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The Future of the Workforce
The document discusses the evolving workforce dynamics in the new economy, emphasizing the importance of workforce quality as a primary factor in business investments. It highlights the need for collaboration, innovation, and adaptation to meet future human capital demands, while addressing challenges like the skills gap and the emergence of gig work. Proposed solutions include improved communication systems, support for entrepreneurship, and alignment between economic and workforce development efforts.
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The Future of the Workforce
- 1. The Future ofthe Workforce Colleen LaRose North East Regional Employment and Training Association
- 2. Situation, Task, Action,Response Situation Value of the workforce “New economy” market adaptations Task System responses needed Action Adopting new roles and responsibilities Response Evaluate and share! Collaboration is the Key!
- 3. Workforce Quality isnow the #1 Reason for Business Investments Workforce quality is the number one reason that businesses now choose their location…surpassing tax incentives, low cost of business, transportation, and even quality of life!
- 4. How much isthe Workforce Worth? $ Total cash in the world is about 45 T $ Total assets in the world about 500T(not including human capital) $ Net US wealth – + = 58T US debt is over 16T (rising at about 1 million per minute) – ¼ of all US physical assets. + + = 118T The real wealth of nations, The Economist, June 30, 2012
- 5. What is “AQuality Workforce?” Education - average years of schooling Skills - the wage workers can command Health - number of years of expected work before employees retire/die Engagement – company’s success/drives performance Only 9% of employees are engaged when no focus on strengths Engagement soars 73% when focus on the strengths Strengths based Leadership – Rath and Conchie
- 6. The “New” Economy Communitiesof the Future –Rick Smyre Three economies converging… Industrial, Knowledge, Creative Molecular What is Creative Molecular? Demonstrates biological/organic principles Free flowing networks and ecosystems Adaptable, open structures More people involved Not rigid physics industrial economy principles
- 7. Not Enough Jobs! Only 3.5 million jobs now available in US 12 million people actively on unemployment at least another 10 million “invisible” unemployed Where are the jobs??? Who are we training and for what? What will human capital needs look like next year? Five years from now?
- 8. How is theWorkforce Evolving? TIBOT 1. Technology as a game changer 2. Innovation, foresight and entrepreneurship driven 3. Building of networks and connecting as needed - Global and ‘Flattened’ connections through social media - and co-op - not hierarchical 4. Organic financing 5. Talent – “Just in time”/temporary, skills/strengths based
- 9. Technology as aGame Changer! Change is the new way of life Rise of the Leveling of the playing field - more egalitarian machines More independence (technology, robots, Higher expectations self-checkout, etc) More adaptable, more virtual More efficient and effective More current More collaboration –Less silos More transparency Need for more STEM workers Less need for labor Knowledge less valued Less training FEWER JOBS!
- 10. Innovation, Foresight and Entrepreneurship Driven Innovation Adapting quickly Innovation is driving wealth Need “Creative Confidence” – help recognizing new opportunities, align with education Foresight “Future Focus” More social consciousness Need Succession/transfer knowledge planning (teacher mentoring, ojt, apprenticeship/internship) Entrepreneurship Growth of entrepreneurship (esp women) Less “safety nets” - more fear Need support for independent contractors, entrepreneurship and small business
- 11. Building of Networksand Connecting as Needed Global and ‘Flattened’ Connections Through Social Media Social Media Listening/building relationships Accelerated communication Efficient, transparent, business insights More Inclusive (more people, more ideas) No time constraints Greater collaboration Global Global communications capacity More global work Glocal Opportunities to be local, globally Flattened Breaking through gatekeepers Direct to source More egalitarian Co-op – Not Hierarchical
- 12. Organic Financing Accessing capitalin new ways that embrace the changing economy Crowd funding DPO’s Microloans Local economies New Union opportunities?
- 13. Talent Job Shortage? OrJobs Shortened? “Gigging” “Just in Time”/Temporary” (1099 employees - new entrepreneurs – “TEMPFOLIO”) Less company loyalty, less expectation of long term employment Some employers illegally avoid paying wage taxes by hiring “temps”. Not everyone is entrepreneurial No health ins, ui, tuition, 401K, no dependable income (less likely to make large purchases) Less incumbent worker training Skills Gap? Skills and Strengths-based (autonomy, mastery, purpose) Talent “pipeline” – need supply chain mentality - align with education Selling discrete skills – not whole package (soft skills as important?) Fewer employees – need broader skill set Growth in distance/independent learning (Khan Academy) Community Colleges - larger role in business support/short-term training More independent and socially conscious – use strengths in new ways
- 14. Applying What WeNow Know to Who We Are…. T - Technology is the game changer I - Innovation, foresight, entrepreneurship B - Building of Networks – Social, Global and Flattened O- Organic Financing T- Talent How do these trends impact on public policy and public administration?
- 15. Comparison Workforce Development Economic Development 1. Job Development (who has jobs?) 1. Job Creation (work w/ business to make jobs) 2. Collaborative 2. Compete locally/regionally 3. Federally funded (with rules) 3. Locally and state funded (few, if any rules) 4. Attempts to be a system 4. Not a system 5. Employer services related to acquiring 5. Business recruitment/retention services employees (job postings, such as Tax Incentives, Location Hunting screening, OJT, etc) 6. Infrastructure/transportation support 6. Jobseeker services (Eligibility/Resumes) 7. Business development support 7, Coordination of education providers 8. Community Development support 8. Youth Support 9. Bottom-Line $$$ 9. Coordination of social services supports 10. Quality of Life (eg. Parks) 10. Holistic support system
- 16. Solutions – Adapting tothe New Economy AS IS Could Be Economic Development Business Government Business Economic Government Development Workforce Workforce Development Development Education Education
- 17. Collaborating Does Work! Examples: JointCEDS Planning - Arlington/Alexandria, VA – Across State Lines! – Oh Penn WIB’s as economic development decision-makers- Eastern Maine Opportunities: CEDS, WIRED, Cluster Studies, Sector Studies
- 18. Can Economic Developmentand Workforce Development Align? 1) Local economic/workforce. SWOT 2) Impact of broader regional economy. 3) Ed and wd vision and goals. Goal attainment. 4) Policies? Regulatory environment. 5) Ed and wd communications? – Stakeholders/partner communications. 6) Needs of your local business community. 7) Support start-ups, growth and expansion of local businesses. 8) Ed and wd pr/messaging. Inspired by a report from National League of Cities and IEDC: The Role of Local Elected Officials in Economic Development. 10 things you should know.
- 19. Effectiveness in AchievingLocal Goals Synchronist Business Information Systems – Eric Canada Addresses employer needs Aligns workforce development and economic development Satisfaction with the community? Value to the community? ROI? Growth potential? Risk of leaving/downsizing? What’s the problem? How can we help?
- 20. Which Businesses Needand Deserve Help? Plot companies, using data in meaningful ways. High Growth, Low Value High Growth and High Value G Often at greatest risk Startups Problems usually around workforce R High ROI O W Low Value, Low Growth High Value, Low Growth T Retraining for other Examples: Mold makers, H opportunities Insurance Industry V A L U E
- 21. Improved Systems CommunicationUsing Online Technologies Fix #1 - Local online forums • Collaborate on training and funding (grants coordination) • Share best practices and advocacy efforts • Stay current on news/legislation and employer needs • Easier employer partnering with system partners (community colleges, K-12, One Stop Career Centers, etc) • Easier communications makes it more attractive for companies looking to locate in that region (National branding of One Stops)
- 22. Improved Systems CommunicationUsing Online Technologies (cont.) Fix #2 - Customer Resource Management Tool (crm) Jobseekers getting “matched “ with education and employment opportunities Information shared in database with Strategic decisions made to fulfill workforce staff (case mgrs, wib, etc) employer’s needs Start Employer outreach (ED, BSR) Jobseekers trained to address Evaluate workforce needs employer’s needs Trainees placed in jobs
- 23. A Day inthe Life of a WIB Director DEAR WIB DIRECTOR: Please fix these issues! Low Literacy Levels Employers Mental Health Help! Laziness/poor work ethic State WIB Computer illiteracy Youth employment needs Local WIB Older worker employment needs Veterans employment needs Offender employment needs State DOL Person’s w/disabilities employment needs Everybody else’s employment needs Transportation /child care needs Job seekers Articulation between schools Staff/Contractors Partners We will have more for you to fix tomorrow.
- 24. More Goal SettingChallenges WIB Federal constraints Dynamic Environment Forecasting is an inexact science Conflicting priorities (Globalization/Buy American) Economic Gardening vs. Recruitment Infrastructure support/growth vs. tax base (new schools, new neighborhoods, more traffic, etc) Business vs. environmental/quality of life Business profits vs. sustainable wages and humanity 25% of jobs in the US pay below the poverty line (less than $23,000 yr for family of 4) 50% of the jobs in the US pay less than $34,000 a year From Economic Policy Institute
- 25. Who “Creates” Jobs? What does job creation mean? Entrepreneurship? Innovation? Start-ups? Collateral growth? Growing companies? Importing companies? Who is responsible? Economic development? Politicians? Business? Education? Is there a role for workforce development in JOB CREATION? New paradigm of “work?” Seeding/training entrepreneurs? Helping companies recognize expansion opportunities? Providing HR support/onboarding? Providing workforce management? (change management, org. dev., team training, etc.) Liaison to economic development and funders?
- 26. Role of Governmentfor Job Creation Private Sector Creates Jobs Traditional: Funding for infrastructure Policy incentives for job creation, Tax relief to small businesses Business recruitment and support. Government provides clear expectations (fair, consistent rules enforced for all) Targeted funding initiatives to create current/real job skills development training programs Modern: Review of laws that may be thwarting growth “With” the public…not “for” the public… Start-up resources, services, funding, information (Jobs Act, selling to government) Align economic development with workforce development and education Share what is working! Investment in risk Public works program? (communication/ energy)
- 27. Where is thePotential for Job Creation? 75% of businesses in the US have no employees…. 52% of all small businesses are home based Small business employs half of all private sector employees Stage 2 businesses (10-99 employees) are the major employers! Small business created 90% of all new jobs. Glocalism
- 28. Opportunities to ProvideSupport in Business Growth and Talent Management Liaison to Other Resources New financing models (crowd funding, direct public offerings, micro-loans) SBDC, SCORE, Incubators, Accelerators, Co-op shops, Maker shops Intellectual Capital Workforce Management tools Management Analysis Opportunity Identification, Value Innovation, Overcome Challenges Ongoing Support/Mentoring Employing modern methodologies/technologies Online Research and Marketing Cyber security Green Technologies Economic gardening
- 29. Benefits of anEvolved Workforce Teams all working at strengths Time of great change/great opportunity New avenues of service and engagement Collective vision for potential
- 30. Next Steps 1. Help your local WIB Director prioritize job creation strategies – a) Joint CEDS planning with WIB Director b) Joint industry sector and industry cluster studies c) Support for entrepreneurs? Company expansion opportunities? (HR support, workforce management) 2) Establish a shared customer resource management tool (crm) 3) Establish a local online forum for educators, ed, wd and employers 4) Strategize how to help “independent contractors, entrepreneurs and small business a) co-op space b) crowdfunding c) support – (economic gardening, mentoring, resources) 5) Evaluate and share! Join NERETA on Linked In! (Linkd.in/neretaorg)
- 31. The Big Take-Away… "Collaborationis the stuff of growth" -Anonymous
- 32. Situation, Task, Action,Response Now that you know the situation and the tasks needed… What specific actions will you take? What response do you anticipate locally? Will you share your challenges/successes globally?
- 33. Contact Colleen LaRose President andCEO North East Regional Employment and Training Association P: (908) 995-7718 E: [email protected] W: www.nereta.org Twitter: @neretaorg LinkedIn Group: Linkd.in/neretaorg