Due diligence is behaviour designed to ensure before we put our money down that what we intend to buy and what the seller ultimately delivers are one and the same. Some would call that protecting an investment. Others would call it common sense. Personal Due Diligence calls it both.
Decisions about post-secondary education have consequences that involve life, career, family and financial stability. Too many parents believe that graduating from any institution of higher learning, university in particular, is a guarantee of well-paid, secure, predictable work. There are no such guarantees: only enhanced likelihoods. What we do know for sure is that we’re living in a post-industrial economy: yesterday’s manufacturing jobs and the ones that supported them are gone. What happened to blue-collar workers is now happening to white-collar workers. As Wikipedia puts it, “Information, knowledge, and creativity are the new raw materials of such an economy.”
According to the Conference Board of Canada: “The distinction between college and university is less important than the relevance of the discipline to the workplace, since it is relevance—along with supply and demand—that sets the market price for skilled talent.” Degrees in some disciplines are more likely to lead to work than others.
Research done in Alberta in 2005 showed that young people consult their parents in these matters more often than any other group and by a wide margin. But outdated ways of thinking, like old habits, die hard. Decisions based on wishful thinking rather than fact-based understanding of labour market and technological trends are some of the greatest risks our children face. The evidence has been accumulating since 2012 and the trend shows no sign of abating.
For now, the best defense against unemployment, underemployment and precarious employment for our children is due diligence. To quote The Economist, “[the] rise of the on-demand economy poses difficult questions for workers, companies and politicians,” and it comes with a considerable risk of displacement to which very few of us are immune. Due diligence is about minimizing the negative consequences of that risk. Or at the very least, knowing what the risks are and factoring them into the final decision to proceed with a university education. We should be making these decisions more with our eyes wide open and less with our fingers crossed.
In What is the Meaning of The Medium is the Message? Mark Federman, Chief Strategist, McLuhan Program in Culture and Technology wrote:
“Marshall McLuhan was concerned with the observation that we tend to focus on the obvious. In doing so, we largely miss the structural changes in our affairs that are introduced subtly, or over long periods of time. Whenever we create a new innovation—be it an invention or a new idea—many of its properties are fairly obvious to us. We generally know what it will nominally do, or at least what it is intended to do, and what it might replace. We often know what its advantages and disadvantages might be. But it is also often the case that, after a long period of time and experience with the new innovation, we look backward and realize that there were some effects of which we were entirely unaware at the outset. We sometimes call these effects “unintended consequences,” although “unanticipated consequences” might be a more accurate description.
“Many of the unanticipated consequences stem from the fact that there are conditions in our society and culture that we just don’t take into consideration in our planning. These range from cultural or religious issues and historical precedents, through interplay with existing conditions, to the secondary or tertiary effects in a cascade of interactions. All of these dynamic processes that are entirely non-obvious comprise our ground or context. They all work silently to influence the way in which we interact with one another, and with our society at large. In a word (or four), ground comprises everything we don’t notice.
“If one thinks about it, there are far more dynamic processes occurring in the ground than comprise the actions of the figures, or things that we do notice. But when something changes, it often becomes noticeable. And noticing change is the key.
“As McLuhan reminds us, ‘Control over change would seem to consist in moving not with it but ahead of it. Anticipation gives the power to deflect and control force.’”
Please note: Personal Due Diligence performs and teaches viability assessment, not career counselling. PDD does not provide financial guidance. It is not affiliated or associated in any way with financial institutions or entities that provide financial services, products or advice. PDD neither sells nor shares client information.
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F. Neil Morris
Founder & President
Personal Due Diligence
+ 1 905 273 9880