Educational renaissance in a poor economy

In an economy where the R-word is being tossed around and layoffs are looming left right and centre, many would interpret market activity as nothing short of a significant financial crisis.

But in an uncertain financial system where jobs are at a premium and cash is tight, Julia E. Hanigsberg sees opportunity.

“You should never overlook a crisis as an opportunity to retool and to change and you just take advantage of it,” says Hanigsberg, interim dean at Ryerson University’s The G.

Raymond Chang School of Continuing Education. “There’s a way to take these sort of crisis moments and turn them into an opportunity to change your life.”

For Canadians who lose their jobs as a result of corporate cutbacks, changing their life might not be an obvious top priority. But Hanigsberg says no hours at work equals newfound time to go back to the books.

“People will see that upgrading their education will make it easier for them to find a new job, even in a tough economy. Or, once they’re brought back into their job, upgrading their skills will make them more likely to get back into the job market.”

However, even though the unemployed may have time to brush up their competence, no job can also mean no salary to pay for schooling.

Financial aid options do exist for mature students, including institution- and government-administered bursaries and scholarships. And while Hanigsberg acknowledges cost can pose a challenge to students, she maintains that the affordability of courses (she says The Chang School averages $500 per course) and the flexibility of study available makes continuing education not only accessible, but necessary.

“In the knowledge economy, people know you need to be constantly upgrading your skills.

The more skills you have, the more nimble you are as an employee and the more employable you are,” she says. “By upgrading your skills, for example, by taking a certificate program, you create in yourself expertise that’s valued by employers.”

If history is any testament, that’s just what some people who find themselves without work do. Take, for example, Ontario’s last recession, between 1990 and 1992. Hanigsberg says enrolment at The Chang School increased over the two academic years by 8.2 per cent and 12.6 per cent, respectively.

“What we have found historically is that educational enrolments are counter-cyclical to the economy,” she says. “If people feel vulnerable in their workplace or have been laid off, they’re going to retool their skills to make themselves more marketable.”