Final answer:
The assertion that credential inflation is about individuals with more credentials earning more money, thereby increasing costs for employers, is false. Credential inflation is linked to the devaluing of educational achievements and rising minimum educational requirements for certain jobs.
Step-by-step explanation:
The statement that credential inflation refers to the fact that people with more credentials earn more money, thus driving up costs for employers, is false. Credential inflation actually relates to the devaluing of educational achievements due to the proliferation of credentials in the job market, leading to more stringent educational demands for certain employment positions.
Credentialism, the emphasis on certificates or degrees to show that a person has a certain skill or has met job qualifications, plays a significant role in the labor market. However, credential inflation implies an increase in the minimum education requirements for jobs that previously required lower educational achievements. This can force job seekers to obtain additional qualifications to stay competitive, thus raising the educational bar and potentially adding to personal financial strain from education costs. Hence, credential inflation is more about the changing requirements and expectations of employers than the direct cost implications for employers themselves.