Business Education and Workplace Readiness
Researchers find a significant discrepancy between business education curriculum and employer needs.
Source: Strang, K. D. (2022). How effective is business education in the workplace: Structural equation model of soft and hard skill competencies. Sn Business & Economics, 3(1). https://doi.org/10.1007/s43546-022-00404-1
However, from the US employer perspective, college degrees do not provide all the important skills needed in a job (Accenture 2018; Conrad and Newberry 2012; Messum et al. 2016; USDOL 2022). The National Association of Colleges and Employers (NACE 2020) asserted that in addition to high grades, employers wanted at least 19 top skills from college graduates, based on a survey (N = 150).
In order of descending importance, NACE (2020) identified these job skills: problem-solving, teamwork, ethics, quantitative/analytical, communications, leadership, initiative, detail-oriented, technical, flexibility/adaptability, interpersonal emotional intelligence, computer technology, organizing, strategic planning, friendly, risk taker, tactful, and creativity. College students lack many of the above-required job skills.
According to US-based staffing conglomerate Adecco (2022), 92% of executives surveyed thought American workers lacked needed skills, 45% felt insufficiently skilled workers negatively impacted firm growth, 34% believed product development suffered, and 30% suspected company profits were reduced.