More and more employers are saying "no diploma, no problem." A new FOX Business report says some major companies, including Google, IBM, Nordstrom and Bank of America, no longer require a college degree when hiring. For its part, IBM says it seeks candidates with non-traditional education, like vocational schools. Other companies say they look more broadly at a person's overall experience when assessing candidates for certain jobs.
The main reason behind this change in hiring philosophy is the booming economy, which has resulted in a hiring surge across the country. "There's a high demand for people, and companies are having to reassess whether every position they are hiring for is going to require a college education or not," says David Dillard, higher education expert with KD College Prep in Dallas.
Nevertheless, Dillard still believes an educational degree is valuable, and the statistics back him up. "Yes, you may need a paycheck for right now, but the real important question is where will I encounter my ceiling, not only for compensation but for advancement," he says. "The wage gap between those who hold four-year degrees and those who stop with a high school education is quite significant."
Rather than ditching college altogether, Dillard says there are options for getting an education at a better value that will still set you up for high earning potential in the future. "Not all employers need or want a Rice or Ivy League-educated candidate," he tells KTRH. "You don't have to choose the highest-cost institution...you can be a value shopper in the college world, just like you would be with any product or service."