Nuestra NEBRIJA 29 abril 2019

51 studies earn approximately 50% more than tho- se with only secondary education. It is very likely that this differential will be extended in the coming years, since the process of internationalization of economic transactions initiated some time ago has resulted in a deterioration in the relative situation of less qualified wor- kers. In fact, in many countries they have experienced absolu- te losses in their labor income. It is not surprising, therefore, that there is also a strong relation- ship between educational level and wealth. In Spain, for exam- ple, the percentage of workers with higher education, 25%, shoots up to 60% when we consider the richest 1% of the population. In other words, a university degree does not guarantee a comfortable econo- mic life; however, most of the rich have a degree. As a counterpoint, educational progress involves a series of challenges that we must address. One of the main concerns in developed countries is the hidden relationship between education and inequality. If we classify the population according to their educational level, we find that the greatest inequalities of salary and income occur, precisely, in the group of the most qualified. This pattern has been accentuated in recent years. At this point, it should be noted that a growing inequality can have unfavorable effects on the progress and political stability of societies. In fact, part of the recent emergence of some populist movements around the world is due to the fact that significant segments of the population, despite living reaso- nably well, have seen their expectations frustra- ted by feeling excluded from (when not harmed by) the benefits derived from economic growth and globalization. Then, where does this relationship between edu- cation and inequality come from? The number of factors is considerable and we will mention just two. In the first place, there are educational im- balances in the labor market. In OECD countries around 25% of workers with university studies oc- cupy jobs for which this education is not required, a phenomenon known as "overeducation". These workers not only receive wages below their po- tential, but they are also more dissatisfied with work. Another significant percentage of wor- kers, some of them university students, lack the skills and abilities necessary to perform their work effectively. From a global point of view, these imbalances imply a loss of efficiency. They also create a duality in the labor market, where well-paid and satisfied workers, reasonably attuned to their jobs, coexist with disloca- ted workers who do not exploit their potential. The second fac- tor is the exponential growth of the labor income received by qualified workers with responsibility functions. The high level of specialization required by incre- asingly global companies primarily benefits those individuals who, by education and experience, fit into surgically-designed professional profiles. Pa- radoxically, these profiles combine a high degree of specialization with transversal skills that are difficult to acquire. Universities share the responsibility of smoothen these imbalances. The task is not simple because most of the occupations that will be most deman- ded in 20 years have not yet been anticipated. This reality accentuates the feeling that today's univer- sity students will benefit very unequally from their educational investment once they enter the labor market. There will be winners and losers. There- fore, from the university we must be very atten- tive to the needs and urgencies that companies face in their daily tasks. For this it is necessary to build bridges and involve them in the design (and sponsorship) of the university programs of the future, identifying gaps in knowledge, skill packa- ges, transversal factors between areas and tech- nological opportunities. Only then will we be able to provide the talent and autonomy that students need to exploit their potential. It is up to them, in order not to spoil their expectations, to be deman- ding with institutions, selecting universities that, in addition to issuing degrees, have a trajectory of social impact through the transfer of knowledge, research and business collaboration. U niversity students will benefit very unequally from their educational investment when they enter the labor market Published in Cinco Días on March 1st, 2019.