JPMorgan Chase CEO: Skills ‘far more important’ than college degree for job
You don’t need a college degree to do finance or accounting to have a lucrative career in banking, said JPMorgan Chase CEO Jamie Dimon.
Speaking to LinkedIn, the Wall Street veteran reiterated his long-standing position that they are skills more valuable than education when the right candidate is found.
“I don’t think that just because you go to an Ivy League school or have great grades that you’re going to be a great worker or a great person,” Dimon said in LinkedIn’s “This is Working” series.
Skills are “far more important” than a college degree for many jobs.
“If you look at people’s skills, it’s amazing how good they are at something, but it didn’t show in their resume,” he added.
Dimon said JP Morgan Chase has eliminated degree requirements for most jobs at the bank and has turned to skills-based hiring, he writes. CNBC Make It.
About 80 percent of JP Morgan Chase’s current positions for “experienced employees” or candidates with full work experience do not require a college degree, a company spokesperson confirmed to Fortune.
Employees, Skills (Freepik)
Trend – without diploma
As many as 62 percent of Americans do not have a college degree, according to the latest census data. This means that degree requirements can exclude millions of job seekers with alternative qualifications from higher paying jobs.
The growing trend of removing degree requirements from job postings gained momentum during the “Great Resignation.” As companies are desperate to fill their vacancies, they have again improved their recruitment processes and expanded talent pools.
A recent ZipRecruiter survey of more than 2,000 US employers found that nearly half (45 percent) of companies have gotten rid of degree requirements for some jobs in the past year. Almost three-quarters of employers said that they give when screening candidates skill advantage over education.
Some of the jobs seeing an influx of talent without a degree include construction managers, sales supervisors, web developers and other cybersecurity and technology roles, according to a recent survey by McKinsey & Co. These jobs usually require certain technical skills or certifications, but not necessarily a four-year degree.
Work, Employees, Skills (Unsplash)
Abandonment of promises by companies
Other research suggests that not all companies fulfill their promise that they will hire more people who have not graduated from university.
A report from Harvard Business School’s Managing the Future of Work project and the Burning Glass Institute (BGI), which analyzed more than 11,000 employees from 2014 to 2023, found that only 20 percent of employers who dropped their degree requirements made a significant change. employment practices.
The report says the cause of this trend is unknown, but adds: “It seems likely that the initial enthusiasm of CEOs has not resulted in the necessary change in underlying systems and practices.”
Job, Skills (Pexels)
Education vs. skills
Speaking to LinkedIn, Dimon said high schools could do more to support companies’ skills-based hiring initiatives and introduce young people to careers without a degree.
“Schools now have to change their education a bit,” he said. Teaching program management, basic finance, data analytics and cybersecurity skills in high school, for example, can help more young people find jobs paying more than $65,000 a year without having to go to college, Dimon added.
“It’s great for society. It’s great for lower incomes. It’s great for companies. And I think, you know, most companies want that. Only, we didn’t do that in this country”, he concluded.
Source: BIZLife
Photo: Pexels, Freepik, Unsplash
Source: bizlife.rs
