. Between 1996 and 2015, technological breakthroughs created in universities and colleges in the United States contributed $591 billion to the national GDP.

• Increases Employment

Applicants must compete in a highly competitive employment market, where their credentials may not be sufficient to acquire the type of position they desire. Graduates and experienced professionals must be equipped with the tools they need to find and succeed at work as the industry shifts toward competency-based recruitment, which prioritizes skills and experience over pure academics as per Shalom Lamm. Universities should take the initiative in creating chances for current students to gain industrial experience through internships and job experience. Furthermore, technical and workplace skills training should be taught concurrently with academics. Furthermore, offering mentoring opportunities to help prepare incoming graduates for a competitive job market can be advantageous. Knowledge is indeed powerful, but it isn't limited to official academic credentials.

Graduates with broad employability skills can provide businesses with exactly what they want: digitally savvy workers that are flexible, organized, and resourceful. Furthermore, colleges are well-positioned to provide employability training to those who want to change careers or apply for new jobs but need to refresh their abilities. Advanced courses for seasoned professionals are another intriguing junction between higher education and industry.

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