Learning and Earning in the Workplace
Posted March 8th, 2011
Never underestimate the importance of an education, regardless of age. According to reports, U.S. companies that have continued to spend on educational programs for their workers are reaping the benefits despite the current economic downturn. Those same reports add that companies that have closed their coffers on educational programs pay the price in the form of declining sales.
The good news is that companies that did cut their education budgets were in the minority. In fact, nearly 50 percent of the respondents said they increased their education budgets in recent years.
Still, the recession is affecting other areas of company spending, the reports say. Hefty cuts for things such as seminars, conferences, workshops, and travel are the norm. However, technology is helping to smooth the effects of those cuts in the form of Web-based and other electronic forums that have gained in popularity.
Companies also are narrowing the scope of educational programs. The purpose is to cut out unnecessary or marginal material for programs that more closely focus on particular employee needs.
This is all good news for companies as well as the individual employees. According to a report by the Federal Reserve Bank of Dallas continuing education, in a knowledge-based economy, are good bedfellows. The bottom line is that those who routinely engage in continuing education on the corporate level by increasing their skills and knowledge typically earn more money than those who do not.
According to Fed’s estimates, a high school graduate over a 40-year career can expect to earn approximately $1.5 million, a college graduate $2.6 million, and someone with a master’s degree $3 million. Tag on an additional $1 million to that for someone with a doctorate. The zenith in earnings goes to those individuals with professional degrees (lawyers, doctors). They can expect to earn $5.3 million in a 40-year career.
Experts say that workers who keep advancing educationally do so for the economic benefits they reap. Individuals in the 55-year-old to 64-year-old range typically have reached the peak of their earning power.
The key to the country’s economic growth, according to some economists, is the life-long educational process that begins in school and continues later on in less formal settings.
Economists say well-educated individuals are needed to fill the quality jobs that are available. If the U. S. expects to recapture its lead on the world market, it needs to keep pace in the quality of its educational system. A strong educational system translates into better paying jobs, and thus a higher standard of living.
If you’re looking to raise your own standard of living and you live in the San Francisco area, contact Bayside Solutions. We have long-term, short-term and direct-hire assignments with some of the Bay Area’s best firms in the green, managed, construction, technology and manufacturing sectors. Contact us today!
