From the course: Job Market Basics for Business Leaders
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Education is positively correlated with income, inversely with unemployment
From the course: Job Market Basics for Business Leaders
Education is positively correlated with income, inversely with unemployment
- One of the most important factors that determines what you get paid and what you pay other people is formal education. If you look at this graphic from the US Bureau of Labor Statistics from 2019, we see annual averages for unemployment rates by education level as well as weekly earnings by education level. On the left side of the graphic, you'll see that the unemployment rate is significantly lower for people with doctoral degrees than it is for people who have less than a high school diploma. And you'll notice that at each step higher in education, the unemployment rate goes down. In other words, the more education you have, the less likely you are to be unemployed. On the right-hand side of the graph, you see that earnings also go up at each level of education. The more education you have, the more money you get paid. As a leader who might be looking to move up the corporate ladder or go get a new job somewhere else,…
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