10% of U.S. jobs will be lost to automation in 2019.
Forrester Research
A millennial the other day was wearing a Y hoodie from Yale University his alma mater. We got into a conversation about work. Well, he was working at an Amazon distribution center with a ¼ million dollar degree. Huh!
There has been a global and collective obsession with getting a college degree, seemingly regardless of its value and employability. The common perception based on historical numbers is college graduates regardless of the degree make more over a lifetime than those without a degree. Is this still true? Many VUCANs are getting degrees with seemingly few employment opportunities. During COVID, this is going to change. The result is many college graduates are underemployed or even unemployed.
Another obsession is the brand degree. So, would you rather go to Yale or State U is a question that came up with our 19 year old daughter. Millions of kids and parents in every country face this dilemma. Every country has its prestige and state (think value) universities. The former are expensive and the latter are relatively inexpensive.
The critical risk based decision is: ‘what’s the better option for employability a ¼ million dollar degree from Harvard or Yale in German literature or an engineering degree from a State University’? Studies say: ‘No’. There’s a starting $39,000 difference in earnings between the highest and lowest paying college majors. “Where you go doesn’t matter so much anymore, it matters what you take (degree)” was the conclusion.[i] You can get an online technical degree for 1/5 the cost of a prestigious university that offers more employability and lifetime marketability. The work degree is becoming more important than the pedigree.
Work Lesson Earned: The privileged are fearful for their kid’s employability. As cheating scandals indicate, the privileged will go to great lengths to secure life and work success for their kids. College branding counts less. Learning and doing value work quickly may be the ultimate work differentiator.
[i] ‘There’s a $39,000 Difference In Earnings Between the Highest and Lowest Paying Majors’, MarketWatch, May 16, 2018.