Over the past couple of years, we have seen how maturing technologies have transformed industry after industry. However, the wide-reaching economic implications and social distancing measures of the corona virus threat have triggered a critical need for accelerated digital transformation. As we enter a ‘new normal’ where businesses are redefining their processes, international student recruitment cannot afford to fall behind.
Every year in pursuit of education, more than 5 million international students leave their homes to study abroad. Some students forge their path, while others follow in the footsteps of their family members who moved for a better future.
Studying away from home country is one of the most critical and expensive decisions of students as this decision will not only change their lives but that of their families as well. The impact of this decision is usually huge on the individual and on his family. An international student spends up to US$200K, which is no less like buying a good house.
Beyond $300 billion: The Global Impact of International student mobility
The global economic impact of 5.1 million international students in 2016 estimated at US$300 billion.
International student mobility has been on a growth trajectory, with the bulk of mobility driven by students moving from lower- towards higher-income countries in search of better prospects.
Two-step migration policies focus on enabling the retention of international student graduates as skilled migration elite representing a highly acceptable human capital resource to governments and employers, and a “palatable option for countries with ambivalent views on migration”. For the OECD there is a 25% ‘stay rate’ among international students.
- US$57.3 billion to the US;
- US$25.5 billion to the UK;
- US$19.8 billion to Australia;
- US$14.5 billion to France and France charges no to low tuition fees for international students;
- US$14.4 billion to Germany and international students do not pay tuition fees in Germany;
- US$11.1 billion to Canada;
- US$5.3 billion to the Netherlands, a country that charges differential tuition fees for EU and non-EU international students.
A Challenging Market Future Ahead
COVID may have delayed the flow, but history reveals that such global changes are followed by a spike. It is estimated that the number of international students globally will increase exponentially in the forthcoming decade. According to pre-COVID research, the market is set to increase by 50% i.e. 8 million students by 2025.
However, this could be an underestimation of the original flow of international students in the future.
For example, this industry has been gone through three waves where the world has seen a global effect. The student mobilization has increased by 50% in all these waves and grown from 2.2 million in 2001 to 5.1million in 2016.
The growth of international students will put immense pressure on the current outdated recruitment infrastructure.
In an era of digitization, international student recruitment is still traditional
Institutes invest a good part of the revenue to attract and recruit the right talent. But still, they are struggling to diversify their campus.
Establishing and maintaining a network of qualified and vetted recruitment partner is awfully expensive and resource-demanding. Hence most of the institutes end up recruiting students from one or two source countries which is a very risky business with an uncertain future.
On the other hand, recruitment is a fragmented, broken cottage industry. More than 80% of the students seek advice and support from recruitment agents for their study options and admission. Hundreds of thousands of recruitment agents have access to extremely limited numbers of institutes as they fail to meet institutes’ quality standards and requirements. Hence, they can advise only from small institutes and course pool. This result, student change their institute and/or course after they land in the destination country.
The multi-billion industry has gone unaddressed, current recruitment infrastructure is very much manual, offline processes time-consuming and must need a transformation.
A digital transformation without compromising human element.
Edtech Amazone for recruitment agents
80% of recruitment agents are small and medium-size companies with 4 to 10 employees. It is difficult for such companies to keep high quality and expensive resources/education advisors who have real knowledge and experience of the destination country’s education system.
In addition, access to limited no. of institutes, the force then to work with other agents which complicates the whole supply chain and ends up with long and time-consuming processes.
Studyportal.io solving the agent’s challenges in a simplified and innovative way with an all-in-one digital platform that facilitates seamless, data insight-driven profile matchmaking, offering personalized suggestions that are the best fit for both universities and students in real-time. The human element cannot be replaced so access to country-specific experienced education advisors to optimize the application process is one of the many features of studyportal.io
Smarter tool for Institutions
In 2020, all education export destinations like Canada, Australia, UK, USA, and Europe has seen huge revenue losses in billions due to COVID-19. All institutes will be eager to increase their enrollments in upcoming intakes.
The need of the hour of institutions is to diversify and scale their recruitment network without compromising on quality and huge investments.
A centralized platform not only empowering them with a huge network of quality and vetted agents from more than 30 countries but also enable them to make an informed decision through data and analytical insights.
The Best Support System for Students
The most important stakeholder in this market is the student. Redefining the student recruitment processes and workflows will help to create an extraordinary experience for them.
International students go through truncated processes, which cost them a lot in addition to their time and effort. Once a student secures enrollment in an institution, the next step is to obtain a visa and find accommodation.
When they land in the country, they search for people to help them settle in the new place. They look for social groups, tutoring support, local mobile phone, and other service providers.
After their graduation, they become a part of a highly-skilled and highly-motivated cohort of talent. Such graduates are then attracted by employers to work for them.
A Scalable Future
Recruiting students in an international market of today is a very complex and time-consuming process. The market needs a robust system and a powerful solution to solving complex workflow is a simplified and smarter way.
The destination services add-on like student accommodations, employment services are a few of many services in technological future advancements.
The convergence of all the factors motivating enough to build a fit for purpose Edtech marketplace to serves every stakeholder effectively. Although the market inclination and technology exist, only a few are addressing the real problem.
Many players in the marketplace are simply digitizing the existing offline process, without preparing the market for the growth to come.
Student recruitment unlike other marketplace is not a product but a service for individuals to take their lives most critical decisions so the human element is absolutely necessary. The market needs not only any other software and all-in-one digital platform without compromising the human element.
This is what studyportal.io has accepted the challenge and transforming the industry with its all-in-one EdTech marketplace.
A unique SaaS Marketplace connects the world’s institutions, recruiters & service providers, and empowering them by providing tools, expertise, support to optimize their operations.