The Cost of Not Having Higher Education

The Cost of Not Having Higher Education

If you’ve considered going to school for a college degree, then you’ve considered tuition costs, textbook fees and travel expenses. People also turn to online education to extend and expand their career options. Online classes eliminate textbook and travel costs and offer an economical solution to rising tuition of traditional education. While it’s true that quality online programmes and degree programs aren’t free, they are affordable, especially when you consider the cost of not having a higher education at all.

Gaining higher education has a direct effect on your career. In fact, statistics show that the higher the level of education, the higher the amount in earnings a person will receive, proving that continuing education past a high school level is the best way to hold on to a career and achieve financial success.

Higher education is vital to remain competitive in the job market. According to “The Book of Knowledge” put out by Merrill Lynch, 50 percent of employee skills become outdated in three to five years. In India, nine out of 10 employees in an international workplace survey said they feared that their current skills would be outdated within five years. On the company side, the cost of replacing lost talent averages to 150 percent of a person’s salary (Mercer Survey of Australia at Work). This makes a strong case for companies and employees to invest in higher education to upgrade and update skill sets. Gaining certification allows you to re-train to ensure you can keep the job you have or easily transfer to another position. Taking online courses is an affordable and fast way to earn a certificate that confirms you have the skills that meet the demands of a continuously changing industry.

Credentials are everything. Think about it. Would you go to a dentist who only has a high school diploma framed on the wall? Would you hire a lawyer who dropped out of college before gaining full expertise in law? You feel more comfortable paying a person more money when you trust that they know what they are doing and have the education and certification to back it up. To convince employers and customers you have the skills to do the job, certifications and degree programs are the way to go.

Higher wages brought on by higher education isn’t new. In the early 1900’s, education was scarce and only a minority of adults had a high school diploma. Working life was dictated by supply of labor and the demand for skilled workers; formal education was not necessary to do the job. As society has continued to evolve, annual earnings of workers increased with education. In the 1970’s, as technological changes started to occur, the corporate world favoured a more educated working population and started compensating generously to attract educated employees. By 1975, full-time workers with a higher education earned 1.5 times the annual wage of workers with a high school diploma. And, by 1999, this ratio had edged up to 1.8.

Statistics prove that gaining higher education and achieving certification is the best way to get the expertise you need to land a more lucrative career.