People, organisations and governments invest in vocational education and training (VET) because of its positive outcomes, such as higher wages, improved productivity and economic growth. But VET also brings non-economic benefits, such as lower absenteeism and less crime. Research on VET’s benefits has focused on specific relationships, such as its impact on productivity or health. Insufficient attention has been given to how VET’s benefits interact in organisations.
People, organisations and governments invest in vocational education and training (VET) because of its positive outcomes, such as higher wages, improved productivity and economic growth. But VET also brings non-economic benefits, such as lower absenteeism and less crime. Research on VET’s benefits has focused on specific relationships, such its impact on productivity or health. Insufficient attention has been given how VET’s benefits interact in organisations. VET contributes directly to higher productivity by increasing skill levels, but also indirectly by increasing job satisfaction and lowering absenteeism. Using existing and new research covering more European countries, Cedefop’s publication argues that some of VET’s most important benefits are difficult to express in monetary terms. Organisations, individuals and governments, consequently, may not take full account of VET’s benefits when deciding to invest in it. A better understanding all of its benefits may not only influence the likelihood of investing in VET, but is important for organisations competing on the basis of high quality goods and services where skills and attitudes need to combine to bring success.