DeepSummary
The latest Bureau of Labor Statistics report showed that employers added 303,000 jobs in March, and the unemployment rate fell to 3.8%. Many of these new jobs will likely require a four-year degree, despite President Biden's push for high-paying jobs that don't require a college education. However, only a small number of employers are dropping degree requirements.
The episode features interviews with Beyonce and Santiago, two young workers without college degrees who were hired by the Hillsborough County Clerk's Office in Florida. They discuss the skills they've learned on the job, such as professional email writing and customer service. An economist from the Burning Glass Institute explains that while some employers are removing degree requirements, many others are not following through or backsliding.
While dropping degree requirements can benefit the economy by increasing access to higher-paying jobs and reducing hiring and retention costs, the episode suggests that progress in this area has been slow. The path for workers without degrees to gain skills is a key issue as fewer Americans pursue four-year college degrees.
Key Episodes Takeaways
- The latest Bureau of Labor Statistics report showed strong job growth and a declining unemployment rate in March.
- President Biden has pushed for creating more high-paying jobs that don't require a college degree.
- Only a small percentage of employers are actually following through on dropping four-year degree requirements for certain jobs.
- Workers without degrees often gain necessary skills through on-the-job training and experience.
- Dropping degree requirements can benefit the economy by increasing access to higher-paying jobs and reducing hiring and retention costs.
- The path for workers without degrees to gain skills is a key issue as fewer Americans pursue four-year college degrees.
- Some employers remove degree requirements but don't change their hiring practices, while others actually increase their hiring of workers with degrees.
- Progress in employers dropping degree requirements has been slow, despite potential economic benefits.
Top Episodes Quotes
- “So I would definitely say my customer service skills, like, most definitely, it's a courthouse, right?“ by Beyonce
- “It's only the people around the chips that seem to be willing to put their money where their mouth is.“ by Alex Martin
- “We just didn't observe anything that happened, really interestingly, to your hiring trend. Like neither positive nor negative.“ by Alex Martin
- “About a fifth of firms we called backsliders who drop degree requirements and then, as far as we can tell, increased the share of folks they hire with degrees.“ by Alex Martin
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Episode Information
The Indicator from Planet Money
NPR
4/5/24
Related episodes:
The lopsided market for higher ed
Enough with bachelor's degrees
The cost of student debt
Failing college
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