This website uses cookies to ensure you have the best experience. Learn more

Higher Education Level Can Lead To Higher Wages

1189 words - 5 pages

Australia, a country with total population of approximately 23,456,977 people (Australian Bureau of Statistics 2014) have shown to have an improving economy as the unemployment rate has fallen to 5.8% in March 2014. However, the number of full-time employment decreases by 22,100 whereas part-time employment increases by 48,200 (Australian Associated Press 2014). According to Denise Bradley review, he suggested funding an extra 330,000 graduates by 2020 to meet 40% population for tightening and strengthen the quality control of the future workforce (Slattery, L 2008). According to PC report, early school leavers are most likely to receive a lower pay compared to those of higher ...view middle of the document...

Besides that, Refer to table 2.3 and table 2.4 indicates that female is easier to be impacted by age and education level factor compared to male.

Where the previous research focus more on a single factor; therefore, in order to prevent possible issue on multicollinearity, other components that would most likely impact the allocation of wages are also included. Components like the respondents:-
 Age
 Differs in experience. As the prejudices regarding to age can affect the individuals’ judgments towards certain situation (Acas 2006). It reflects the professionalism of the individual and possibility of getting a promotion.
 Ability of speaking variety of languages
 For individual entering the workforce in 2014 with a fluent second language is expected to have 10%-15% wage increase as the makes business trading easier (Chau, L 2014).
 Health condition
 This is included because a healthy worker would mostly adopt a positive mindset and is more productive compared to one that is weak and sick. The productivity of a healthy worker can also leads to an increase in wages (Noelcke, L 2014).
 Intelligence Quotient (IQ)
 Workers with a high IQ most likely reflect the success in job training as they adopt faster and have a better job performance compared to a worker that has many years of job experience (Hambrick, D,Z & Slate, CC 2014).

3. Results and discussions:

 Table 3.1 shows a relatively small significance F of 9.3748E-11 which is less than 0.05 and a large F-value, 42.90444396 that show the model is highly significant. Besides, the model shows a R2 of 0.0429515 that illustrating 4.3% of the variation in average wages is affected by the level of education. The Multiple R= 0.207247436, shows a positive relationship between the average wage earned and the independent variable, at this point, the education level.

 Table 3.2 shows a relatively small significance F of 1.29742E-48 which is less than 0.05 and a large F-value, 240.16449209 that show the model is highly significant. Besides, the model illustrates a 19.68% of the variation in average wages is affected by the level of education. The Multiple R= 0.443655142, shows a positive relationship between the average wage earned and the independent variable, at this point, the education level.

The following multiple regressions, involves a variety of independent and dummy variables. Rows with missing data were removed for the construction of the regression model. The Dummy Educ variable was created out from Educ, stated that individuals with tertiary education level= 1 and otherwise= 0. Transformation (natural log) of average wages...

Find Another Essay On Higher Education Level Can Lead to Higher Wages

Higher Education Essay

696 words - 3 pages from a nurse’s decision to pursue a higher level of education (Blais & Hayes, 2011). I will discuss the incentives and barriers that a nurse can be confronted with as she continues her education. Nurses could encounter barriers such as financial stability, curricular issues, and lack of support as they advance their education (Blais & Hayes, 2011). College tuition, books, and technical supplies that are required can prove to be very expensive

Higher Education Essay

2863 words - 11 pages criticisms about MOOCs disrupting the structure of traditional universities or MOOCs ultimately existing for lucrative returns with no care about what students are actually learning, I firmly hold that MOOCs can serve as the cure to address the problems existing in current higher education, specifically financial affordability, lack of student-faculty interaction, and lack of flexibility. First, compared to rising tuition costs and high debt loads in

higher education

761 words - 4 pages needs a degree, along with outstanding qualifications. Even though higher education can be excessively expensive, it is very beneficial. There are different verities of programs that support students throughout their college career. A person with a higher education degree has a better chance in finding a job that pays well, than a person with a high school diploma. Of course, this is not the case with everybody. Some people are lucky enough to

Higher Education

1993 words - 8 pages approaches to learning in higher education and the workplace need to be developed further to enhance workplace performance. From the text, interpersonal relationships persuade those who are important to us to comply with our wishes, conform to our attitudes/opinions, and change behaviors. Aristotle’s available means of persuasion are the different forms of proof a persuader can use to persuade an audience. Ethos, perceptions of speakers

Higher Education

1074 words - 4 pages responsible for the lack of student integration and engagement. It is considered that collaboration between higher education institutions and students can create the best educational system with most supportive and engaging environment (Council for the Advancement of Standards in Higher Education, n.d.). On the other hand, some researchers have conducted studies that have aimed to explore the roles of ethnicity and race in student engagement to

Higher Education - 1858 words

1858 words - 7 pages understanding of roles and responsibilities is to require training at every level of the academic institution. The institution must carefully plan and enlist the faculty and staff to remain alert to potentially dangerous situations and know what actions they are to take. Davies (2007) also suggests that higher education institutions ensure that faculty, administrators, and staff receive training regarding FERPA and the actions that are legally allowed with

Higher Education

693 words - 3 pages Higher education, more than economics The economic position taken by management in relation to increasing use of educational technology for teaching, in part falls under the quality agenda for student parity of experience and institutional marketability against competition. Students take a similar economic argument and support the management position, citing a need for flexibility and value for money. However, Redding (2005), Sharrock (2000

Higher Education - 1961 words

1961 words - 8 pages ). Being educated is learning something new and something that can never be taken away from us. A higher education is something that is not impossible to achieve but some might feel that it is too much work. Knowledge is a power that must be used to better enhance your thinking skills. Good things come with being knowledgeable. Having an education, one gains knowledge for a future career, to help educate children of our own or others, gain social skills

Higher Education - 1077 words

1077 words - 4 pages Choosing a path regarding higher education is a major decision that now involves a larger risk for students than in previous years. As the price of college continues to rise in today's poor economy, it may be in a students best interest to consider a two year community college over a four year school. While the two are often portrayed to be similar, there are quite a few differences that separate the education each school offers. Community

Everyone Should Have Access to Higher Education

1200 words - 5 pages needed to tend to the exponentially growing population” (“Should Higher Free Education Should Be Offered to All for Free?” 44). Every person can make a difference in the world. There is no place for judgment against others. Everyone is one in the same. There should be no judgment against a person who is of a different race. Instead, they should be welcomed and given an equal opportunity to get a higher education. People that come from poorer

Fast Food Workers Need Higher Wages

2746 words - 11 pages like if you make these companies pay more for their workers then the companies will fold or will be forced to make alternate decisions to cover their losses. Steven Greenhouse quoted the president of the International Franchise Association, Steve Caldeira, when he made his urgent warning that, “A raise to $15 an hour would hurt franchisees – and would result in less hiring. “Mandating increased wages would lead to higher prices for consumers, lower

Similar Essays

Higher Education Essay 1144 Words

1144 words - 5 pages Education is an important factor in developing an individual to fit in the various systems of the progressing world. Higher education in the 21st century is important for the success of any society, especially in modern America. It is an asset in the context of the global economy because it develops the workforce and talent that will eventually lead the social, economic, political, and cultural change in a nation and globally. As much as it is

Higher Education Essay

1008 words - 4 pages further and higher education. However, students can learn a lot more through experiences that have affected their personal lives. I agree with author Mike Rose’s theory that education needs are reached to obtain a higher academic level by teaching students information that can be related to their personal experiences and mentality. Supporters for liberal education, such as author Allen Bloom believe that college does not meet the country’s standards

Higher Education Essay 913 Words

913 words - 4 pages social network opens a new dimension in interaction, collaboration, and research. Additionally, the rapid development of technology allows teachers to extend their teaching to a higher level. Nowadays, a teacher can post blog, podcast, and videos related to a lesson, all of which enable students to review concepts whenever needed, post comments or questions, and submit assignments. Furthermore, technology allows people to understand the world that

Higher Education Essay

577 words - 2 pages Nowadays, higher education is valuable but not everyone is ready for higher education. Students put lots of money and time to get a college degree today and they should know what they can get from it at any particular institution. Just as we can now buy stuff from anyone anywhere in the world, because of the online offerings, we should have more clear choice and know what we can do with what we get from colleges. According to the topic that we