Facing a 7 percent unemployment rate and many underemployed for years, in retrospect post-secondary graduates question the value of their four-year degrees – high schoolers should be asking whether to invest in one. A better, more practical suggestion: use skill valuations.
Our 10th Skills Label Insights report, Annualized Skill Compensations’ is the aggregation of yearly compensation for various skill combinations and for individual technical and focal skills. The dataset comprises 160 Job Labels with reported annualized compensation.
This report provides an introspective valuation of a skill's application for one-year, a methodology believed to be novel within the industry. The calculation derivation is dividing the Applied Skill Points for a given skill by the sum of all skills within its category on a Job Label, then multiplying this by the midpoint of the compensation reported in job listings. Applied Skill Points are effective as they reflect the application of time, level of difficulty, and other pertinent factors within a one-year constraint.
According to the report, the most valuable technical skills are found in fields of management (Organizational Development), systems development (Systems Administration, Software Lifecycle, and System Architecture), legal (Contract Lifecyle Management, Contract Administration, and Legal Leadership), and design engineering (Engineering Design, Process Engineering and Product Design Strategy).
The most valuable focal technical skills are in fields of AI / machine learning (Tensorflow and Python), software development (Java, ReactJS, and Agile), and Business Intelligence (Power BI, R Programming, MS Excel and SAP).
The methodology is applied in our Job Profiler app (downloadable in iOS and Android app stores). As skill combinations are created, the average compensation for the combination appears.
All the derivations are based on the published Job Label Catalog, where the Applied Skill Points establish the proportionality (the average compensation are not publicly published with the labels). The complete Skill Label Insights report is downloadable from the website as a PDF.