The effects of education and experience on youth employee wages: the case of Turkey

Dissecting the compensation conundrum: a machine learning-based prognostication of key determinants in a complex labor market

“…This study unequivocally confirms the inextricable link between experience and education as decisive determinants of remuneration. The empirical evidence highlights that experience (exp = 0.675) is the foremost predictor of compensation, a self-evident observation that corroborates earlier studies (Caglayan-Akay and Komuryakan, 2022; Chowdhury and Schulz, 2022; Alsulami, 2018; Becker, 1975). The proposed model, which incorporates experience as a predictor variable, is wholly congruent with the cardinal principles of the EXT.…”

“…Experience correlates highly with compensation, indicating that those with more work experience tend to command a higher salary. Notably, most individuals have less experience and fall within a relatively low salary range, implying that many work at the entry-level or associate level (Caglayan-Akay and Komuryakan, 2022; Becker, 1975). It is worth mentioning that high compensation is often associated with the prestige and caliber of distinguished institutions such as IIM/IIT/NIT, among others.…”

“…For instance, computer science, engineering and business graduates typically command higher initial salaries due to the knowledge and competencies they acquire during their educational pursuits (Deming and Noray, 2020). Research by Caglayan-Akay and Komuryakan (2022) has also substantiated a significant remuneration gap between bachelor's and master's degrees, with both degrees having a cumulative effect on an individual's compensation. Moreover, research by Choi and Park (2021) has demonstrated that an additional year of college in Korea can augment an individual's earning potential by 9–17%, with the most substantial returns observed in economies with high levels of innovation and dynamism.…”

“…Within the purview of ML compensation prediction for IT professionals, this theory contends that individuals with greater work experience possess the necessary skills and knowledge to achieve coveted performance outcomes and are more likely to be compensated commensurately. Recent research by Caglayan-Akay and Komuryakan (2022) on young Turkish laborers underscores employers' proclivity to value seasoned employees, thereby offering incremental wage increases in tandem with their tenure in order to circumvent costly training expenditures. Further, the intricate nature of IT jobs mandates a distinct brand of expertise attainable solely through hands-on experience.…”

Evolution of Interdependencies between Education and the Labor Market in the View of Sustainable Development and Investment in the Educational System

“…For the countries with significant investments in education and which were grouped into cluster 2, we concluded that graduating from tertiary education and participating in vocational training programs led to a better compensation of employees, just like it was shown by Akay et al and Caglayan-Akay and Komuryakan [52,53], and to a higher labor productivity, hence confirming other past studies [54]. As in the case of the states in cluster 1, the financial aid given by the state for pupils and students reduced the number of worked hours, cut the unemployment rate for people with primary and secondary education, and finally, it raised the employment rate for people with tertiary education.…”