C H A L L E N G E :
In emerging markets, higher education institutions are not preparing their graduates to enter the workplace, who lack the skills needed to be employable. Currently 54% of employers can’t find graduates with the right skills, while 57% of graduates fail to find a job in their specialty. The result is less than half of all graduates worldwide feel prepared for an entry-level job. Solving the disconnect between what students are learning and what labor markets want is one of the major challenges of our time. It’s an opportunity for greater collaboration between educators and employers, with benefits on both sides.
S T R A T E G Y:
IFC’s Vitae adopted a data-driven approach for public and private education institutions to evaluate themselves against a global benchmark of good practices. By identifying employability gaps and proposing practical interventions, institutions became better equipped to chart a path to transformation. Marketing conversion tactics included lead generation through a benchmarking exercise, advertising campaigns on higher education platforms, and peer-to-peer marketing at the leadership level. Participating institutions were empowered through access to a self-guided app with data insights and well-promoted client testimonials that positioned them as leaders in the employability space.
O U T C O M E S:
The future looks bright for Vitae, with plans to reach more universities through the platform and to increase product offerings to include workshops and training for institutions who wish to drill down on key aspects of employability. There’s also been a surprising interest from public universities who wish to take a sector-wide approach to advance their technical and vocational education and training (TVETs). The ultimate proof of Vitae’s success will be several years in the making, when universities start to report their results on higher levels of employability, incomes, and job satisfaction from their graduates. Vitae currently has more than 100 participating higher education institution clients across 23 countries.
A S S E T S :
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Employability Challenge
Presentation
Implementation Guide