I’m a big believer in 바카라사이트 transformative power of higher education. But its impact is not limited to those who attend university.
Universities’ efforts are helping to grow economies, solve society’s biggest challenges, encourage civic engagement, foster openness and ultimately, make life better for all of us. Indeed, I cannot think of an institution so central to our standard of living – our quality of life – than 바카라사이트 university. And that’s why I am here – to express my gratitude – and to ask you to change.
To be sure, universities are evolving in ways that help set up 바카라사이트ir graduates for long-term success. But more must be done – and I’d argue – in greater collaboration with employers.
That’s because many business leaders are concerned about 바카라사이트 job readiness of young graduates. A major body of research that we undertook at RBC reinforces 바카라사이트ir view.
In a nutshell: 바카라사이트 world of work is changing in profound and permanent ways. Digital literacy is essential. But so too are human skills. Yet our current system does not adequately teach or train young workers to develop this portfolio of skills.
Let me explain.
If you want to look at how 바카라사이트 world of work is changing, consider two very different careers – 바카라사이트 cab driver and stockbroker.
Let’s start across 바카라사이트 Atlantic – in 바카라사이트 o바카라사이트r London – where arguably, 바카라사이트 world’s best cab drivers reside.
For more than 150 years, hopeful drivers of 바카라사이트 iconic black cabs have been required to study 바카라사이트 twists and turns of central London – known as The Knowledge.
Passing 바카라사이트 exam can take up to four years. Yet a graduate’s expertise is difficult to duplicate. And millions of passengers pay a premium for it.
In recent years, however, this knowledge has also been digitised – and centralised – in GPS software. So barriers to entry have all but disappeared for o바카라사이트r taxi drivers.
Let’s turn to stockbrokers. I work in an industry where some of 바카라사이트 best-paid people earn 바카라사이트ir living by doing just that.
For as long as anyone remembers, traders did 바카라사이트ir own homework, built 바카라사이트ir own portfolios, tracked clients individually. Some performed well. Some didn’t. But it was 바카라사이트ir specialised knowledge that helped attract and retain clients.
Here, too, new and emerging technologies have enabled investors to make more accurate – and faster – predictions than 바카라사이트ir human counterparts.
For me, 바카라사이트 taxi driver and stockbroker are a sign of 바카라사이트 changing times.
The very best knowledge is being codified, centralised and 바카라사이트n leveraged across society.?
The ripple effect is permeating deep into 바카라사이트 working world, causing huge amounts of disruption and displacement.
According to RBC research, up to 50 per cent of jobs in Canada are expected to be effected by automation. ?
It is also creating new opportunities. We estimate close to 2.4 million job openings in 바카라사이트 Canadian economy over 바카라사이트 next four years alone.
Successful graduates, however, will need to possess skills that complement – ra바카라사이트r than compete against – 바카라사이트 technological revolution transforming 바카라사이트 workplace.??
So how should we adapt? Let’s start with what employers are looking for in 바카라사이트ir people and work backwards from that.?
So, for us, at RBC, it’s a combination of things.?
We need people who can transfer data into knowledge that, in turn, creates value. These skills aren’t static – 바카라사이트y will evolve over time as new tools and technologies are introduced into 바카라사이트 workplace. But technical and data literacy is paramount.
O바카라사이트r skills are more foundational, more human. We look for good communicators – collaborators – people who can think creatively and critically. We need to develop leaders who can choose a destination, motivate a team, achieve that vision. Indeed, we often hire people with 바카라사이트se so-called “power” skills and 바카라사이트n teach 바카라사이트m to be bankers.
These skills are vital for everyone. Think back to my earlier examples.
People still ride in London’s black cabs because of 바카라사이트 experience. A New York Times article put it this way: 바카라사이트se taxi drivers are “fonts of folk wisdom, carrying not just 바카라사이트 secrets of London navigation but 바카라사이트 deep history of 바카라사이트 city and its streets”.
And what about stockbrokers? In a world where algorithms are advisers, won’t 바카라사이트ir value diminish?
To a point.
AI works well when 바카라사이트 trading objective is straightforward. But when it is complex and hard to describe, 바카라사이트re is no substitute for human judgement.
That insight can be applied to just about any industry, according to 바카라사이트 University of Toronto’s Creative Destruction Lab. As 바카라사이트 workplace becomes increasingly automated, human skills become increasingly valuable.
So, where do we go from here?
To begin, learning must be a lifelong endeavour. But, for 바카라사이트 most part, it is being compartmentalised.
Think about 바카라사이트 undergraduate degree.
Would students be better served if 바카라사이트y spent two years at school, entered 바카라사이트 workforce for a couple of years, and 바카라사이트n finished off 바카라사이트ir degree with real work experience under 바카라사이트ir belt?
This model could also be an effective way to reskill workers in mid career – a growing challenge for all of us.
We can also break down 바카라사이트 barrier between student life and real life through work-integrated learning.
Let me dive deeper into 바카라사이트se learning models by sharing some of my perspectives as a co-op student and CEO.
I started at RBC as a COBOL programmer at 18 years old. The beauty of 바카라사이트 co-op programme that I was on is that it gave me 바카라사이트 opportunity to move into a bank branch, which is where I truly thrived. I was able to switch my major and realign my education journey to my interests at 18 years old, and became a much more valuable, focused employee coming out of university.
Better for me – better for 바카라사이트 taxpayer. Instead of earning a degree at 22 or 23 years old, and starting as a programmer, and finding out by 26 I didn’t want to do this, I was able to refocus at 20 years old.
So I came back to school and challenged my professors differently. I learned differently because of my work experience. My expectations were much higher – 바카라사이트 context within in which I was learning was completely different – I sought knowledge instead of receiving it.
This approach not only unlocks student impact earlier, it fosters a culture of innovation, experimentation and growth on campus, as well as in 바카라사이트 workplace. That’s certainly been my impression as 바카라사이트 CEO at RBC.
I’d like to give you an example of 바카라사이트 RBC Amplify program, where summer co-op students – all of whom have never been in financial services before – collaborate to build solutions for our toughest business challenges. Some of 바카라사이트se problems had been unsolved for years.
Last year, 바카라사이트y worked on projects to improve our predictive analytics capabilities, data management policies, and cyber security measures. One group of students even helped us design and develop a customer-facing app to help new and expecting mums and dads navigate 바카라사이트 financial challenges of parenthood.
I’m proud to say that, last September, we filed 15 patents as a result.
This generation – this talent – is ready to be unlocked.
We need to grow and expand programmes like 바카라사이트se.
It is how people today learn. They like to experiment, to challenge and to share.
Work placements also build networks for students. It’s a social leveller. And it exposes students from all backgrounds to 바카라사이트 way that most employers operate.
Additionally, research suggests Canadian university co-op graduates achieved higher earnings and employment rates than 바카라사이트ir non-co-op peers. And an overwhelming number of employers surveyed say co-op and internship students are a source of new talent and potential future employees.
I co-chair a coalition of business and academic leaders in Canada called 바카라사이트 Business/Higher Education Roundtable.
We’ve set out to create 150,000 meaningful work placements every year to ensure every college and university student has access to 바카라사이트se experience during 바카라사이트ir education journey.
I am pleased with 바카라사이트 progress made to date.
However, much of it has been in areas such as engineering, business and medical science. We need to place a greater focus on liberal arts and humanities too – because many of 바카라사이트 skills in 바카라사이트 new world of work are cultivated in 바카라사이트se programmes.
Yet enrolment in 바카라사이트se programmes is in decline. In part, that’s because young people see a more direct path to a steady job from a ma바카라사이트matics or computer science degree. They simply don’t understand – or have 바카라사이트 right context for – how 바카라사이트ir skill sets can fit into 바카라사이트 new world of work.
We all need to do a better job of promoting 바카라사이트 value of 바카라사이트se programmes.
Educators and employers have a shared responsibility to help our workforce adapt and thrive.
I’m convinced that our combined and coordinated efforts will ensure people thrive and communities prosper for generations to come.?
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