Is a College Background Important to Your Business?

More than 30 percent of U.S. adults hold a bachelor's degree.

Though this number varies by state, with almost half the population of Massachusetts having one, it's safe to assume that roughly one-third of Americans have degrees.

With today's tough job market, holding a degree is extremely valuable, though not absolutely required. Studies have shown that just because you have a degree doesn't necessarily mean you will be a better worker than someone without one.

In fact, nowadays there are a number of great jobs you can get without a bachelor's degree. Companies aren't always looking for the most educated individuals, they're also looking for those that are well-rounded and have experience.

Pros of hiring someone without a college degree

Life experience can go a lot further than a four-year degree.

If you have a candidate who helps out in the community, is family and goal-oriented, works well with others and is a team player, he or she may be a much better fit for your small business than someone who has no life experience but holds a degree.

Your small business also may be able to save money by hiring someone without a degree.

Studies show that those that have a bachelor's degree have twice the earning potential than those who do not have one. You may be able to offer a slightly less salary to someone who has a high school diploma or two-year associate's degree.

They'll work hard. Not to say that those with a degree won't work hard, but someone without a degree may feel like they need to prove themselves. This is especially true if your small business typically only hires college graduates.

The new, non-degree hire will want to make sure you feel you made the right decision by getting them on board with your company.

Tip: Ask the candidate why they don't have a college degree. They may have joined the military right after high school and now need to be in the workforce. They may not have had the means to pay for school and didn't want to take out loans. Get to know your candidate before making a decision.

Cons of hiring someone without a college degree

You may not get the best candidate for your company.

Having a college degree isn't just about better preparing yourself for a job, it also proves that you stuck with and accomplished something that was challenging.

You worked hard, studied hard and graduated, most likely with a good amount of debt. If obtaining a degree were easy (and free) everyone would have one.

Another disadvantage to hiring someone without a degree is they may not be able to grow within your company.

For example, most managerial positions require the candidate have a degree, so you would either have to make an exception for that individual (which may lead to more and more exceptions) or keep them in their current position.

Overall, you have to do what's best for your small business.

If you want a degree to be a requirement, than by all means make it a requirement. Just know that you may be missing out on some great opportunities from those who don't carry a degree.

If the person is trainable, willing to learn, has a positive attitude and works hard each and every day for your company, they're going to be a good investment, whether or not they have a diploma stating they graduated.