A new study by the Sands Lifelong Learning Institute and Burning Glass Institute at the University of Virginia's Darden School of Business sheds light on an important intersection of management education and the future of the workforce.
At the heart of the research paper “Managing Up” is a conundrum. More than 60% of today's workforce does not have a college degree, and that degree often serves as a substitute for management qualifications. This reality prevents millions of candidates from landing their first management job, which can be a gateway to higher pay and continued career opportunities.
In a fast-moving, high-stakes job market, the workforce is expected to shrink over the next decade due to generational retirement, creating a talent shortage. Closing this talent gap is critical to individual, organizational, and overall workforce productivity.
Five key takeaways from the study:
- First-time management positions are an important pipeline to achieving economic mobility. These roles offer higher income and career advancement opportunities. Essential skills for first-time managers, such as communication, data analysis, operations, and leadership, can be developed through targeted education and training.
- An estimated 10.1 million “hidden” candidates may be entering management positions for the first time. These top talent are inaccessible due to limited management training pathways where post-secondary degrees are often used in the workplace as a proxy for promotion. Alternative, accessible channels such as certifications and professional programs can empower these talent.
- Universities and business schools play a vital role in promoting mobility. Workers with a bachelor's degree are three times more likely to hold managerial positions and earn an average lifetime wage premium of 25%. For non-traditional degree seekers, reputable universities and business schools with strong brand recognition offer opportunities by delivering business education in innovative formats and offering meaningful certifications in leadership and management. Help fill in the gaps.
- More than 1 in 20 of all workers in the United States could immediately benefit from acquiring the skills they need to succeed in business. Getting your first management job increases your estimated average annual earnings by $20,000. First management positions are in high demand, with over 3.5 million positions currently available in the United States. They will grow exponentially over the next decade, offering a strong path to career advancement.
- Management education has the power to transform. “Our analysis highlights the power of accessible and impactful management and leadership education.” said Ashley Williams, CEO of UVA Darden's Sands Lifelong Learning Institute. “By unlocking hidden potential and creating pathways to mobility through lifelong learning, we can transform the landscape of the workforce.”
For more information, see Managing Up: Management Education as a Ladder to Mobility by Stuart Andreason, Anne Trumbore, Ashley Williams, and Matt Sigelman, produced by UVA Darden School of Business in collaboration with The Burning Glass Institute. This paper is the first in a series from the Sands Lifelong Learning Institute that explores critical issues at the intersection of the workplace, management education, and society.
contact:
UVA Darden Media Relations: McGregor McCance
Email: mccancem@darden.virginia.edu
Phone: 434-326-2311
Burning Glass Media Relations: Jenny Carvalho
Email: jcarvalho@burningglassinstitute.org
Phone: 423-773-5878
About the University of Virginia Darden School of Business:
The University of Virginia Darden School of Business develops responsible global leaders through unparalleled, transformative learning experiences. Darden's graduate degree programs (MBA, MSBA, Ph.D.) and executive education and lifelong learning programs offered by the Darden School Foundation set the stage for lifelong career advancement and impact. Known for teaching excellence, Darden's top faculty inspire and shape modern business leadership around the world through research, thought leadership, and business publishing. Darden has grounds in Charlottesville, Virginia, and the Washington, D.C., area and a global community that includes her 19,000 alumni from 90 countries. Darden University is a top public university founded in Charlottesville, Virginia in 1819 by Thomas Jefferson, his 1955 addition to the University of Virginia.
About Burning Glass Institute:
At Burning Glass Institute, we believe everyone deserves meaningful work and opportunities for advancement. A completely independent nonprofit organization, the Institute advances data-driven research and practice on the future of work and the future of learning. We work with educators, employers, and policymakers to develop solutions that build mobility, opportunity, and equity through skills. Through its expertise in mining new datasets for actionable insights, the Burning Glass Institute's discourse shaping research draws attention to pressing issues and frames possibilities for new approaches. Through project-based initiatives and collaborations, we put ideas into practice and propose high-impact, repeatable solutions.