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Good Jobs: How Important Are Credentials?

Good Jobs: How Important Are Credentials?. Cynthia Newhouse EVT 7066 Fall 2008. Postsecondary Education: Is it worth it?. To Enroll or Not to Enroll Most important decision for a U.S. worker Why? Educational Attainment: Plays critical role in labor market

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Good Jobs: How Important Are Credentials?

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  1. Good Jobs:How Important Are Credentials? Cynthia Newhouse EVT 7066 Fall 2008

  2. Postsecondary Education:Is it worth it? • To Enroll or Not to Enroll • Most important decision for a U.S. worker • Why? • Educational Attainment: • Plays critical role in labor market • Impacts earnings, job opportunities, & overall job satisfaction • Factors to consider • Educational Trends • Steady increase in number who complete some type of college • Labor Market Trends • A fast-paced increase in number of jobs requiring at least some college

  3. What are “good” jobs • A “good” job • Satisfies 3 needs: • Extrinsic tangible rewards • Intrinsic rewards • Social relationships • Job satisfaction • Determined by type and kinds of rewards received through work (O’Toole & Lawler, 2006) • Due to the nature of employment data, this presentation focuses mostly on the extrinsic reward of salary/wages; however, a truly “good” job with high job satisfaction provides fulfillment of all three needs

  4. Education Premium • The disparity between those with the least amount of education and those with the most amount of education. • Continues to increase over time • In 1979, those who completed college earned 1.6 times those who dropped out of high school • In 2006, this rate rose to 2.5

  5. Educational Attainment Trends Ages 25 or older Only 1 out of every 20 people had earned a college degree Ages 25 – 64 32.6 % have earned a bachelor’s degree 28% have some college 29.6% earned high school diploma or GED 9.8% less than high school diploma 1940 2006

  6. Education: How Far Will You Go? • On average, Education, Income

  7. 2006 Income Disparity by Educational Attainment Having a Bachelor’s degree or higher yields almost 2 and ½ more than those who have not earned their high school diploma

  8. Educational Attainment Trends & Labor Market Trends % of Labor Force ages 25 – 64 by level of educational attainment over time Compare: Some College 1970 – 11.8 % 2005 – 28 % Projected growth in employment between 2001 – 2014 based on educational attainment In 1970, 38.1 % of labor force 25 – 64 did not have more than a high school diploma

  9. High-Growth, High Wages 87% of High-Growth, High-Wage jobs projected for 2004 – 2014 require at least some college

  10. Does Educational Attainment Always Mean Higher Earnings? • No! • Examples: • Air Traffic Controllers earn $117,240 in median annual earnings • However, there are only 3 job openings expected between 2006 – 2016 • Management positions • Many do not require degrees, rather years of experience can qualify you for the job • Median annual earnings are $82,490 • However, 55.4 % of managers have at least a Bachelor’s degree.

  11. Educational Attainment and Unemployment • One relative truth is that education does decrease the likelihood of unemployment:

  12. Occupations with greatest # of projected openings between 2006 - 2016

  13. Does Education/Credentials = “Good” Jobs? • The answer: It depends • Depending on your interests, values, and skill sets, you may be competitive and happy in the low-skill, low-wage service industry • There are a few industries, however specialized (i.e. “Air Traffic Controllers”) and with relatively few job openings, where you can earn good wages, do meaningful work, and experience positive social relationships. • Trends, however, illustrate the growing number and types of occupations which require at least some postsecondary education

  14. Looking Ahead • Encourage informed decision-making • Explore options • Provide resources • Create opportunities for reflection • Design curriculum accordingly • Preparation for college-level work • Preparation for trades, if interested • Preparation for transition into work • Promote “soft” skill development • Provide real-world experiences when possible

  15. References • http://www.dol.gov/oasam/programs/history/herman/reports/futurework/report/chapter1/main.htm • http://www.dol.gov/oasam/programs/history/herman/reports/futurework/report/chapter2/main.htm • https://my.usf.edu/bbcswebdav/users/wblank/EVT%206661/Economic%2C%20Demographic%20%26%20Employment%20Trends/Americas%20Dynamic%20Workforce.pdf • http://data.bls.gov/oep/servlet/oep.noeted.servlet.ActionServlet • http://www.careerinfonet.org/finaidadvisor/earnings.aspx?nodeid=21 • O’Toole, J. and Lawler, E. (2006). The New American Workplace. New York, NY: Palgrave Macmillan.

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