“Depending on whom you ask, degrees are either increasing in value or about to disappear into the dustbin of history,” writes Ryan Craig, managing director of University Ventures, on EdSurge News. Employers are “demanding more degrees while simultaneously saying degrees don’t matter.”
A new report by The Brookings Institution shows that the bachelor’s degree premium remains as high as ever. Meanwhile, Goldman Sachs says the return on college is falling: “In 2010, students could expect to break even within eight years of finishing school. Since then, that has increased to nine years.”
One third of employers are asking for more higher education, according to a new survey from CareerBuilder. Some are demanding four-year degrees for jobs that used to be open to high school graduates or demanding master’s degrees for jobs that used to require a bachelor’s.
Others have found “degree bias” leads to bad hiring decisions.
. . . Google’s Senior VP of People Operations has gone on record saying that grades in degree programs are “worthless as a criteria for hiring.” As a result, Google also requires candidates to take assessments, which are much more predictive of success on the job.
Credential inflation and openness to alternative credentials are logical responses to employers’ dissatisfaction with college graduates’ hard skills and soft skills, such as reasoning, communication, complex problem solving, innovation and creativity, writes Craig.
Soon, a “plain vanilla bachelor’s degree” won’t be enough. “Newly minted bachelor’s degree grads are already competing in the job market with graduates of coding bootcamps like Galvanize,” he writes. “Soon they’ll be competing with graduates of Udacity Nanodegrees, Coursera Specializations and Lynda Learning Paths.”
A New York Times editorial argues that the government should help more people go to college, even though “the economy does not produce enough jobs that require college degrees.” The Times‘ solution is for the government to create “good jobs at good pay” — and raise the minimum wage.
Oddly, the editorial says graduates can’t find jobs as teachers, ignoring the debate about whether the teacher shortage is national or just local. There’s always been a surplus of would-be elementary teachers and strong demand for math, science, bilingual and special-ed teachers.