Michael E. Hansen is the CEO of Cengage Group, a global edtech company that enables student choice.
Recent job market reports are sending mixed signals to business leaders. While unemployment had inched downward, in August, the unemployment rate rose again. Meanwhile, job openings remain high, with 11.2 million open positions in July, and 4.2 million Americans quit their jobs that same month.
While economists and policymakers debate the best solutions for this labor shortage in an effort to revitalize the economy as talks of a recession loom, one thing is clear: Many businesses are hurting for talent. To start solving this issue, leaders must focus on closing the persistent and growing skills gap among job seekers and workers.
Revisit hiring requirements.
Look at any handful of job descriptions, and you will likely see one requirement consistent throughout them all: a bachelor’s degree. My company’s