The Income Gap Will Continue To Rise

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I’ve been in recruitment for over a decade now. One trend I’ve noticed is that the top earners are now earning even more than the average joe.

Back in 2007, the highest salaries I saw were 450’000 SGD/annum. Now, I’m seeing 700’000 SGD/annum.

Meanwhile, the starting salary for a fresh graduate remains at 3’500 SGD/month.

Why is this so?

There are macro factors such as inflation, competition from offshoring of jobs, more credit leverage etc.

I however think that the biggest driver, is the democratisation of information. You can learn anything on the internet now.

The knowledge gap between the average joe and the top talent is larger than ever. This in turn is leading to the income gap being larger than ever.

Think about it, back in 1997, you had to be part of a leading university to have access to the knowledge locked inside of a library. In 2017, a teenager with a smartphone in Malawi has access to a superior store of knowledge (wikipedia)

The-More-Learn

It’s not just the accessibility of knowledge that’s increased, the pace of learning is higher now as well.

At online learning courses (Coursera, CodeAcademy, Team Treehouse), data scientists have studied millions of students online to optimise they way they teach.

Courses are now with cool video infographics, and frequent quizzes. It’s got quick feedback loops to test students comprehension abilities.

The way they teach has gotten better. You can learn more in 1 day than ever before.

There’s no shortage of information anymore. What’s lacking, is our desire to learn.

Those with high desire to learn, are learning more, and faster than the average joe.

It should then be logical then that those faster learners are able to earn significantly more than average joe.

Learning-Quotes

I see it all the time when interviewing clients as well. The top clients spend an inordinate amount of timing learning every week. I know one senior bank president who takes reading holidays. (just like bill gates)

So if you’re in a plateau in your job, ask yourself, how much are you investing in yourself?

Do you have the desire to achieve your goals?

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Adrian Tan

Former Headhunter

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