Finaly Apply It - Assignment Example

An understanding of factors affecting wage rate is therefore important to these parties’ interests and this paper investigate relationship between offered annual wages and employees levels of education (measured in terms of number of years in school), age, and number of years of an employees’ experience. Results from empirical studies suggest a positive correlation between amount of wages offered to employees and the employees’ levels of education. This data, according to Youssef (2008), has been consistent over the past decades.

The author further notes possible effects of other factors, such as age, experience, economic environment, and personal background. Data from Canada supports significance of education level, an employee’s age, and number of years of an employee’s experience. The data shows low wage rates for individuals with high school education and limited post high school education and the rate has a significant difference across levels of education from degree qualifications. Difference in wage rates across the factors was significant even after control on possible confounding factors such as gender.

These differences have however not been consistent and data suggests possible convergence towards future insignificance (Green & Kesselman, 2011). Even though data shows significant effects of education, age, and number of years of experience on employees’ wages, trend in previous years suggest possibility of the factors becoming insignificant with time. This study seeks to determine significance of the factors in the contemporary environment through the following research question. Regression analysis results shows a significant general model (F= 26.367, P= 0.000).

The model is also reliable as it accounts for 60.3 percent of the data (adjusted R squared= 0.603). the following tables show these in the model summary and ANOVA tables. A consideration of each of the independent variables