The Costco Wholesale logo can be seen on the exterior of the Costco store in Richmond, California. The company was ranked #2 on the 2024 American Opportunity Index. (Photo by Justin Sullivan/Getty Images)
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A newly released ranking of the best companies to advance your career shows that despite the steady ringing of promises around skills-based employment, the majority of companies will not be able to hire early career workers or non-college workers in 2023. It did not increase employment. 60% of employers surveyed have reduced promotion opportunities in the last year.
The 3rd Annual American Opportunity Index, a project released Monday by the Burning Glass Institute, the Schulz Family Foundation and the Harvard Business School’s Managing the Future of Work project, is a survey of large U.S. companies looking to advance their careers. It provides workers with a ranking that offers them the best opportunities.
Unlike other company rankings, this ranking does not rely primarily on employee surveys or employer-submitted data, but rather uniquely analyzes the career trajectories of more than 5 million employees at 395 large companies. The data was analyzed. The study is based on the Burning Glass Institute’s database, which compiles the job histories of more than 65 million U.S. workers, representing more than 40 percent of the U.S. workforce.
Matt Siegelman, president of the Burning Glass Institute, said, “Despite growing support for skills-based employment, most companies have made no progress in hiring workers without college degrees.” or even a step backwards,” said Matt Siegelman, president of the Burning Glass Institute. Email.
However, as a result, employees at companies in the top 100 earn more and are more likely to be promoted, and those companies also employ more college-educated employees than those with college degrees. found to be 180% more likely to be hired. It’s at the bottom of the ranking.
This year’s rankings are led by companies from a variety of industries, including No. 1 employer, industrial supply company WW Grainger, followed by Costco Wholesale, Capital One Financial, Meta Platforms, and ServiceNow. It was in the top five. JB Hunt Transport Services, Coca-Cola, PepsiCo, MetLife and Bank of America rounded out the top 10.
The analysis found that companies in energy and resource-related sectors, such as oil and gas, utilities, and metals and materials, had the highest average increase in the index this year, but the top 100 included companies from 30 sectors. It turned out that. (The index publishes an overall ranking of the top 100 companies, as well as just identifying companies that rank in the top 100 for pay, hiring, culture, and promotions.) In 2024, the index will be published based on the overall ranking of the top 100 companies and only those companies that rank in the top 100 for pay, hiring, culture, and promotions. Added progress measure. Glassdoor’s culture sentiment score is similar.
This year’s analysis found that only 80 out of 395 companies increased advancement opportunities, and several companies (174 out of 395) reduced hiring of people without college degrees or meaningful work experience.
“As talent availability increases, some employers are becoming less willing to consider applicants without degrees, despite their promises,” Siegelman said. “That means the big gains workers have made over the past few years are fragile.”
He added that as more workers stay on the job, there are fewer opportunities for workers to enter and advance in their careers. Even if the number of layoffs remains low, “employers concerned about the economy are cutting back on new hires,” he said. There is a growing recognition that AI will automate more entry-level tasks, and that may also be having an impact. “So they’re shifting their focus to hiring experienced talent,” Siegelman said.
