Globalization is changing the economic environment creating shifts, changing the way people work, engage in the world, do business. In an increasingly social, global, and hyper-connected economy the status-quo and "one-size" fits all model is not longer valid and relevant. The impact of globalization on higher education is no longer provided solely within national borders.
How will universities respond to new expectations, market realities, reduced state funding during a period of rapid change? Globalization is changing how post-secondary institutions view the world and the ways in which universities can dramatically expand access to higher education. How will this impact affect higher education?Future Trends:
- Increasing and rapid urbanization of many global regions are seeking better education opportunities. Emerging economies consist of eighty percent of the world's population and some 75% of its trade growth in the foreseeable future according to the U. S Department of Commerce. Becoming increasingly important: Columbia, Indonesia, Vietnam, Egypt, Turkey, South America. As their economies grow, will the demand for educational services increase as well? There will be emphasis on education to aid progress on the emerging economies to help further economic stability and empower individuals. While many developing economies are heavily investing in education it will take time to close the gap due to a mix match between global workforce demands and lack of relevant skills.
- International students contribute more than $21 million to the US economy through their expenditures on tuition and living expenses. International experience is critically important to be competitive in today's globalized world. Students understand their careers are going to be global hence seeking interest in programs such as cyber security, management and leadership on healthcare, and entrepreneurship and innovation. International students looking outside their home country are looking for the same thing.
- Implement organizational planning processes to help your university thrive in an open and dynamic world, navigate change, achieving greater transparency and give you the ability to drive efficiencies. Plan for strategic avoidance by distinguishing between higher-profit volatile international markets and lower-profit stable markets. Lower-profit stable markets should not be ignored during peaks of higher-profit volatile markets. Mitigate risk by offering educational programmes around your universities experience, brand and marketing strategy. Universities need to be clear which niches or segments it wants to serve, and what will set its educational experience and impact apart. Greater efficiencies will be achieved and understood by staff and students by offering more focused and well-managed inventory of educational programmes. In order to cater to future learning needs, including mobile, blended and modular, collaborate to offer custom content design, and development and management services to your intuition.
- Use advanced technology as a core differentiator in attracting students and corporate partners to your university. Leverage technology such as virtual study centres in different regions of the country equipped with audio and visual tools to enable video conferencing, implement artificial intelligence learning platforms as well as MOOC's to put education within reach of more individuals around the world. Globalization powered by technology will give citizens around the world access to education filling a void for accessible and affordable higher education globally.