Some employers are responding to the tight labor market by no longer requiring a college degree and instead are focusing on a skills-based approach to hiring.

The employers who are doing this are focused on finding the right talent to fill job openings by looking for the skills or competencies needed to do the work. And they recognize that the requirement to have a bachelor’s degree sometimes gets in the way of that.

According to ZipRecruiter, 47% of small and medium sized businesses are more likely to not require a college degree from candidates vs. 35% of large businesses.

So, you are going to see more job descriptions that say: “A bachelor’s degree in a relevant field or equivalent work experience is required.”

· How is this impacting your compensation benchmarking, if at all?

· Do you think we will see more employers moving to skill-based pay or pay tied to competencies?

· Salary surveys provide data primarily on jobs and not on skills or competencies. Do you think this will change in the future?

· How many years of work experience are equivalent to a bachelor’s degree? 4 years? But are all years equal? Does the type of work and level of work you have performed matter to the assessment of whether it is equivalent to a college degree?

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