While students want to make money in their jobs and employers want to obtain workers with relevant knowledge that can be applied, the end goal for some may be money, but the real value of education is not monetary. Money is an end game only. When money becomes the driving force behind change management and innovation, then the focus shifts from outcome-based (customers) to income-based (shareholder & personal wealth). These companies and institutions typically don’t stand the test of time. The real value of education is the ability to acquire knowledge and skills and to expand the mind to become more adaptable and receptive to information and resources which can be leveraged to perform one or more jobs. These jobs can be applied to a singular discipline or across a variety of disciplines based on the occupational opportunities.
Scenario: (results vs. outcomes)
Suppose you have different educational institutions each relying on their perception of what “metric” is most valuable to a student (customer):
– The graduation rate of a given institution
– The average salary of graduates who obtain jobs
– The number of graduates (from a given institution) who obtain jobs
– The number of graduates who obtain jobs that leverage their strengths & interests
– The number of graduates who find fulfillment in life, ability to creatively define & manage their careers, and a thirst for knowledge
I can imagine that an educational institution may provide different educational services, depending on what they “think” is important to the customer.