By one, and only one, measure, institutions of higher education around the world are remarkably successful: they reach far more people today than ever before. By all other measures, however, the 4,500 institutions currently serving more than 21 million students in the US, and the 6,500 other institutions around the world, collectively deserve failing grades, writes Tim Laseter for Strategy + Business.
First, they fail to help students fulfil their goals. Even in the US, which has 60% of the top-ranked universities in the world, the overall metrics on successful matriculation are dismal.
Second, the cost of a college or university degree is out of control. Third, institutions of higher education fail to meet the needs of another critical constituency: employers.
In the business world, such poor performance typically leads to industry restructuring fuelled by new entrants, as well as innovation by a subset of incumbents. Those moving too slowly or in the wrong direction don’t survive. Higher education might seem immune from such dynamics. And it probably would be immune if it weren’t for one factor: the technological disruption of the internet and online learning.
Full report on the Strategy + Business site
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