Employers Are Finally Rethinking Requiring Unnecessary College Degrees. Thank the Pandemic - Deepstash

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Obsessed with degrees

Obsessed with degrees

Three things have risen sharply since the Great Recession of 2008-2009: inequality, dispair of those without a college degree, and the number of jobs that require a college degree to get hired but not needed to do the work.

Degree inflation is a huge waste of money for companies. Competing for a small pool of college-educated workers forces businesses to pay more for talent.

For certain jobs like a surgeon or quant, a degree is essential, but for many other jobs, both workers and companies can benefit from fewer degree requirements.

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Skills over degrees

Since the pandemic, employers are resetting degree requirements in many roles, most notably for middle-skill positions - those requiring some post-secondary education or training but less than a degree. The change is also noticeable for higher-skill positions.

Companies are finally refocusing on skills over degrees. They are also desperate to find skilled workers during the pandemic that they are willing to forgo degree requirements.

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Degree deflation

Degree deflation

The shift toward workers without degrees during the pandemic will likely show if workers who have degrees can perform better than newly hired workers without degrees.

Studies show little performance difference between those with and without degrees outside fields such as professional services and finance. Entrepreneurs and hiring managers are already aware that a college degree is often unnecessary, and that competing for talent will become harder.

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