A recent poll reveals that 65% of hiring managers are open to hiring candidates based on their skills even if they lack traditional work experience.
This trend is highlighted in the 2024 Resume Genius Hiring Trends Survey, which surveyed 600 hiring managers.
Also, according to the World Economic Forum, 50% of all employees will need to re-skill by 2025 to keep pace with technological advancements.
Traditionally employers rejected candidates who were skilled and experienced but lacked a university degree, but reports showed that workers without college degrees can be as productive as their college-educated counterparts and are often less likely to leave their jobs, making them less costly for companies to hire.
Now, many experts are advocating for young people to focus on skills development instead of pursuing a four-year degree to secure a well-paying job.
The 2024 Microsoft Annual Work Trend Index highlights the increasing necessity for AI skills in the workforce. Saville and Holdsworth (the company which introduced psychometric assessment used by employers to measure a candidate’s cognitive abilities, personality traits, and behavioural competencies), chief science officer, Sara Gutierrez expects this emphasis on AI skills to continue driving innovation and efficiency.
Gutierrez notes, “This trend underscores the growing demand for professionals with AI expertise, whose skills are proving to be resilient to market fluctuations.”
The poll also indicates that:
- 47% of hiring managers consider educational qualifications “important” in 2024, but only 25% view them as “essential.”
- 43% do not require candidates to have a degree from a prestigious institution.
- 54% consider soft skills highly important.
- 48% have declined to hire a candidate due to a lack of soft skills.
- 66% believe soft skills can be taught.
This shift in hiring practices is particularly noticeable in the tech industry, with companies like Google, Microsoft, IBM, and Walmart removing degree requirements from job postings.
The Co-founder and executive director of Resume Genius, Ed Huang states, “As skills-based hiring becomes more widespread, we’re seeing a more levelp playing field emerge, where talented individuals from all backgrounds can showcase their abilities, pivot into new industries, and pursue their aspirations.
“It’s an exciting development that’s redefining what it means to be a successful candidate.”
Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, emphasizes,
“We have the tools at our disposal. The bounty of technological innovation which defines our current era can be leveraged to unleash human potential.
“We have the means to reskill and upskill individuals in unprecedented numbers, to deploy precision safety nets which protect displaced workers from destitution, and to create bespoke maps which orient displaced workers towards the jobs of tomorrow where they will be able to thrive.”
The World Economic Forum also estimates that by 2025, 85 million jobs may be displaced by a shift in the division of labour between humans and machines. However, an even greater number – 97 million jobs may emerge that are better suited to the new division of labour between humans, machines, and algorithms.
What this means
These statistics potentially impact future workers globally as it affects the global workforce and organizations.
For Nigerian professionals, it indicates:
- The workforce will require reskilling and upskilling
- Some of these skills are Artificial Intelligence, critical thinking, and problem-solving skills which employers believe will grow in prominence in the next five years.
- University degrees are essential but acquiring these useful skills is more advantageous to secure jobs locally or internationally.
