Quantifying the Financial and Career Advantages of Work-Based Learning
The Challenge
Our client provides transformative work-based learning experiences for students. A key objective is to demonstrate the tangible impact of their program on the lives and career trajectories of their student agents. To achieve this, they sought to measure the personal, career, and economic outcomes of their graduates against a comparable group of peers.
This evaluation focused on the financial benefits accrued by graduates compared to various control groups. Of particular interest was to understand the program's impact on key indicators such as student debt levels, overall financial well-being, early career job placement and salary, career satisfaction, and even potential correlations with health and well-being. Ultimately, the goal was to provide robust data demonstrating the value proposition of the work-based learning experience to stakeholders, including students, educational institutions, and funding partners.
Our Approach and Methodology
To rigorously assess the financial and personal benefits of the work-based learning experience, we employed a quantitative research design involving an online survey administered to two primary groups:
Graduates: All past participants of the program were invited to complete the survey.
National Control Sample: A nationally representative sample of college graduates was recruited and carefully matched to program graduates based on demographic characteristics.
To provide further nuanced comparisons, two key subsets were created within the national control sample:
Local Control Group: Respondents within the national sample who attended college in a state where the organization operates.
Professional Work Control Group: Respondents within the national sample who reported having comparable professional-level work experience during their college years.
Key Findings and Insights
Reduced Student Debt: Compared to both the national and local control groups, graduates had $10,000 to $14,000 less in student loan debt on average.
Enhanced Job Prospects: Students were significantly more likely to receive a job offer prior to graduation compared to all three control groups. They were also more likely to be currently employed at the time of the research.
Higher Starting Salaries: On average, graduates earned approximately $6,000 more annually in their first job compared to their national and local peers.
Parity with Professional Work Experience (Financial): When compared to the professional work control group, graduates were just as likely to be employed full-time and achieved comparable average starting salaries soon after graduation. However, their student debt was significantly lower, placing them on a more stable financial footing post-graduation.
Stronger Career Readiness Competencies: Graduates consistently self-rated their proficiency higher in key NACE career competencies such as Critical Thinking, Communication, Equity and Inclusion, and Professionalism compared to all three control groups.
Positive Early Career Perceptions: Graduates were more likely to report finding their work meaningful and engaging, expressed higher levels of career satisfaction, and were more confident that they were making progress toward their long-term career goals.
Perceived Impact: Nearly 60% of graduates indicated that the experience positively impacted their readiness to join the workforce and the knowledge and skills needed for career success.
Recommendations and Strategic Implications
Highlight Financial Advantages in Recruitment: Emphasize the significant financial benefits, particularly the lower student debt and higher earning potential, in recruitment materials for prospective students and their families.
Showcase Career Readiness Gains: Underscore the development of key career readiness competencies and positive early career perceptions as valuable outcomes of the experience for potential partners and employers.
Amplify Graduate Success Stories: Feature the stories of successful graduates who have benefited from the program to further illustrate the tangible impact on both financial and career outcomes.
Leverage Data for Partnerships: Utilize these robust findings in discussions with educational institutions, employers, and funding organizations to demonstrate the effectiveness and value of the model.
