There is something called educated and unemployed and there is something called uneducated and unemployed. The number of people who opts for advanced degrees like master’s or post-graduation, also adds to the number of people who are educated and unemployed. Statistically speaking, the number of unemployed graduates in the United States has drastically decreased in the last few years. More precisely, it has gone down from 13.3% in 2020 to 4% in 2021. Now being unemployed comes in different forms. So How Many College Grads Are Unemployed?
Let’s Understand The Scenario In Depth
When the pandemic had considerably rendered the world motionless and more than half the world had to deal with an unforeseen economic crisis, a lot of people lost their jobs, irrespective of the fact of them being graduated or not. But, surveys and studies showed that people with graduate degrees suffered less compared to the people who did not have a degree. But people without degrees also made it to the end of the tunnel just fine.
Today, it is more about having proven skills and practical knowledge in your field of expertise than having a ton of theoretical knowledge and a degree. The reason, as well as the number of students who remain unemployed, varies from country to country. Different countries have different requirements and grades of skills required to run the organizational structure.
There Are A Few Reasons Why, Sometimes Even After Having A Degree, Landing A Job Can Be Tedious
- No Similarity In Education And Skills Required
There is a huge parity between the things taught in graduate school and the knowledge that is required practically in the field. According to statistics, almost 47% of graduate students all over the world do not have sufficient skills and expertise to perform jobs in the field. Because of this, a lot of graduate students prefer to acquire extra skills and degrees outside the conventional degree that they are expected to do.
- Keeping Up With The Pace Of The World
From time to time, the world runs into unexpected and unforeseen socio-economic crises. It doesn’t matter how much of an advanced degree you have, if the world is going through a recession and your field of expertise is not in demand, then unemployment is inevitable. There are a few inevitable situations that cannot be avoided and no matter how highly qualified you are, giving in to the current situation is the only one left.
- Automation
Speaking of demand and supply, there is a change in the requirements of particular skills. Especially after the era of automation set in, a lot of jobs that were considered very highly valued in the past are not considered essential. Automation has led to most of the work being done digitally and through software, rendering a lot of manual requirements unnecessary.
- More Supply Than Demand
There is also a big difference in the number of people who are graduating every year and the number of available job openings. The number is very far apart from each other. And the difference in number is increasing every year. The amount of automation that took place past few years has widened the gap between the supply and demand of graduate students even more.
Is There Any Solution To It?
Well, obviously! There is no problematic situation that the world has run into and humankind could not come up with a solution to it. More and more extra skills are making their way into the education field to make sure that everyone, irrespective of being a graduate or not, has the required skills at their disposal, to become completely eligible for a particular job. Even when half the jobs are turning automated, still there are newer jobs that are surfacing that need nothing but manual labor. So, the need of the hour is to be aware and ahead with new pieces of information and updates, so that you can become exactly what the world needs right now.
Conclusion
Today the situation has changed considerably.
The dice has rolled in favor of people with skills and knowledge and not degrees. Having a degree is still considered an essential part of academics, but it is no longer one of the mandatory requirements. The big names in the industry have dropped their criteria of being graduated from their employment criteria. The world is welcoming and celebrating skills and practical knowledge like never.
So, whether you have a degree, you can still conquer the world with your passion.
FAQs
- Is having a degree mandatory to land a high-paid job?
No. it is not anymore.
Skills and practical knowledge are essential these days.
2. How to get a job that requires a skill that requires expertise I don’t have?
There is no bar to how much you can learn.
Learn the skill that will get you the job.
3. Which big companies have removed the requirement of being a graduate from their clause?
Companies like Tesla, Facebook, and Google have removed their requirement for a degree.
4. Are developing countries ready for a shift like this where people without degrees get jobs?
It is the need of time.
The developing countries will have to comply and make peace with these changes.