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Published 18:03 IST, December 24th 2023

Nearly 50% of companies to scrap bachelor's degree requirement in 2024: Survey

The move to eliminate bachelor's degree requirements aligns with the broader goal of creating a more diverse workforce, as indicated by 70% of companies.

Reported by: Sankunni K
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Nearly Half of Companies to Scrap Bachelor's Degree Requirement in 2024, Survey Reveals | Image: Freepik
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As the cost of higher education skyrockets, a significant shift is underway in the hiring landscape. A recent survey conducted by Intelligent.com sheds light on the plans of 800 US employers, revealing that 45 per cent of companies are gearing up to eliminate bachelor's degree requirements for certain positions in 2024. This comes as part of a growing trend, with 55 per cent of companies having already dropped such requirements in 2023.

The move to eliminate bachelor's degree requirements aligns with the broader goal of creating a more diverse workforce, as indicated by 70 per cent of companies. The rising expenses associated with attending college often pose challenges for individuals from marginalised groups and lower socio-economic backgrounds, making it difficult to navigate the complexities of college applications and access scholarships.

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The survey further highlights the emphasis placed on experience over education by employers, with a staggering 80 per cent expressing a preference for candidates with practical experience. The value of real-world exposure is underscored by 81 per cent of respondents who consider it important for recent college graduates to have work experience.

The hiring landscape is evolving, and employers are increasingly using assessments to gauge a candidate's suitability for a role. Over two-thirds of companies (68 per cent) require job candidates to complete test assignments during the interview process. Additionally, 64 per cent administer personality tests or work-style assessments to evaluate applicants.

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Moreover, companies are exploring alternatives to traditional degrees, with 75 per cent considering certificate programs valuable for training potential employees. Associate degrees also hold value for 68 per cent of companies, while 61 per cent see merit in online degrees and apprenticeships. However, boot camps, often focused on tech-related areas, find favor with only 29 per cent of respondents.

In an era of continuous learning, 70 per cent of companies are willing to invest in further education for their employees, reinforcing the importance of ongoing skill development. Furthermore, 45 per cent of employers offer student loan repayment benefits, recognising the financial challenges faced by employees.

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The evolving landscape signals a fundamental shift in the hiring paradigm, acknowledging that practical skills and experience are increasingly valued alongside, or even above, traditional educational qualifications. As the employment arena continues to transform, job seekers are encouraged to explore diverse avenues for skill acquisition and career development beyond the traditional four-year degree.
 

17:50 IST, December 24th 2023