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In his annual address on the top challenges facing the business sector, Tom Donohue, the president and CEO of the U.S. Chamber of Commerce, called for "bold education reform" and for college degree programs to be more relevant for available jobs.

One of the most frequent concerns the chamber hears from its members is that "they can't find qualified workers," said Donohue. "Higher education must be better aligned to the needs of our economy and show real return on investment."

He touted the potential of expanding apprenticeships and other forms of work-based learning, which are getting bipartisan support from policy makers at the state and federal level. "A four-year degree is not the only path to prosperity," Donohue said.

The chamber is forming a "new economy" work group, which will attempt to tackle challenges it identified in a report last year. Higher education's work-force development role featured prominently in the document.