TL;DR: While higher education has expanded significantly, its economic benefits are not as significant as they once were. Targeted skill development through corporate training programs and technical training, such as "Ginou Jisshu," can provide more practical and valuable career paths than a traditional university degree.
Rethinking Higher Education: Skills Over Degrees
In today's rapidly evolving world, the traditional notion that good grades lead to higher income is being challenged. Recent observations indicate that success is not solely dependent on educational credentials but rather on the skills and adaptability of individuals. This shift in perspective is crucial, given the dramatic increase in higher education opportunities over the past few decades.
The Changing Landscape of Education
In the 1990s, Hong Kong had only two universities offering bachelor's degrees. Fast forward to today, and there are eleven. Similarly, university admission rates have skyrocketed, with Taiwan's admission rate exceeding 95%. This proliferation of higher education institutions means that a university degree no longer guarantees economic success. It has become a common commodity rather than a mark of distinction.
The Real Value of Education
While education undoubtedly plays a role in personal development and societal progress, its direct economic returns have diminished. The saying "Men fear choosing the wrong profession, women fear marrying the wrong man" highlights the importance of career choice over educational background in determining income levels. Many profitable sectors, such as real estate, sales, and even security, offer lucrative opportunities without requiring a university degree.
The Cost of Over-Education
A university education has significant costs beyond tuition fees, including time. The opportunity cost of spending four years in university, rather than entering the workforce, can be substantial. If graduates earn similar or lower incomes than their non-degree peers, the economic return on a university degree becomes negative.
Moreover, many graduates emerge from university with high expectations but insufficient skills or experience to meet those expectations. This disconnect can lead to underemployment and dissatisfaction, as individuals may feel overqualified for available jobs yet lack the practical skills to excel in their chosen fields.
Emphasizing Skills Over Degrees
To address these challenges, we must shift our focus from degrees to tangible skills. Programs like Japan's "Technical Intern Training" or "Ginou Jisshu" offer a model for developing specific skill sets that meet societal needs. Companies should adopt similar initiatives, offering fair training programs that equip employees with practical skills from the ground up.
A Call for Change
Higher education should not simply expand and lower qualification standards to produce more degrees. Instead, it should concentrate on maintaining rigorous standards and fostering essential skills. By doing so, we can ensure that individuals are prepared to contribute meaningfully to society with expertise in fields like technical engineering, healthcare, or trades.
In conclusion, while higher education remains important, it is not a panacea for economic prosperity. By valuing skills and practical training over degrees, we can better align educational outcomes with societal needs and create a more robust and adaptable workforce for the future.
