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Mayston 2001
Citation Text:
Mayston, D. (2001) Developing a Framework Theory for Assessing the Benefits of Careers Guidance. York: Centre for Performance Evaluation and Resource Management. University of York.Reference URL:
http://www.york.ac.uk/depts/econ/dp/0208.pdfEditorial Comment:
Focus of Study
This research report seeks to provide an analytical framework for identifying the benefits which careers guidance can achieve.
Key Findings
The report explores the relevance of careers guidance to the concept of human capital. In a world of imperfect information, careers guidance can add value to human capital by improving the investment decisions which individuals make in undertaking further education and training or other career moves. By adopting a decision analysis approach, the report examines the difference which careers guidance can make to these investment decisions.
The benefits of careers guidance come through its reducing the risk of individuals making Type I errors, of rejecting career moves which would be most appropriate for them, and of making Type II errors, of undertaking career moves for which they do not have the capability to succeed. The greatest payoff from careers guidance may come from its provision to advisees whose risks or these errors in the absence of high quality guidance is greatest.
Additional Comment
The report extends the analysis to allow for non-monetary differences in the quality of life which career choices can influence. In addition, it examines a number of wider social benefits of high quality careers guidance, It concludes by examining the macro-economic benefits that careers guidance can yield by improving the functioning of the labour market and the degree of skills and geographical mismatch which may exist between supply and demand in the labour market.