Aspiring Minds | Labor market insights
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1. The document analyzes data on job applications and outcomes to understand what factors influence hiring and salaries. 2. It finds that English and logical skills have the biggest impact on getting hired, with those scores being 54% more likely to result in a job offer. College reputation also influences hiring, with less prestigious schools facing lower odds. 3. For salaries, English skills, college reputation, and logical ability most influence compensation levels, with a student from a top college expected to earn Rs. 66,000 more annually than an equal student from a lower-ranked college.
Aspiring Minds | Labor market insights
- 1. Aspiring Minds www.aspiringminds.com Labor Market Insights How efficient is the labor market? Varun Aggarwal
- 2. Knowledge Discovery: English most important to get you a job, but you suffer if not in a top college Variable coefficient p-value Unit of change* Odds (e^(coefficient*unit)) English score 0.0026 0.00 100 1.29 Quantitative Ability score 0.0003 0.38 100 1.03 Logical Ability score 0.0014 0.01 100 1.15 Domain Percentile 0.0037 0.04 10 1.04 10th class percentage 0.0083 0.16 10 1.09 12th class percentage -0.0086 0.08 10 0.92 College Percentage 0.0151 0.01 10 1.16 Gender -0.0442 0.60 1 0.96 Tier of college -0.1270 0.03 1 0.88 Branch of study 0.1515 0.05 1 1.16 Tier of city -0.0026 0.96 1 1.00 Openness to Experience score -0.0253 0.58 1 0.98 Extraversion + Agreeableness Score 0.0001 1.00 1 1.00 Polychronicity score 0.0175 0.66 1 1.02 Constant -4.1389 0.00 Merit A candidate with an AMCAT English & Logical score higher by 100 points each and domain percentile up by 10 points has 54% higher odds to get a job. Bias A candidate from a tier 2 campus has 12% (25%) lower odds and tier 3 campus has 24% (33%) lower odds to get a job even if he/she has the equal merit. Who gets a job?
- 3. Variable Coefficient p-value Unit of change* Change in salary (in INR thousands) English score 0.0013 0.01 100 13325 Quant Ability score -0.0002 0.64 100 -1883 Logical Ability score 0.0014 0.04 100 14164 Domain Percentile 0.0013 0.57 10 1322 10th class percentage 0.0067 0.39 10 6709 12th class percentage 0.0007 0.91 10 732 College Percentage 0.0220 0.00 10 21979 Gender 0.1563 0.12 1 15631 Tier of college -0.3326 0.00 1 -33257 Branch of study -0.0376 0.69 1 -3762 Tier of city 0.0341 0.63 1 3407 Openness to Experience score 0.0157 0.78 1 1570 Extraversion + Agreeableness Score -0.0393 0.28 1 -3934 Polychronicity score 0.0105 0.83 1 1049 Constant -0.3968 0.52 1 Merit Higher English & Logical scores by 100 points each and higher college percentage by 10%, translate into a higher annual salary by Rs. 49500 (15% of standard package) Bias A tier 3 campus student gets 66K INR (20%) annually lower than a tier 1 campus student of equal merit What salary does one get? Knowledge Discovery: Salaries impacted equally by English and Logical Skills.
- 4. Summing it Using AI and data science, we can assess skills better; connect them to outcomes and get labor market insights. We can build an efficient and objective education-employment ecosystem using these tools.