It's a common saying that "Education is Invaluable." But in fact, there is a quantifiable value that can be attached to education. Whether primary, secondary, higher-ed, post-secondary, and even vocational, there is a cost to education and there is a return in terms of post-education rise in earning potential.
Professor Gary Becker, who was a theorist of labor economics at the University of Chicago, sought to demonstrate the connection between education and salary. His research resulted in a formula which determines what type of education will likely yield the greatest salary. Dr. Jacob Mincer then expanded upon Becker's theoretical model and measured it empirically, showing that for every additional year of education, the additional yield is 7% to an individual's salary. When accounting additionally for the experience that education provides, each additional year of education can result in an 11% rise in salary.
Following on the work of Becker and Mincer, Dr. Dovi Weiss, Chief Scientist of Time To Know, along with his team, conducted extensive research in the value of vocational training. The research concluded that vocational training in developing countries results in a higher incline in wage potential than for bachelor's degree track education. This is because the demand for jobs associated with vocational training is higher than for jobs associated with a bachelor's degree. Therefore, an individual in a developing country who wishes to increase his or her earning potential has a statistically higher chance of meeting this goal by investing their time and money in vocational training, rather than university or college education.
As a result of the yield associated with vocational training, a growing number of students are turning towards this path. Consequently, institutions are looking for innovative ways to provide cost-effective and efficient vocational training through the use of digital technologies —along for more students and from broader geographic regions. With e-learning, students can learn in-class, distance, or through a blended learning program. E-learning technologies include data-driven digital learning platforms, as well as advanced learning management systems (LMS). There are also innovative platforms which enable institutions to take their existing content, and transform it into engaging and enriched digital content optimized for e-learning programs. The combination of smart learning platforms, enriched digital content, and real-time data analytics results in the perfect formula for a successful vocational e-learning program.
To learn more about smart learning technologies designed specifically for vocational training, contact the pedagogical and technological experts at Time To Know. Our team has successfully implemented vocational training programs across the globe, resulting in empowered individuals and strengthened workforces.