Are companies the new learning guilds?

A college degree is just not what it used to be. Graduates are less assured of landing a decent job, and tuition fees are eye-watering. Palantir, a US tech company, thinks it has a fix. It is offering fellowships to high-school students who will forgo a college degree to learn on the job. Not exactly a novel idea, but can it be made to work now? The world has come to regard a college education as essential for any form of high-paying employment. The glass ceiling is thick today and only extraordinary individuals - Bill Gates, Steve Jobs and Mark Zuckerberg - are likely to break through. Alex Karp, Palantir's CEO, holds degrees from US and German universities even as he expresses his disdain for the state of higher education.

Companies can be good teachers in a narrow sense. They are best at equipping employees with the skills they need. Colleges serve a wider curriculum while shaping learning abilities. Young adults gain more by acquiring a world view as they sharpen their livelihood capabilities. Universities are melting pots with something for everyone. Not exactly replicable in a corporate hierarchy with a common goal of profit maximisation. There's hardly any space to wander around. Much as companies rail against falling academic standards and the politicisation of campuses, they don't have a better alternative.

Companies drinking at a common watering hole are better served than those who dig their own wells that must be guarded more strenuously. Delving deeper into education risks creating bureaucracies that hinder innovation. The market works best when employees move in and out of companies - skills are transported to where they are most in need. The fix is not in setting up a new school, but in setting right what is wrong with the old one. Business can help academics by growing faster and creating more jobs. Learning outcomes improve with college placements. These also lower student debt distress.