Robert Mike’s Post

Last week's job report shows how some of the lowest-earning, most marginalized workers are making progress in today's labor market. But it's still important to take a step back and see how far some, like those without a college education, have to go to catch up. In a new report, I show how the types of jobs people work is increasingly separated by their level of education. Workers without a college degree are being left out of professional occupations, and are increasingly working lower-paying service jobs. In 1992, non-college workers were well represented in middle-paying production, clerical, and operative occupations. But over 30 years, their employment in these have dropped by the millions. At the same time, the number working transportation and service jobs barreled upwards. Unfortunately, these types of jobs pay less and offer fewer benefits compared to other occupations. Under 40% of service jobs offer medical and retirement benefits. On the other hand, over 80% of professional jobs do. The takeaway is that the population of non-college workers is, on average, lower paid and lower compensated relative to the rest of the workforce than they were 30 years ago. Much remains to be done to put them on equal footing. Read more here: https://lnkd.in/e-sC7DUz

For recent college graduates, the #jobmarket is cooling a bit (see my post from earlier this week). But there are some areas that are better for employment than others. "Employment of recent college graduates has risen steadily since the pandemic. But hiring rates have fallen since their 2022 peak. Some metro areas offer better opportunities for new college graduates than others. Areas with the greatest balance of wages, affordability, and hiring aren’t stereotypical tech and financial centers such as San Francisco, San Jose, or Seattle. They’re places in the South with strong science and technology employment, including #Raleigh, #Baltimore, #Austin, and #Atlanta." https://lnkd.in/eSvzHUad

From Lightcast... a report on the future of talent and debunking the myth that a college degree will get me the job that I want. It's why many colleges are struggling. They cannot fulfill that promise. Don Philabaum Daniel Kjellsson Eric Melniczek Eric Elwer Ashley Forsythe, Ph.D. Lars-Henrik Friis Molin Mason Gates Donna Gibb christopher neck "Young workers with college degrees are now abundant across the labor market, which means simply having a bachelor’s degree brings less of a guaranteed advantage for jobseekers. And not all degrees are created equal; the quality of the institution and the market demand for particular skills directly affect the value of a degree after graduation. On average, a 4-year degree still corresponds with higher labor force participation and strong wages, but that wage premium has dropped by more than 4% since 2013, especially as labor shortages drive wages up in many non-degree occupations. In today’s market, many paths can lead to financial stability (especially in light of increasing student debt), indicating a job that doesn’t require a college degree could be a better fit for many young workers."

Which specific majors result in the highest and lowest paydays? Check out this article for the 10 highest and lowest paying college majors

https://lnkd.in/giwP6EXj While the gap in wages between those with a degree and those without is as wide as ever, public perception of the value of a degree is not growing. How do we change this bizarre mismatch? The current hot jobs environment won't last and those without a degree are the first out the door. 70% higher wages, greater job security, and a decline in the perception of value. What?

The article comes as no surprise. Kennedy & Company Education Strategies has worked with institutions in the mid-west facing similar headwinds. Industries in these areas are getting scrappier, with appealing starting salaries, benefits, and sign-on bonuses to lure high school graduates. And they are making a play in the school systems, making an already declining traditional enrollment market tighter. There are opportunities to appeal to the dwindling number of high school graduates, but many institutions are only now understanding that their new competition includes industry. It is quite a mindset shift, as institutions have historically tried to feed industry with the skills necessary for a good job. Navigating a fine line of competitor and partner-feeder may seem difficult but there are signals in our labor market analyses that employers want skilled workers with hard skills tied directly to doing the work AND softer skills that lead to management positions within these same fields. In addition to thinking about non-traditional #enrollment pipelines, colleges and universities need to be able to tell high school graduates, particularly those from underrepresented backgrounds, that college is still a good choice. This article plainly describes how graduates have better salary outcomes, but colleges need to make the case for the #ROI in terms of the delayed gratification of an immediate salary versus a higher one in the future and costs to complete the degree. #Netpricecalculators, like ours, do just that. Beyond factoring #financialaid, we show prospective students salary outcomes and the impact of behavioral choices on costs. It is time for institutions to reconsider a good calculator's impact on recruitment. https://lnkd.in/e8AAGQwb

Interesting insight from Charlie Ball on the Institute of Student Employers blog looking at the current graduate labour market: 'As 2024 progresses, we can most likely expect a gradual fall in overall vacancies, but not a dramatic one, and the jobs market in the next six months is likely to be more of the same that we have had in the early part of 2024. For those expecting to graduate, it means that tech, finance and business services such as marketing and HR will remain reasonably buoyant, as well as health, education and social care. But there may be a tougher jobs market in the creative industries, which are still suffering from the legacy of Covid. For employers, it means little respite is likely in difficult hiring situations such as tech – IT and engineering in particular – and a new graduating cohort that is unlikely to be big enough to fill existing gaps. As inflation comes down, we may see salary rises that are more in line with the increased cost-of-living, so although the jobs market in the latter half of the year will likely look quite similar to the last few months, it will probably be stronger than current economic figures suggest.' https://lnkd.in/e7A63hcB

Understanding job market trends and industry insights is essential for the Learning and Development initiative team. By staying informed on the latest developments in technology, demographics, sustainability, and soft skills, this helps to make informed decisions on what programs are worth pursuing in a constantly evolving job market. #LDI #njii #njit #jobmarkettrends #noncreditprograms

Over the last 16 years, I’ve managed to increase my annual salary by 653% It’s not always about money but social mobility matters! In school, the emphasis was not on pursuing passions or aiming for high-paying careers. Instead, the focus was on avoiding pitfalls like teenage pregnancy, criminal involvement and simply passing my exams. Looking back, my school seemed to set the bar so low, yet, these outcomes were all too common among my peers. Fortunately, I was raised in a loving two-parent household. My mum dedicated her life to raising her four children, while my dad, a skilled opportunist, worked tirelessly at multiple jobs to support our family. Neither of my parents worked in lucrative industries, but their dedication and sacrifices made me feel incredibly fortunate and wealthy in many ways. When I look at this data, I feel an immense sense of accomplishment, gratitude and pride… But, it also forces me to question how many school leavers are provided with data on 💰The cost of living 💰Average wage 💰Highest paying occupations 💰How to prepare for the working world Among the occupations listed in the graph, teaching was the only one presented to me as a viable option. The average annual salary of other occupations wasn't discussed, making it seem as if those industries didn't exist. - What did you want to be when you were 16? - Were you presented with viable career opportunities? I’d love to hear from you!! #EmpowerYouth #SocialMobility #NextGen Source: Office for National Statistics

The future job market is set to heavily favor those with higher education according to a new report from Georgetown University’s Center on Education and the Workforce. By 2031, good jobs requiring a bachelor's degree or higher are projected to increase by over 15 million. Let's break it down: 🎓 Two-thirds of all good jobs will require a four-year degree or more by 2031, up from 59% in 2021. 💸 About 8 out of 10 jobs requiring at least a bachelor's degree will qualify as "good jobs" by salary 💼 Overall, 62% of positions in 2031 are expected to meet the criteria for good jobs, a 3% increase from 2021. These projections underscore the growing importance of higher education in securing well-paying positions for students. However, they also raise questions about accessibility and affordability of college education and whether more career-focused skills are needed to secure "good jobs." How can your institution ensure that higher education remains a viable path to economic mobility for all who seek it? ➡️ Read more about the research: https://lnkd.in/eVsBrFWs