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Time for profound transformation in the education sector, says Mercer

When the Covid-19 pandemic emerged earlier this year, few sectors were left unscathed by the enormity of its impact. But one that arguably felt it more than most was the field of education - and the repercussions may be prolonged.  
 

In fact, the World Bank has called it “the biggest shock ever experienced by global education community”, noting that 160-plus countries mandated some form of school closure, a move which has affected at least 1.5 billion children around the world.  
 

While students have been forced to stay at home, educators have had to change the way they teach, and parents have been obliged to take on a far bigger role in supervising their children’s learning. Indeed, it is safe to say that Covid-19 has fundamentally changed the education sector, challenging all involved to adapt and forcing them to adopt new technology and different approaches.  
 

In light of this, Mercer, a leading professional services firm which specialises in risk, strategy and people, recently held a “Rebuild and Reinvent – Back to School” webinar. The aim was to assess how the education sector is reinventing itself and preparing for further change. 
 

“In the short term, the sector needs to examine the impact on learning and, in the longer term, the loss in human capital and economic opportunities,” said Vicki Fan, chief executive of Mercer, Hong Kong. “The impetus for change is now greater than ever.”
 

Speakers for the event included her colleagues Darryl Parrant, career business leader; Haze Zhang, M&A transaction services leader; Richard Roper, health business leader; and Adeline Tan, wealth business leader. A special guest was Tim Kaiser, upper school principal from the Canadian International School of Hong Kong. 
 

Key topics they discussed ranged from the fast tracking of digitisation and its impact on the future workforce to the importance of mental wellbeing. They also spoke about the impact of market volatility on endowments and pensions, rethinking M&A opportunities for the education sector, and the potential of AI-based innovation. 
 

“The entire education ecosystem needs to rethink the future landscape, which is going through a rapid evolution impacting all stakeholders,” Roper said.  
 

The webinar identified four key drivers - technology, community and space, capability, and personalization - which are promoting this new learning and operational ecosystem, while also bringing new opportunities and risks.  
 

“There are so many technologies and AI disrupting the education sector, yet very few education providers are taking advantage of them,” Parrant said.  “We know from research that AI technologies will continue to advance. Schools need a digital roadmap and to think through how they will approach their operating model and learning journey for students.”  
 

As an example, a demo of an AI-based “auto proctoring” system was used to show a new way of taking exams. A traditional examiner can oversee a limited number of students, but online examinations allow faster processing times, no restrictions on the number of candidates, and speedy methods for filing digital records.
 

In addition, the webinar also pinpointed five core challenges the sector is facing. These boil down to future readiness or how well organisations are prepared to meet change; leveraging technology like AI and automation to optimise the workforce; future skills; changing expectations about work; and the agility needed to transform talent practices. 
 

“Plan for the digital future now, don’t wait until it is too late,” Parrant, said. 
 

The speakers also considered how investment committees should deal with the changes now taking place. 
 

According to Tan, they should give careful thought to reorganizing their portfolios and review how they execute investment decisions. 
 

“Similar to the way they are thinking about education, the sector should seek innovation in their investments and explore different ways of doing things,” she said. “The sector is also likely to come under pressure to compete, so spending and investing has to be looked at in tandem.”
 

Tan suggested a review of fundamentals and improving “knowledge gaps” to ensure the long-term sustainability of investment portfolios. 
 

The webinar also took a close look at the issues surrounding mental health, an area where the pandemic has no doubt had a significant, but so far ill-defined, impact. Mercer in Hong Kong has urged the education sector to look into providing the right support, to ensure benefits can be optimized, and to step up the conversation around mental health. 
 

“The compensation and benefits market is constantly evolving with innovative solutions being introduced,” Roper said. “It is essential to ensure an employee benefits strategy is fit for purpose in the future.”