(CareerBuilder news release) According to a new CareerBuilder survey, 27 percent of employers say their educational requirements for employment have increased over the last five years and 30 percent are hiring more college-educated workers for positions that were previously held by high school graduates.
The rising bar is even extending beyond the bachelor’s degree in some cases. One in five employers (20 percent) are now targeting Master’s degree holders for positions previously held by those with four-year degrees. A third (33 percent) of employers are sending current employees back to school for an advanced degree, and a majority of that group (81 percent) are at least offering partial funding.
“The economic value of a college education for workers has long been known, but as occupations evolve and as companies rely more heavily on professionals with strong interpersonal and technical skill sets, workers can’t afford to stop their education at high-school,” said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. “The trend toward higher-educated labor is already paying off for companies. We see that both in our surveys and data analytics research.”
Ferguson notes, however, that higher-education institutions and policy makers must do more to control and bring down the costs of attaining a degree. Businesses, on the other hand, should continue to invest in training and development, he says.
Value of hiring college-educated labor
A large majority of employers hiring college-educated workers for occupations previously held by high-school graduates are seeing positive results. Eighty-six percent cite at least one positive impact, including revenue:
· Higher-quality work: 56 percent
· Productivity: 45 percent
· Innovation/Idea generation: 41 percent
· Communication: 41 percent
· Employee retention: 27 percent
· Revenue: 19 percent
· Customer loyalty/retention: 17 percent
· None: 16 percent