Higher education plays a great role in advancing the socio-economic status of an individual as well as being a vital driver of economic mobility in the society. Furthermore, a highly skilled labor force is the backbone of a country’s economic growth prospects. Organizations and companies demand highly skilled employees to meet the demands of the fiercely competitive global economy. Recruitment of qualified and skilled workers is a vital survival tactic in the modern world economy. Though the price of college fees is going up, the number of students enrolling in colleges keeps on increasing. College education is price inelastic. The demand for college education remains unchanged even when the price increases ((The Economics of Higher Education, 2012)).
Demand for skilled manpower (college educated) is high and skilled workers earn substantially higher expected wages than high school graduates. Moreover, education provides an opportunity for intergenerational mobility; children born in poor households can significantly change their economic status by enrolling in college since there is a higher probability of earning higher income. The supply of college graduates is restrained by the capacity of various colleges’ faculties as well as time it takes to train a competent graduate (The Economics of Higher Education, 2012).
Numerous factors have led to changes in the job market including globalization, innovative production channels and advent of information technology (IT). IT reduced the number of workers required to work in a firm but increased the demand for highly skilled and specialized workforce. Many college graduates tend to specialize in specific career choices to increase chances of gaining employment. There has also been a shift of production plants to other countries as firms struggle to lower production costs. To coordinate activities of various production lines in various countries has led to a demand for employees with logistics know-how ((The Economics of Higher Education, 2012)).
The Economics of Higher Education. (2012). A Report Prepared By the Department of the Treasury with the Department Of Education. Retrieved from <https://www.treasury.gov/connect/blog/Documents/20121212_Economics%20of%20Higher%20Ed_vFINAL.pdf>
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