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Persistent labor shortages are causing more and more companies to drop degree requirements. That gap represents millions of potential workers who could do a great job even if they don't have a college degree. Now, a number of companies have scrapped degree requirements to widen their net and diversify their workforce. As more companies cut degree requirements, Burning Glass Institute predicts another 1.4 million jobs will open to these workers in the next five years. Here are seven companies who've dropped degree requirements and are leading this skill-based sea change in the job market.
A bachelor's degree has become a common requirement for landing US jobs, even those that didn't previously require one. Josh Shapiro signed an executive order opening up 92%, or roughly 65,000, of state jobs to those without college degrees. They urged more states to follow to move the economy away from a preference for college degrees, restoring a sense of fairness many Americans feel is lost. Oregon also issued a temporary order in 2022 allowing those without bachelor's degrees to work as substitute teachers. A college degree may increase your earning potential, but it may not hold the keys to the middle class for much longer.
Former President Barack Obama said more states should drop degree requirements for government jobs. It's an example of "a smart policy that gets rid of unnecessary college degree requirements and reduces barriers to good paying jobs," Obama said on Twitter. In recent years, states have eliminated four-year degree requirements to shore up their understaffed governments, and Republican governors have led the way. Arizona and Oregon have temporarily loosened degree requirements to address a teacher shortage. Georgia and Alaska are considering dropping degree requirements to fill government vacancies as well.
The Biden administration is paying Colorado River farmers and ranchers to let their fields run dry. Climate change has made the Colorado River the dryest it's been in more than a thousand years. Knowing they have to do something, Grand Valley farmers and ranchers want better compensation to make fallowing worth their while. At this better price they received enough applications from agricultural producers to cover the thousand acres Grand Valley offered, he said. Are you a farmer, rancher, or resident of the Colorado River basin concerned about water conservation?
Regulators approved a railroad merger that would create a single route stretching from Canada to Mexico. The rail industry has seen train accidents and labor disputes in recent months. "30-40% of the United States economy depends on a well-functioning railroad," Oberman said in the Wednesday press conference. That's why the STB has been "railing about some of the rail service problems and issues affecting the rail industry," he said. Oberman also argued shippers would not lose any existing rail competition from the merger.
Investors expected the Fed to raise rates March 21-22. Silicon Valley Bank crashed, so now investors are betting the Fed will slow its roll. In a chaotic series of events last week, regulators shut down Silicon Valley Bank (SVB) on Friday — and just two days later, they announced they would be bailing out SVB depositors. The pace and duration of those interest rate hikes is at the top of mind for markets and investors. Meanwhile, Goldman Sachs thinks the Fed won't raise rates at all as more banks are already expected to fail.
Tech companies and investors think generative AI will be an economic revolution. Investors say generative AI could save workers loads of unnecessary labor. While AI products may hold less promise than companies say, the FTC is worried they will make it easier to deceive voters and consumers. "We're also concerned with the risk that deepfakes and other AI-based synthetic media, which are becoming easier to create and disseminate, will be used for fraud," FTC spokesperson Juliana Gruenwald told Insider. If the FTC's instincts are right, today's generative AI may pose less economic disruption than deception.
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