Degrees of Separation

Posted on by EnvisionED
Degrees of Separation

Trends Show Education Will Still Matter

A trend has emerged that reflects a broader effort to open up job opportunities to non-college graduates and to encourage private sector entities to evaluate candidates based on skill sets rather than solely on educational credentials. Despite these policy changes, higher ed experts argue that the value of a college degree in the job market remains significant, suggesting that degrees continue to offer a wage premium by equipping graduates with a broad range of skills.

Public perception of higher education’s value has shifted, with many young people now considering two-year degrees or technical certifications sufficient for securing good jobs, although the future job market is projected to increasingly demand postsecondary education.

  • Degree Requirement Changes: Between 2019 and 2022, job listings emphasizing skills over degrees increased significantly on LinkedIn, with a 354% faster growth rate in financial services, 282% in accommodation and food services, and 240% in technology, information, and media.1
  • Hiring Trends: Despite the rise in listings, hiring non-degree workers grew more slowly: 11% faster in accommodation and food services, 6% in financial services, and only 3% in technology, information, and media.1
  • Public Opinion on Education: A survey showed 75% of teens believed two-year degrees or technical certifications were enough for a good job, compared to 41% who saw a four-year degree as necessary.2
  • Educational Attainment Growth: From less than 10% in 1940 to about 38% of adults with a bachelor’s degree or higher in 2021. (U.S. Department of Education)
  • Future Job Market Projections: By 2031, an estimated 72% of all jobs will require postsecondary education or training, with 42% needing at least a bachelor’s degree, according to a report by Georgetown University’s Center on Education and the Workforce.3
  • Wage Premium: Workers with bachelor’s degrees earn about 75% more in lifetime earnings than those with only a high school diploma.3

1https://www.linkedin.com/business/talent/blog/talent-acquisition/fewer-jobs-require-degrees-impact-on-hiring
2https://www.nytimes.com/2023/09/05/magazine/college-worth-price.html
3https://cew.georgetown.edu/wp-content/uploads/collegepayoff-completed.pdf