\u201cHistory doesn\u2019t repeat itself, but it often rhymes.\u201d <\/p>\n\n\n\n
Whether or not it was Mark Twain who actually said this, the words certainly ring true. When we look back at the 19th century, we see it was shaped by two major developments: technological revolution and urbanization. <\/p>\n\n\n\n
Early 20th century innovations like the airplane, antibiotics, the assembly line, and widespread adoption of electricity radically changed the way people lived and worked. Now, two decades into the 21st century, we\u2019re examining how the latest advances in technology impact our lives. <\/p>\n\n\n\n
At Brex<\/a>, we\u2019re always looking for new products and insights that will help our customers\u2019 companies grow, so we\u2019re excited to share some of the results of The Future of Work and Cities<\/a> study. This study was led by Brex partner WeWork<\/a> and policy studies organization The Aspen Institute’s Future of Work Initiative<\/a>. It surveyed more than 30,000 people in 50 international cities on topics including the economy, housing, innovation<\/a>, and more.\u00a0<\/p>\n\n\n\n The key findings of the survey are that technological revolution, climate change<\/a>, and increased urbanization<\/a> are poised to shape the coming century. <\/p>\n\n\n\n Much of this technological revolution will be driven, as it was in the early 19th century, by an increasingly educated population. In 1940, the number of high school graduates made up just 38 percent of the U.S. population. That number jumped to just under 90 percent in 1980, a rise that led to a robust middle class who benefited from a booming economy. <\/p>\n\n\n\n As the economy grew, so too did employers\u2019 demands for a new set of technical knowledge and skills. A high school education was no longer enough; a college degree became a requirement of many industries. As more students applied to college, the cost of tuition shot up\u2014a staggering 600 percent<\/a> since 1980\u2014leaving graduates with the crushing burden of student debt. With more dollars going to student loan payments, that’s left fewer dollars to spend on homes, weddings, child care, or new business ventures. <\/p>\n\n\n\n Employers are recognizing the challenge. In the study, the business owners surveyed show overwhelming support for legislative and business solutions that provide employees with the skills, resources, and training they need to thrive in this technological revolution without breaking the bank. <\/p>\n\n\n\n One educational option is coding boot camp, which typically takes much less time and money than a four-year college degree would. Coding academies like the Flatiron School<\/a> and General Assembly<\/a> boast job-placement rates of upward of 90 percent for graduates, and Lambda School<\/a> has an 86 percent placement rate.<\/p>\n\n\n\n Lambda School\u2019s six-month curriculum also offers an innovative payment plan called an Income Share Agreement, in which Lambda School covers a student\u2019s tuition costs until the student is making at least $50,000 a year. After the student lands an engineering job with a salary over $50,000, the student pays a percentage of their income back to Lambda School until they make 24 payments or hit the cap of $30,000. This agreement means that Lambda School is truly invested in every student\u2019s future employment.<\/p>\n\n\n\n\n\n Another unconventional path with centuries-old roots is an apprenticeship. The apprenticeship model combines the skills training of a boot camp or community college with paid on-the-job training, in which an apprentice can learn practical skills and build a professional network. <\/p>\n\n\n\n While trades like carpentry, electrical work, and plumbing have used apprenticeships for decades, new programs now offer training for professions such as dental assistants, software engineering, fire medics, cybersecurity, IT, and financial services. A recent New York Times<\/em> article<\/a> highlighted a program in California, one of a few states that allows people to take the bar exam without going to law school. Such a policy helps more people (including low-income black and Latina women) become lawyers by apprenticing for four years under an attorney. <\/p>\n\n\n\n The apprenticeship model has overwhelming support from employers, with 79 percent of business decision-makers surveyed saying they would consider hiring apprentices that would then lead to a job interview for a full-time role. There are currently 22,000 registered apprenticeship programs across the U.S. One example of proposed legislation to increase this number is the EARNS Act<\/a>, which promotes and expands apprenticeship opportunities while supporting existing apprenticeship programs.<\/p>\n\n\n\nShifting from campus to boot camp<\/strong><\/h2>\n\n\n\n
Looking back to look forward<\/strong><\/h2>\n\n\n\n
A new spin on 529 plans<\/strong><\/h2>\n\n\n\n