Basic principles of the higher education system's modernization taking into account the labor market requirements

With the global shift in economics the demand for the highly trained specialists is continuing to grow. Thus the next 50 years have the potential to become the golden age of higher education: more and more people are going to broaden their knowledge in different branches of their specialties and develop complex social skills in order to sustain cultural diversity and leadership. In the paper an overview of the necessity for higher education system modernization is presented and associated problems related to the motivation of employers and students to actively participate in this process are considered. The ability to efficiently organize your workspace, determination to achieve high results, orientation on the future, creative thinking and dedication for excellence - all of this becomes possible with the development of knowledge economy and the support for innovation provided. A student of the future is going to be the one in charge and will be able to determine the value and worth of any situation. For higher education institutions the ability to accommodate such changes might be the only way to evade the higher education crisis.