Are College Degrees a Necessity?

I can’t believe I’m even asking the question, are college degrees a necessity, as my daughter is applying to college and our son is completing his first semester. The answer depends on the type of position you are trying to fill.  

Some professions, like engineering and medicine, most certainly require more education than a high school diploma. But does a receptionist or someone in a customer service role, with a fancy job title that is somewhat deceiving, need a college degree to be proficient in their job? Apparently some people think so! While the nature of the work hasn’t changed, the ratcheting up of necessary qualifications erects a higher barrier of entry, threatening the social mobility of millions and adding costs to both workers and employers, according to a new study from Harvard Business School, Accenture, and Year Up, a nonprofit that places young people into jobs.  

According to the latest JOLTS (Job Openings and Layover Turnover Summary) there are as many as 6.1 million jobs available in the US, now performed by workers without degrees, in fields that have started making higher-education a common requirement. For example, among the 603,0000 people employed as production supervisors, only 16% have four-year college degrees, yet 67% of job listings for the role require them. Requiring four-year degrees shrinks the pool of available talent, which makes jobs harder to fill. You also may be paying a heck of a lot more than you might need to, given that the median weekly income for employees with bachelor’s degrees is $1,156 compared to $692 for those without a degree. Still think a college degree is a necessity?

What if instead of requiring a degree and paying much more than you need to, you invested in people who have potential? There are a ton of affordable options in terms of development including online learning platforms like LinkedIn/LinkedIn Learning (Full disclosure: I'm a LinkedIn Learning Instructor), coaching, group coaching, and company sponsored book clubs, which are quite popular in some organizations.

It would seem to me that if you developed people on your team, they in turn would stick around. Given the challenges organizations are experiencing around employee turnover, this strategy may indeed be the key to building a team of high achievers that are willing and able to tackle whatever is thrown in front of them. Or. you could continue down the path many of you are currently taking and require degrees for positions where no degree is really needed. The choice is yours.

I'll be hosting a teleconference on Friday, December 1st to help people obtain a promotion in the New Year. The session will be recorded. I hope you'll consider joining us. Register here!  

? Matuson Consulting, 2017. All Rights Reserved.

#LinkedInLearning