This morning, I gave two fellow career counselors a link the February 1, 2007, edition of Kuder User News, so that they could read the article “The Economic Impact of Career Planning.” I’d like to share that link with you, too.
http://www.kuder.com/news/Vol5_No4/economic.html
The report is stunning in it’s simplicity and implications. First, it notes the education deficit in the skill level and skill sets of US workers. I’ve been watching this deficit grow 30 years. The health of the US economy is dependent on our workers having the skills needed in the job market of the early 21st century. Is the continuing collapse of the US job market and high unemployment rate due to our workers not having the skills to compete a complicated and volatile global economy? Very likely.
Secondly, the article tells of a study done in 2005 by Susan Combs, comptroller for the state of Texas. First, Ms. Combs wanted to know how much money came into the Texas economy for every dollar spent on higher education. The answer: $5.50. Wow! Quite the rate of return. Obviously, economic health is bolstered by increasing the number of students who have access to–and complete–some form of higher education. But, what form gives back the most?
Further number crunching revealed that the total amount brought into the economy of Texas due to higher education was $27.3 billion. Nearly 78 percent, or $21.3 billion, came from workers who had community college degrees or certificates or some technical training.
Readers can draw their own conclusions. Theses are mine:
1. The economic health in a community is largely dependent on local workers having skills that are in demand. Currently, the skills that are most in demand are those that can be learned in two years or less.
2. The public relations campaign that universities have waged notwithstanding, many high skill-high pay jobs do not require a bachelors degree. As I reported in the first edition of What Color Is Your Parachute for Teens, while 75% of today’s jobs need higher education, only 20% need a bachelors degree or higher.
How does all this apply to you and your career choices? Just be aware. A bachelors degree is no longer a guarantee of high wages nor is it protection against unemployment. As my esteemed colleague, the brilliant career strategist Dr. Marty Nemko, emailed me this morning, “For every student, what is the wisest post secondary path? (See www.martynemko.com, for more of his helpful articles and comments)
So, that’s your mission, should you choose to accept it: Finding the wisest post-secondary path for you. Time spent researching the wisest path for you is a bit like the dollars Texas invests in higher education, the payoff can be huge. Any time spent on researching and building your first, or next, career path, pays off big time. Even if you only have 20 minutes a day.
