Introduction
Wages are the monetary rewards given to labour for their services. However, not all workers earn the same wages. There are significant variations in wage-rates across different professions such as engineers, doctors, teachers, or factory workers. These wage differences exist due to several economic and non-economic factors. In this answer, we will explain why wage-rates vary and why a professor generally earns a higher salary than a school teacher.
Reasons for Wage Variations Across Professions
1. Differences in Skills and Education
Professions requiring higher levels of education and specialised skills tend to pay more. For example, a doctor or software engineer undergoes long years of training, which justifies a higher wage. In contrast, jobs requiring lower skill levels offer lower wages.
2. Supply and Demand of Labour
Wages are influenced by the supply and demand for specific professions. If the supply of skilled workers in a profession is low but demand is high, wages are likely to be high. Conversely, when there is an oversupply of workers, wages fall.
3. Nature of Work
Jobs that involve high risk, physical effort, or mental stress often pay more. For example, pilots and surgeons have high-pressure jobs and are compensated accordingly.
4. Productivity of the Worker
More productive workers who contribute significantly to output tend to receive higher wages. Some jobs contribute directly to business profits and are therefore rewarded better.
5. Experience and Seniority
Experienced professionals usually earn more than freshers. Longer tenure in a profession leads to better knowledge, efficiency, and value addition.
6. Bargaining Power and Unions
Workers with strong trade unions or bargaining power can secure higher wages. For example, government employees or workers in organised sectors may earn better than those in unorganised sectors.
7. Government Policies
Minimum wage laws, labour policies, and government salary structures also influence wage differences.
Why Professors Earn More Than School Teachers
1. Higher Qualifications
Professors generally hold postgraduate degrees such as M.Phil or Ph.D., while school teachers may only need a bachelor’s or B.Ed. Higher education demands more investment in time and money, which is rewarded through higher salaries.
2. Advanced Knowledge and Research
Professors are involved not only in teaching but also in research, curriculum development, and publications. This adds value to educational institutions and justifies higher pay.
3. Level of Responsibility
University-level teaching involves complex subjects, large classes, and guiding students at higher academic levels. Professors often supervise research scholars, which adds to their workload and responsibility.
4. Limited Supply
Highly qualified candidates suitable for professorships are fewer in number. The lower supply of such professionals leads to higher wages.
5. Institutional Differences
Professors usually work in universities or research institutes, which have higher budgets and resources compared to schools, especially government or private schools in rural areas.
Conclusion
Wage variations exist due to differences in skills, qualifications, responsibilities, and market conditions. A professor earns more than a school teacher mainly due to higher qualifications, research duties, and the specialised nature of university teaching. Understanding these differences is important for both career planning and policymaking in the labour market.