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Are business organizations overlooking academic qualifications for promotion of staff?

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In the organization that I work, people are now promoted mainly based on impact that you have on the organization since your started working. Not academic qualifications. Not longevity?

Is it a common thing now for business organizations to promote staff without looking at their academic qualifications?
 
Personally, I believe that many modern organizations are increasingly valuing the real impact and results a person can deliver, rather than focusing solely on academic qualifications or tenure. This makes sense, because ultimately, what matters is how effective someone is at achieving objectives and contributing to business growth. However, I don't think academic qualifications will become entirely obsolete; they are still important for certain technical or specialized roles. But in roles where innovation, creativity, and tangible impact are key, prioritizing performance and achievements can be a more effective strategy for organizations. In short, yes, it's becoming more common for companies to promote based on impact, but I also believe that qualifications remain relevant in certain contexts.
 
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