Good morning. A new documentary takes a look at how a job training program is preparing young adults for a shot at Fortune 500 internships, and the CEOs of these top companies share their perspectives.
Untapped: Closing America's Opportunity Gap, is a documentary developed and executive produced by Workday (a CFO Daily sponsor) in partnership with The SpringHill Company founded by LeBron James and Maverick Carter. Carrie Varoquiers, Workday's chief philanthropy officer, served as an executive producer of the film. It debuted Wednesday on Netflix in the U.S. and shines a light on skills-based hiring as an alternative to degree requirements for jobs.
I’ve always been drawn to documentaries because they can be informative and entertaining at the same time. Untapped offers a compelling look at the stories of six young adults from underserved communities in New York City as they participate in a job skills training program through the nonprofit Year Up United that prepares them for an internship in corporate America.
"There are, and should be, different paths that can lead you to a successful career," according to Workday CEO Carl Eschenbach, who can attest to this firsthand: Rather than seeking out a four-year degree, he opted for technical school training instead. Eschenbach has since selected roles to build out his skills over the past 35 years in technology. "Skills are the modern currency of work," he said.
Eschenbach is among the business leaders interviewed in the film including General Motors CEO Mary Barra, JPMorganChase chairman and CEO Jamie Dimon, Walmart CEO Doug McMillon, Workday cofounder and executive chair Aneel Bhusri, entrepreneur Mark Cuban, and SpringHill’s Maverick Carter.
"The new world of work is about skills, not necessarily degrees," according to Dimon. And part of that is removing the stigma of a community college and career education.
In the film, Dimon had this advice for CEOs: “We need to open our horizons, look at skills, and train people. You have these strategic visions but at the end of the day, jobs lead to dignity, health, homes, and families. It’s a virtuous cycle.”
Dimon also shares some of his own life experience, remarking that he was fortunate to have great parents and to go to a nice college, which gave him a “leg up in life.” And perhaps surprisingly for one of America's most prominent business leaders, Dimon says he never met a CEO until probably his last year in college.
On skills-based hiring, Barra said: “I think we have to take it upon ourselves to widen the aperture of who we can hire, and then provide that training as people join the company.”
Meanwhile, McMillon had this to say: “Skills-based hiring and skills-based training are an important part of the country’s economy and an important part of the future.”
Along with commentary on hiring, the leaders offered career advice.
“When you get that first job, you’re getting paid to learn,” Cuban said. Look at it as an opportunity to build a foundation in the business world, he said. Cuban also shared an anecdote about purchasing his first suits, two for $99 made out of polyester, which he wore to interviews. “They're in a landfill somewhere standing up on their own,” he quipped.
It’s estimated that 87% of companies are facing skill gaps or expect to within a few years. And just 38% of adults in the U.S. hold four-year degrees. A recent Harvard Business Review article argues that the "logic of skills-based hiring is unimpeachable."
The film Untapped is very thought-provoking and brings insightful attention to the future of work. If you watch it, let me know what you think.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
