Consequently, the loss of such a worker, particularly for a small business, can be detrimental. Having a highly educated employee typically translates into higher pay and greater value for the firm. Professional degree holders earned 2.5 times as much as a high school graduate in 2000, but earn 3 times as much now. But for high school graduates, real median annual wages have declined by 4.1% since the beginning of the millennium. Bachelor’s, master’s, and doctorate degree holders have also seen modest growth in real dollars over the same span. In inflation-adjusted dollars, professional degree holders have seen median wage growth of more than 15% since the year 2000. The importance of education for economic opportunity has become even clearer as gaps in earnings between more- and less-educated workers have grown over time. has grown steadily since the turn of the century, and today, 35% of the 25-years-and-older population has their bachelor’s degree. In 2000, the share of Americans 25 years and older with bachelor degrees was 25%. Historically, students’ belief in future economic returns on their education has mostly outweighed concerns over rising costs. To mitigate these risks, there are two types of insurance policies that can be beneficial for businesses: directors and officers insurance (D&O insurance) and employment practices liability insurance (EPLI). Lawsuits against businesses and business owners due to unfair compensation are a frequent occurrence, and can pose a significant financial risk. This trend has only begun to slow in the past few years as colleges face declining enrollment in the face of greater questions about the value of higher education and a shrinking college-age population. According to data from the College Board, inflation-adjusted tuition and fees for a public four-year college are 2.25 times higher than they were three decades ago, while private nonprofit four-year colleges cost 1.8 times more. According to the Bureau of Labor Statistics, the median weekly earnings for workers with a high school diploma total $809, but for college degree holders that figure is $1,334, while those with professional degrees earn $1,924 per week.īut college education comes at a cost, and students in recent decades have struggled with rising tuition and fees. Unemployment rates tend to be lower for people with greater educational attainment, and wages tend to be higher. While recent economic trends have encouraged companies to relax degree requirements as a way to attract more workers, for the last several decades higher education has been tightly coupled with economic opportunity in the U.S.
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