University as connector: how universities can align industry needs and student demand using data

Universities can play a key role connecting student demand for education with industry demand for skills. This paper explores how to use data to focus industry collaboration and student recruitment in ways that deliver benefits to them and universities. Around the world many industries are experiencing workforce gaps. One study put the cost of workforce gaps in the United States at US$8.5 trillion by 2030, and another found the unrealised value of skill vacancies in Canada was already at C$25 billion in 2020. In Australia, [Chief Executive Officers] CEOs anticipate that in 2023, 90 per cent of businesses will be affected by staff shortages. But rather than the problem being simply a shortage of skills, it is more accurate to frame it as a mismatch of skills. That is, employers are finding it difficult to fill many roles due to the lack of workers with the specific skills or experience required, while at the same time many people cannot find work with the skills they have developed.

Universities have an enormous opportunity to act as skills connectors - understanding the demand for study and the demand for skills, and bridging the divergent preferences of students (as prospective or current employees) and industry partners (as employers). To help universities achieve this, we have developed a methodology that gives universities clear guidance on the biggest questions in their recruitment, industry partnering and course development investment decisions. Integrating key data sets on industry and student demand in Nous Group's Data Insights for Market Analysis (DIMA) platform, this methodology provides a powerful evidence base for universities to generate value for industry partners and students, and to further invest in their own mission. This paper demonstrates how this methodology can be applied, with a focus on opportunities for universities in Australia, Canada, the United Kingdom and the United States.

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