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Student loan debt is an issue for many recent college graduates and employers are looking into ways to solve this issue. One such solution might be scrapping the concept of a four-year degree.
An accounting and finance survey by Robert Half revealed that 63% of companies are willing to provide tuition reimbursement or professional development for new staff members who don’t have a four-year degree.
The research suggests that large companies (1,000 or more employees; 93%) are almost twice as likely as small firms (20-49 employees; 51%) to provide tuition reimbursement or professional development to those new hires.
“Given the competitive hiring market and historically low unemployment rates, finding a candidate who checks every box isn't realistic,” said Steve Saah, executive director of Robert Half Finance & Accounting. “Savvy companies are becoming more flexible in the hiring process, including considering applicants who may not have all the desired education or experience outlined in the job description but possess the necessary soft skills to succeed in the role and fit with the organizational culture.”
Accounts payable (54%), accounts receivable (47%), credit and collections (31%) and payroll (30%) were the top functional areas where financial executives said they would be willing to hire someone without a college degree.
“Employers that provide education and training offerings could see a number of benefits,” Saah said, “including improved recruitment and retention efforts and employees with sharpened skill sets.”