“I don’t necessarily think that just because you go to an Ivy League school or have good grades means you’re going to be a great worker or a great person,” Dimon, 68, said on LinkedIn. “This is working” Video series from last week.
Skills are “far more important” than having a college degree for many jobs, he added. “If you look at people’s skills, it’s surprising how many people are skilled at something, but it doesn’t show up on their resume.”
Dimon said JP Morgan Chase has eliminated degree requirements for most jobs at the bank and has shifted toward more skills-based hiring.
Approximately 80% of current JP Morgan Chase positions for “experienced hires,” or candidates with full-time work experience, do not require a college degree, a Company spokesperson confirmed to Fortune.
To put this into context, 62% of Americans do not have a college degree, according to the latest… Census dataThis means that degree requirements may exclude millions of job seekers with alternative qualifications from well-paid opportunities.
The growing trend to remove degree requirements from job postings gained momentum during the “great resignation,” when resignations and job openings reached record numbers. As companies were desperate to fill their vacancies, they streamlined their hiring processes and expanded their talent pools.
TO recent survey According to a ZipRecruiter study that surveyed more than 2,000 U.S. employers, nearly half (45%) of companies have eliminated degree requirements for some jobs over the past year. Nearly three-quarters of employers said they prioritize skills over educational background when evaluating candidates.
According to recent research from McKinsey & Co., some of the jobs that are seeing an influx of non-degree talent include construction managers, sales supervisors, web developers and other roles in cybersecurity and technology. These jobs typically require certain technical skills or certifications, but not necessarily four-year degrees.
Other research suggests that not all companies are keeping their promise to hire more people who have not graduated from college.
One report A study by Harvard Business School and Burning Glass Institute (BGI) Managing the Future of Work, which analyzed more than 11,000 hires from 2014 to 2023, found that only 20% of employers who eliminated their degree requirements significantly changed their hiring practices.
The report notes that the cause of this trend is unknown, but adds: “It seems likely that initial executive enthusiasm has not translated into necessary change in underlying systems and practices.”
Speaking to LinkedIn, Dimon said high schools could do more to support companies’ skills-based hiring initiatives and introduce young people to non-degree career paths.
“Schools have to change their education a little bit,” he said. Teaching program management, basic finance, data analytics and cybersecurity skills in high school, for example, can help more young people get jobs that pay more than $65,000 a year without needing to go to college, Dimon added.
He continued: “It’s great for society. It’s great for lower incomes. It’s great for businesses. And I think, you know, most businesses want to do it. It’s just that we haven’t been doing it in this country.”
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