How Does a Person's Education Affect their Hourly Wage?

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How Does a Person's Education Affect Their Hourly Wage?
There is a clear correlation between the level of education and the wage expectation. This is a clear line of the divide incorporated as a standard of salary apportioning to workers based on their level of literacy in the field, which they are concentrated on. As a slandered divide by the firms and human approach, a low-level worker will get a lesser pay based on their work output which is projected to be less satisfying. However, many factors can revolve around the educational background of workers based on the type of work they engage in. In fields that require technical know-how, the wage difference will be based on the literacy level. However, in areas that need no educational background, one's ability to work faster and effectively remains the determining factor. The study, therefore, seeks to find how one academic level affects their hourly wage.
Literature Review
Krueger et al. (110) argued that the level of production output in any firm is determined by the level of know-how of the worker involved. If a worker's wage is based on production, those with the right skills will have an outstanding presentation that reflects their income level. The productivity rate in many companies has embraced this art of paying the workers based on what they have achieved. Having a good knowledge of a particular field will see a massive production that will motivate the company's growth and development (Ram 191). Therefore, as Krueger et al. (110) noted, the company will try to frustrate illiterate workers by putting a low wage on their low production and maybe push them to gain the required skills. As a company's measure of production is based on productivity, only those having the necessary expertise and education will be allowed. The vetting of their workout will reflect with a good wage in appreciation to their skills applied, leading to a good production.
The work output expectation from various workers must include maintaining the working areas. The low educated worker will mean that a higher maintenance cost must be in place if a working area fails (Krueger et al. 110). This means the worker will only attract low income due to the other maintenance kitty that needs to be set aside in case of failures (Ram 191). On the other hand, a worker who is well abreast of the work done will require low maintenance costs and therefore attract a good pay (Ram 191). In some instances, low education leveled workers will require consistent checking and other supervising staff to inspect their work which is an added cost to any company (Krueger et al. 110). Other companies, for instance, go to an extra charge of CCTV installation to inspect their workers who probably do not have much trust in their skills. This revolving maintenance which is an added cost brought by the doubt in the skills offered by various workers, will lead to a low or a reduced wage for their workers.
Workers experiencing low literacy skills in their working fields are mostly expected to produce low-quality products of the work output (Ram 191). As the rule of law, low-quality production will attract low wage levels. The low production experience will translate to poor product marketability and low income for the company (Krueger et al. 110). Due to the low income brought from poor quality products from illiterate workers, the gain will be distributed among the workers, translating to low wages due to poor quality produce. On the other hand, quality work will lead to quality products which will attract massive income to the company (Krueger et al. 110). The high returns will allow the firm to pay their workers a fat salary based on the quality produced. Companies, in many cases, prefer to employ highly-skilled workers they will invest in and translate to a better return on the produce (Krueger et al. 110). It is more profitable for a company to have few skilled workers making quality produce than to have several low skill levels, translating to a low return ...