Globalization is changing the way the world works, and employers are increasingly looking for workers who have cross-cultural competence and cutting-edge technical skills.
PricewaterhouseCoopers predicts that by 2050, the E7 (China, India, Brazil, Russia, Indonesia, Mexico, Turkey) will be more than 50% larger than the G7 countries (the U.S., UK, France, Germany, Italy, Canada, Japan) when measured by GDP at market rates. The National Intelligence Council's "Global Trends Report" projects that China will surpass the United States as the world's largest economy by 2030. A recent study by the British Council, entitled Culture at Work, shows that employers are under strong pressure to find employees who have both technical knowledge and "soft skills" such as critical thinking, problem solving, time management, and communication, deemed necessary for success in a global workforce.
At the same time, there is a mismatch of skills of graduates today and what employers are looking for. The Global Risks Report 2014 indicates structural high unemployment/underemployment as one of the top global risks over the next decade. The generation coming of age in 2010s in advanced countries face high debt and are not prepared for the workforce.
Employers value study abroad experiences in the workplace.
Study abroad is essential to future employability, earnings potential, and the economic well-being of students and communities.
- AIM Overseas reported 61% of employers agree that an overseas study experience is a positive on a resume. Additionally, 72% of employers agree that knowing a second language adds to the appeal of a prospective employee. The same study reported 95% of students found the exchange experience as useful with regard to their future career plans.
- Based on responses from 10,0000 hiring managers and CEOs in 116 nations, the 2011 QS Global employer survey found that 60% of respondents said they do "value an international study experience".
- Study abroad alumni have better job prospects. Based on a survey conducted by IES Abroad, 90% of study abroad alumni found their first job within six months of graduation.
- The UK Higher Education International Unit’s Go International Report (2013-14) showed that students who were mobile reported to have higher average salaries than their non-mobile equivalents. Graduates from a background in routine occupations who had been mobile earned, on average, £1,364 per year more than their non-mobile peers. And although they were less likely to be mobile, a period abroad correlated with a significantly greater improvement in employment outcomes for black and Asian students compared to white students.
- According to US News, an increasing number of employers desire professional employees with both "hard" and "soft" skills. This includes the ability to adapt to changing circumstances and the willingness to learn through experience. Study abroad allows students to develop these skills.
From A Student Guide to Study Abroad
"The ability to work across cultures is no longer a nice-to-have skill set for elite executives; every year it becomes more essential to finding any job at all. A machine operator at a plant in Topeka that exports aircraft parts to Brazil needs to know how to interact effectively when Brazilian customers come to visit. A nurse's aide at a Houston hospital that serves a large Hispanic community has to communicate with family members in ways that encourage rather than discourage patient compliance." - Stacie Nevadomski Berdan
"The beauty of studying abroad is gaining a broader understanding of other cultures. Having access to other people and building relationships with those people on their home turf enables one to think more creatively and flexibly, necessary skills in today's competitive work environment. If a student can bring that understanding and knowledge back to the USA, the sky's the limit!" – Frank Abate, Division Manager, JM&A Group
"As a 35-year old, I believe that my generation is the last one to be able to use global experience as a differentiator. Globalization has now become a requirement to compete and succeed." – Adam Michaels, Principal, Booz & Co.--
Read the full article at http://www.iie.org/Programs/Generation-Study-Abroad/About/Why-Study-Abroad
Use our program search to find your study abroad program today: http://studyabroad.uark.edu/search
