"Today's economy is not a recession. It's the end of an era." When I first heard this quote from Arthur Brock, it struck a chord. We have indeed entered a new era as well as a knowledge-based economy where an organization's effective utilization of intangible assets such as employee skills, abilities and innovation are key to building a competitive edge. What does this mean for career colleges?
Career colleges, just like all organizations, must improve their adaptive capabilities to sustain long-term competitive advantage. Likewise today, every institution must be exceptional at creating change; not just responding to it. Disruption has become a market norm and in higher education we've seen many examples including massive open online courses (MOOCs), adaptive learning, competency-based programs, shifting student demographics, shifting attitudes about the purpose and ROI of higher education, and of course regulatory changes to name only a few. How do career colleges create adaptability as their new competitive advantage?
Institutional leaders must first recognize the potential their employees already possess. The collective, diverse cognitive power of an institution's employees provides more opportunity for innovation than any other resource. Higher education institutions, more so than any other type of organization, should also understand that if people are the engine for innovation, knowledge provides the fuel that sets the engine in motion. Thus, an institution's investment in its employees' learning and professional development is an investment in building innovation capability necessary for sustainable competitive advantage in today's knowledge economy.
Employees have a natural desire to learn and it behooves institutions to develop employee potential. Career colleges, though, cannot just nurture their employees' capacity for innovation and cognitive agility through training; they must implement systems that facilitate broader organizational participation to access a greater diversity of knowledge and viewpoints.
Additionally, since we have entered an era that requires real-time response to change, now, more than ever, institutions positioning themselves for sustainable, long-term success realize the importance of providing just-in-time learning programs for their employees - programs that meet immediate training and developmental needs and that have a direct effect on organizational performance. Full, just-in-time employee development programs should not be viewed as a luxury, but rather a core component of a true learning institution that wishes to thrive in today's knowledge economy. Career colleges that invest in their people are investing in their future.
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