Optimization of Students' Graduation by the University Taking into Account the Needs of the Labor Market

Abstract

The development of the socio-economic system and the labor market is directly related to the training of young specialists in higher education institutions in accordance with the needs of developing regions. To optimize the functioning of the labor market, it is necessary to compensate for the shortage of highly qualified personnel depending on the areas of training and determine the structural proportions of the optimal number of graduates, based on the share of employed and unemployed in various sectors of the economy. The University meets the needs of regional labor markets with a significant proportion of young highly qualified specialists. To optimize the educational process, it is necessary to analyze and model the impact of educational paths of graduates on the labor market by determining the equilibrium unemployment in the labor market. The proposed approach combines a model for maximizing the expected salary of students with a modification of the search and matching model. At the first level of model construction, we apply an econometric model that allows us to adapt educational paths to the interests of students. At the second level, we describe the behavior of students, choosing an educational path. At the third level, the structure of graduates adapts to the requirements of the labor market. The research perspective is the introduction of feedback mechanisms from graduates of regional Universities using surveys for a comprehensive assessment of the quality of graduate programs of the University with administrative data on the educational paths of graduates. © 2020 Elsevier B.V. All rights reserved.