Relationships Between Personalized Learning (CBE) and Job Success

Schumpeter's theory of creative destruction for explaining economic development provides a foundation for the explanation of growth in the digital economy. In line with this, entrepreneurship and new knowledge are the main driving forces in the digital economy. The destructive elements of Schumpeter's philosophy in the short and medium term cannot be ignored. First of all, it can be noticed that there has been a lag between the introduction of new ways of doing jobs and labor displacement from the old economy into the digital one. Namely, the creative destruction does not immediately diminish the pain of job losses. This is particularly true when workers lack a formal education or skills that would provide them with easy transfer to the new economy. In this context, it is necessary to develop a new form of education that will respond to the new demands of the digital economy. Competency-based education or personalized learning (CBE) is considered a new and developing area of higher education in social sciences. CBE became especially popular during COVID-19 and continued to be of interest among scholars afterward. The speech was done with the aim of determining how new technologies and new demands placed on employees have led to a redefinition of forms of work and education. Competency-based education can provide much difficulty in the transition from school to the workplace. In line with this, there is an opinion that the future of work cannot be imagined without competency-based education. To better explain the idea of this approach to education, we shall discuss the definition of competency-based education and compare it to traditional education. Further, this chapter tries to link education based on competencies to success in the workplace. We can conclude that employers must be confident that graduates have not only a theoretical knowledge of a subject but also a strong ability to apply theories to real-work situations since cross-trained workers are much more flexible than other workers. Namely, this type of education allows for greater flexibility and adaptability to a work environment that changes rapidly. This gives all students a big chance to succeed in their chosen modality of work. Accordingly, universities will need to expand and revise their curricula if they are to educate students for a digital future and remote work. Through competency-based programs, students can earn their degrees and acquire business-ready skills. In this context, competency-based education is beneficial for students, learning institutions, and employers. The future looks promising to CBE since it is based on the needs of a fast-changing society. After the pandemic, at least 50% of workers will need to gain new skills to advance their occupations, as compared to only 6% before the pandemic. In this context, reskilling is a top priority in the near future. This is important because the fourth industrial revolution came with quite a competitive labor market, where only the best of the best could be employed.