Washington - Business Roundtable today released a report examining the career outcomes for millions of U.S. workers at America’s leading companies. Developed in partnership with The Burning Glass Institute, the report shows how America’s largest employers, including Business Roundtable member companies, are creating greater opportunities for economic and social mobility for U.S. workers of every race, gender and education level.
“From 2018 to 2022, more than 7 million American workers at leading companies were elevated into jobs with middle-class wages,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “This four-year snapshot is indicative of a broader, long-term trend — America’s largest companies are driving economic growth and serving as catalysts for social and economic mobility."
“In an era when employers are emphasizing skills in the hiring process, America’s largest employers are eliminating degree requirements for more positions and opening more opportunities for workers across all education levels. In 2022, over 700,000 job openings at large companies were accessible to applicants without a college degree,” said Business Roundtable CEO Joshua Bolten.
Key findings from the report:
- 1.4 million Americans enter the middle class each year through employment at America’s leading companies.
- Workers who begin their careers at large employers earn, on average, 5% more over the course of their lifetime than other workers. This wage premium is enough to pay to put a child through college.
- Nearly 2 million non-white workers entered the middle class over the last five years through employment at large companies.
- More than 3.6 million women entered the middle class between 2018 and 2022 through employment at America’s leading companies.
- Workers across all education levels earn more in wages at a large company.
- Americans with no more than a high school degree receive the greatest wage benefit by working at a large employer.
For the full report, click here.