ABSTRACT
This chapter discusses how labour markets have changed during the last decades and how higher education institutions (HEIs) have prepared students to respond to these changes. Today’s labour markets have been significantly globalized and mainly characterized by knowledge-based economies, labour mobility, and entrepreneurship. To prepare students to respond to these phenomena, HEIs have actively invested in executing the skills-based agenda and work-integrated learning in the delivery of their programmes. Despite efforts and enthusiasm HEIs have made, a large body of research has indicated that these initiatives have not sufficiently prepared graduates for a globalized world because they only focus on developing human capital for students. There is a need for a new approach guiding students to develop other capitals (e.g. human capital, social capital, cultural capital, identity capital, and psychological capital). These forms of capital have been evidenced to be crucially important graduates’ career progression.
