Griffin tackles her task by looking at the costs and benefits for each of the primary stakeholder groups. As she makes clear in the report, it’s no easy task to measure costs and benefits. For example, researchers have typically assessed the return on investment based on completed qualifications. But that leaves non-accredited training and informal training out of the picture. And what price would you put on increased self-esteem that many students report as a training outcome? These are important questions and Griffin suggests ways in which future research could be designed so that it delivered comparable results across research studies.<\/p>\n

Benefits for students<\/h3>\n

For students, the findings from the review are captured on page 23:<\/p>\n

… the evidence suggests we can be confident that higher-level VET qualifications (advanced diplomas and diplomas) provide individuals with a good return on their investment. We can also be reasonably confident that certificate III and IVs provide students with a return on investment, especially when completed part-time. These returns are due to increased participation in the workforce and, to a lesser degree, increases in productivity. The returns from lower-level qualifications (certificates I and II) were consistently low, but completion of these may result in other, non-financial, benefits.<\/em><\/p>\n

Those non-financial benefits can be very important for particular groups of students, and those who have experienced difficult life circumstances. Griffin lists training outcomes like:<\/p>\n

… increased confidence, self-esteem and feelings of control. Social benefits such as social interaction, friendship, concepts of family, solidarity, a sense of belonging and being part of a supportive environment were also identified. These social benefits add to the reasons for VET’s long-term use as a labour market instrument promoting social inclusion and equity.<\/em><\/p>\n