Influence of education on improved competitiveness of employees in the labour market

Introduction. In the context of modernisation of the Russian society, one of the key factors of development is highly qualified personnel. The competitiveness of the human recourses depends, first of all, on the education level and professionalism. In this regard, the relevance of the article is determined by the objective need for a comprehensive analysis of ways to form the human capital of employees. The professional skills allow them to compete successfully in the labor market. The aim of the article is to determinate role of education in increasing the competitiveness of workers and to identify their possible risks in the labor market, depending on the level of education. Materials and Methods. The fundamental principles of the human capital theory were the methodological grounds of the research. The analysis of the problem used general scientific methods of analysis and synthesis, as well as systemic, comparative and structural-functional approaches. Results. It is proved that investing in education is one of the key areas for increasing the competitiveness of employees. It is revealed that tertiary education significantly increases the wages of workers in all spheres of the economy. It is established that the returns from education are gradually decreasing in comparison with the beginning of the 2000s. It is justified that the availability of higher education significantly reduces the unemployment risk for workers. Discussion and Conclusions. Future studies on the current topic forms and methods of accumulation of human capital, as well on basic conditions and factors of increasing the level of competitiveness of workers in the modern labor market are recommended. An important area should be the study of the problem of encouraging employees to invest in human capital. The scientific and practical significance of the article is connected with the possibility of using the results obtained with further research into the processes of accumulation of human capital in modern Russian society. The obtained results and generalized statistical data can be used in the development of regional programs to optimize the interaction of labor markets and educational services, as well as in forecasting the situation in these markets.