The Prof G Pod with Scott Galloway Labor Market Failures & Opportunities — with Byron Auguste
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Mar 23, 2023 Byron Auguste, CEO of Opportunity@Work and former deputy assistant to the president for economic policy, discusses critical labor market failures, emphasizing the misplaced emphasis on college degrees. He advocates for a shift to skills-based hiring that values vocational training. The conversation unveils the complexities of the business-government relationship and explores innovative solutions in the banking system. Byron also introduces the concept of national service to address societal divides and improve job access for young people.
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Labor Market Failures
- Byron Auguste, CEO of Opportunity@Work, discusses labor market failures.
- The discussion focuses on the overemphasis on college degrees in hiring.
Labor Market Dysfunctions
- The labor market has many dysfunctions, including information asymmetry and risk aversion.
- Many jobs require bachelor's degrees, even when not necessary, creating a barrier for skilled workers.
Skills-Based Hiring
- Companies should shift from certification-based hiring to skills-based hiring.
- Allocate entry-level jobs based on skills assessments, not just degrees.
