Can Continuing Education Build Job Security?
Companies are downsizing. Work is being sent abroad where labor rates are lower. Entire departments in large companies are being eliminated and employees with seniority are enticed into early retirement. In an age where there are no guarantees, many professionals are re-evaluating the promise of job security as they leap-frog from employer to employer. The one constant: ongoing education increases your value to employers.
Today, workers are more interested in "career security" than "job security." With constant innovations in time/labor-saving technology, seasoned workplace veterans are forced to compete with recent college grads for slots in their own companies. Many hop to new employers just to remain in their pay bracket. It's not simply a matter of moving up the rung in your career. Continuing education is now a survival prerequisite if you even hope to hold your place on the ladder.
Improving Job Security through Continued Education
The Clearinghouse on Higher Education reports that continuing college attendance increases "economic and job security for those who earn bachelor's degrees." The most recent government statistics available reflect this thought. A study by the National Center for Education Statistics demonstrate that holding an undergraduate degree many not be sufficient for workplace survival in the new millennium. Bachelor's degrees have become more commonplace, and professionals holding post-graduate or professional degrees are more likely to be employed than those with bachelor's degrees, the 2003 survey found.
According to the U.S. Census Bureau, some 3.5 million Americans (13 percent of the male workforce and 7.5 percent of working women) between 20 and 65 years of age decided to study full time at colleges, universities, and trade schools rather than to work at underpaying jobs.
Consider these thoughts:
- Career consultant Marlowe C. Embree, Ph.D., claims that the "twenty-something" entering the workforce today should expect at least 9-13 job changes over the course of their career, that average job length in the nation these days is only 3.6 years.
- Job security, say career consultant Dr. Kevin Kuznia and co-author Steven Kerno, has been "replaced with marketability of knowledge, skills, and talents, the ability to adapt to changing and uncertain circumstances, and flexibility in work assignments."
- The so-called "longevity model" is no longer applicable in the American workplace, says entrepreneur coach Rhoberta Shaler. Her "maturity model" means "that you take the initiative to learn your tasks. Ask questions. Read books. Keep up with your industry by reading newsletters and trade journals. Request training and use it well."
Career Insurance: Getting Older, Smarter
Today, Americans simply work longer and retire later. The Bureau of Labor Statistics predicts that in the next decade, workers in "the 55-and-older group is projected to grow by 46.7 percent," or 5.5 times faster than the projected growth for the overall labor force.
As workers age, education provides a form of "career insurance." According to Bob Custard, National Environmental Health Association VP, "Career insurance is gaining the knowledge, learning the skills, and getting the experience in your present job that will qualify you for your next job." Getting insurance, he adds, means having the savvy to take an online course, update your job skills and professional credentials, returning to college for a master's degree, or in developing stronger technology skills.
Training Magazine vice-president Jerry C. Noack encourages workers that continuing your education may be more important than simply chasing an advanced degree. "Study communications, marketing, foreign languages and management skills," he says. "Take courses that improve your current functions, not just your future ones. Ask for more training and education, and if your company says no, invest in your own growth by paying for it yourself."
Tax expert Christine Silva reports that, by age 65, educated workers are employed by a greater margin (upwards of 33 percent) than workers without degrees. Even an associate's degree guarantees greater job security and net worth than in not having a degree at all, Silva says.
Continued Education and Earning Power
In addition to improving job security, continued education affects earning power as well. Plenty of recent evidence affirms continuing education equals higher pay across the board.Ongoing education boosts earning power. The U.S. Department of Labor found 48 of the top 50 highest-paying professions in the country require job candidates to hold college degrees. According to former Senior Economist at the Federal Reserve Board, Eric Engen, "Earnings for the group with more education are always higher, rise and fall more steeply, and peak at later ages than do earnings for the group with less education."
Even if you're laid off or have to train for a new position, you'll have more money in the bank--and enjoy greater economic breathing room while you hit the books--than if you quit learning too soon. Look at the following projectedlifelong earnings by educational attainment:
- Associate's degree: earns individuals $8,000 a year more than for those without a college degree.
- Bachelor's degree: increases annual income some $23,000 over earnings for those with only a high school diploma.
- Master's degree: Increases annual earnings more than $11,000 over wages for those with a bachelor's degree.
- Professional degree: Increases income more than $37,000 over wages for those with a bachelor's.
Long-Term Survival
Not only do American workers have to study to keep up with other American workers, they face strong competition from foreign nationals who have been doing their homework. The National Center for Public Policy and Higher Education reports that eight countries have already passed the United States in producing job candidates that hold degrees or certificates in advanced training.
Ongoing education can provide a solid hedge against both international competition and a recession economy for those who have to shift careers or develop skills that keep them in demand. For 15 of the 20 occupations with the largest expected job growth -- a bachelor's or higher degree is the most significant source of postsecondary education or training.
The U.S. Bureau of Labor Statistics predicts that these occupations will be among the 30 that undergo the greatest job growth over the next decade:
- Accountants, bookkeepers, and auditors
- Registered nurses
- Customer service representatives
- Office clerks
- Home health care aides
- Postsecondary teachers
- Computer software engineers
- Management analysts
By earning degrees or advanced training, the Census Bureau says, workers also significantly increased their chances of retaining their jobs during times of chronic illnesses, or disability.
That's insurance.
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