The document discusses generic skills, or transferable skills, that students develop through higher education studies alongside subject knowledge. It outlines that during their studies, students learn intellectual abilities like thinking abstractly, problem-solving, analyzing from multiple perspectives, and communicating arguments in speech and writing. These generic skills are largely independent of subject content and include abilities like critical thinking, written and oral communication, teamwork, and ethical decision making. The document argues that generic skills are perhaps the most important benefit of higher education, as they allow people to continue learning and adapting in a changing work environment where specific subject knowledge may become outdated.