Good morning. A new documentary takes a look at how a skill 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 non-profit 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 this 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 skill-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
Leaderboard
Some notable moves this week:
Eric Aboaf was appointed EVP and CFO of S&P Global (NYSE: SPGI), effective February 2025. He will succeed interim CFO Christopher Craig, who is the company’s chief accounting officer. Aboaf arrives from State Street Corporation, where he has been CFO for nearly eight years and also held the role of vice chairman since 2022.
Kimi Iguchi, CFO of Sage Therapeutics, Inc. (Nasdaq: SAGE), will depart the biotechnology company as part of a reorganization plan that includes laying of 165 employees. Other executive departing include the general counsel and chief technology and innovation officer. Chris Benecchi will take on an expanded role as chief operating officer and will oversee finance, IT, and technical operations.
Taylor Luebke was promoted to SVP and CFO of furniture company La-Z-Boy (NYSE: LZB), effective Jan. 1. He will succeed Bob Lucian, who has served as the company’s CFO since 2021 and is retiring after almost 35 years in finance. Luebke joined the company in 2021 and currently serves as VP of finance and as the company’s treasurer.
Sherri R. Luther was appointed CFO and treasurer of Coherent (NYSE: COHR), a lasers, materials, and networking company, effective immediately. She will succeed Richard J. Martucci, who has served as interim CFO since September 2023. Luther returns to the company after serving as CFO of Lattice Semiconductor Corporation since 2019.
Vincent Paul “V.P.” Berger II was promoted to EVP and CFO of HNI Corporation (NYSE: HNI), a manufacturer of workplace furnishings and residential building products, effective Dec. 29. He will succeed Marshall H. Bridges, who is retiring after over 23 years. Berger has worked at HNI for 27 years, most recently serving as EVP and president of subsidiary Hearth and Home Technologies since 2016.
Mark Hirschhorn was named CFO at Amwell (NYSE: AMWL), a digital care provider, effective Oct. 21. He succeeds Robert Shepardson, who has been in the role since 2021. Most recently, Hirschhorn served as CEO of TapestryHealth. Before that, he spent seven years at Teladoc Health where he held the roles of CFO and chief operating officer. Hirschhorn was also previously president and COO of Talkspace.
William L. Phelan was named CFO and chief accounting officer at Luna Innovations Incorporated (Nasdaq: LUNA), a fiber optic-based technology provider, effective immediately. Phelan succeeds John Roiko, who joined Luna out of retirement in May. Phelan has been a full-time advisor to the company since May. Before joining Luna, he served as chief accounting officer at MiMedx Group, Inc.
Big Deal
Morgan Stanley Wealth Management has released the results from its quarterly retail investor pulse survey. After the recent rate cuts, 64% of investors believe the Fed will be able to steer the economy into a “soft landing,” up 10 percentage points from last quarter.
The survey also revealed that with the U.S. election and geopolitical tensions looming about 3 in 5 (59%) of investors remain bullish, down 2 percentage points from last quarter. Inflation concerns have decreased from Q3—down 8 percentage points. However, the 2024 election (34%) and market volatility (23%) maintained their positions as the second and third most concerning issues, respectively, according to the findings.
Courtesy of Morgan Stanley
Going deeper
Here are a few Fortune weekend reads:
“Basketball great Candace Parker wants to buy a WNBA team—and an NBA team too” by Michael del Castillo
“23andMe’s entire board resigned on the same day. Founder Anne Wojcicki still thinks the startup is savable” by Lila MacLellan
Overheard
“It’s easy to fall into reactive mode in the face of this macro-environment, and the new world of work it is ushering in. But it’s actually this moment in which leadership must initiate proactive shifts to guide their organizations into the future.”
—Bijal Shah, CEO of Guild, a partner of Fortune’s Most Powerful Women Summit, writes in an opinion piece, “Navigating the new world of work: 3 leadership imperatives to future-proof your organization.”