Money or Affection: The Dilemma Unraveled
Martha Bloom, a Researcher at the Science Policy Research Unit (SPRU), University of Sussex, has published a report titled "For love or money? Graduate motivations and the economic returns of creative higher education inside and outside the creative industries." The report, published by the Creative Industries Policy and Evidence Centre (PEC) and the University of Sussex on August 21, 2020, delves into the economic value of creative higher education beyond graduate earnings.
The report highlights the significant role creative higher education plays in addressing the skills gap in the creative workforce, which directly impacts the UK's creative industries' potential growth and innovation capacity. By equipping students with specialized, industry-relevant skills, creative higher education institutions help to fill critical gaps that employers find challenging, supporting workforce readiness and sector sustainability.
The UK's creative industries, representing a major economic sector with a £178 billion GVA and 3.5 million jobs in 2019, are projected to add 300,000 new jobs and generate an additional £132 billion in GVA by 2025, contingent on increased investment and development of skills within the workforce.
Creative higher education programs emphasize employability and career development, integrating skill-building that prepares students both technically and creatively for the diverse demands of the industry. This direct contribution to workforce quality and innovation potential is crucial for the sector's growth.
There is an acknowledged skills gap in the creative workforce, exemplified by wider labor market trends where only 45% of graduate-level job seekers meet industry demands. Universities act as hubs of innovation and economic development, helping to align creative education with regional economic strategies and support scaling businesses in the sector. This positioning amplifies the broader economic benefits of creative education beyond individual graduate earnings.
Higher education institutions in creative fields are also vital in furthering sustainability goals and systemic change, which are progressively critical for the sector’s future competitiveness and resilience. Embedding sustainability education fosters workforce capabilities that align with the national industrial and environmental strategies, enhancing long-term sector value.
Using earnings as a metric for value disadvantages creative graduates who have different motivation profiles for entering work and are more likely to be self-employed, freelancers, or run their own businesses. The report suggests that disruptions to the creative talent pipeline could damage the sustainability of the UK's fast-growing creative industries and other sectors that rely on creative work.
The report was peer-reviewed prior to publication, and the views and interpretations expressed in the report do not necessarily represent those of the PEC or its partner organizations. The BFI's Research study, while focusing on the economic consequences and potential market failures in the context of the Creative Industries, does not discuss the economic value of creative higher education and its impact on graduate earnings, employment outcomes, and the creative industries. It also does not provide specific facts about the UK's international trade in creative goods and services.
The worldwide exports of creative goods exceeded 500 billion USD in 2015, with a 150% increase since 2000. However, the report does not mention the Creative Industries Policy and Evidence Centre (PEC) as the publisher, nor does it discuss the impact of overseas mergers and acquisitions on the UK video games industry or the UK's departure from the EU and its effects on British firms trading and working with European countries.
- Martha Bloom's report, published by the Creative Industries Policy and Evidence Centre (PEC) and the University of Sussex, sheds light on the economic value of creative higher education beyond just graduate earnings.
- Creative higher education institutions play a pivotal role in addressing the skills gap in the creative workforce, contributing significantly to the growth and innovation capacity of the UK's creative industries.
- The UK's creative industries, with a GVA of £178 billion and over 3.5 million jobs in 2019, are projected to add 300,000 new jobs and generate an additional £132 billion in GVA by 2025.
- Creative higher education programs are designed to prepare students for the diverse demands of the industry, emphasizing employability and career development.
- The report underscores the importance of creative higher education in amplifying the broader economic benefits beyond individual graduate earnings, citing its role in innovation potential and workforce quality.
- Universities serve as hubs of innovation and economic development, aligning creative education with regional economic strategies and supporting scaling businesses in the sector.
- The report suggests that disruptions to the creative talent pipeline could potentially damage the sustainability of the UK's fast-growing creative industries and other sectors that rely on creative work.
- Higher education institutions in creative fields are essential in fostering sustainability goals and systemic change, enhancing long-term sector value.
- Worldwide exports of creative goods exceeded 500 billion USD in 2015, reflecting a 150% increase since 2000, but this report does not discuss the impact of overseas mergers and acquisitions on the UK video games industry or the UK's departure from the EU and its effects on British firms trading with European countries.
