“Unemployment rate goes down to 7.3%” – as I’m listening to the news on my commute to work, my mind wanders a bit about what a slow progress this has been, from 10% unemployment rate to the current 7.3%.
There are still about 9 million unemployed people in the U.S. and at the same time, 3.8 million jobs are still open. We hear discussions in the media about skills mismatch, but is this disparity all due to skills? Geographical location must play a role, since the variation of unemployment rates across geography is very high – unemployment varies from 3% (Bismarck, ND) to 30% (Yuma, AZ).
TheLadders’ team decided to take a closer look at our database of professionals and open jobs to see if there are behaviors that can help alleviate the unemployment situation. Our findings revealed different adjacencies that can help alleviate the unemployment situation.
Really? Summer is almost over? For a lot of us, that means it’s either back-to-school, or back to thinking about going back-to-school. Every September, students head back into the classroom, while some graduates contemplate higher education. But, what’s the right move for you? Is your degree doing you any good? How much money would you make (or lose) by heading back to the books? To answer these questions, we turned to our database of more than 6 million job seekers.
Let’s start by looking into the most basic question: Was your college degree worth it?
Immediately following graduation, it turns out the answer is “no,” since there is little differentiation between individuals with college degrees, and those without one.
That said, let’s not be so shortsighted. Most newly minted graduates take low-paying, entry-level positions after college and work their way up through ranks, so while the immediate benefit of a college degree seems nonexistent, the big payoff is typically seen over the entire course of a career.
This is what I’ll call the “Job vs. Career” trajectory. Individuals without a degree move slowly towards their highest earning potential, with somewhat stagnant early years. We do see growth in later years, possibly coming from specialized skills acquired through on-the-job training. Individuals with a college degree may start in the same compensation range, but grow exponentially over the course of their careers. At different milestones within an individual’s career, starting with the five-year mark, we see considerable incrementality for individuals with a college degree.