Most job descriptions include a requirements section, and in them you are likely to find a minimum education requirement. We have heard a lot of talk post recession about the war for talent. Many college graduates went back to school because they felt there wasn’t room for them in the job market. However reports show that a “four-year college degree provided protection in the labor market for recent college graduates.” So, which is it? Does having a higher degree matter in your job search?
CareerBuilder recently surveyed 2,700 U.S. hiring managers and HR managers to learn more about their views on how education level affects their hiring. “What we found was a strong preference for college-educated workers,” they reported. That’s good news for college grads.
Nearly 1 in 5 (18 percent) employers have increased their educational requirements over the past five years. The survey results are interesting, especially considering the college enrollment rate reached the lowest point in a decade according to the Bureau of Labor Statistics.
While less people are pursuing college degrees, why are employers increasing the educational requirements? Is this increase because the employers can be more selective because there are too many highly qualified candidates? Or because more educated employees directly correlates with the bottom line?
Turns out, HR and hiring managers say employees with college degrees have a greater impact. The chart below shows how employees impact their company’s performance.
So to answer the question, higher degrees do matter.