Creating an Economy that Works!
Job Creation and Our Region's Future
On November 14th, Sree Ramaswamy, a Fellow at the McKinsey Global Institute and a co-author of the recent “An Economy that Works” report, addressed economic issues and questions posed by over 120 regional attendees representing academia and industry. His presentation was followed by a panel discussion featuring key players across regional sectors invested in building our local workforce.
Findings included:
- Recoveries are increasingly becoming "jobless" due to firm restructuring, skill and geographic mismatches between workers and jobs, and sharp decline in new start-ups.
- The US needs to create 21 million new jobs by 2020 to regain full employment – and only achieves this in our most optimistic job growth scenario.
- The US workforce will continue to grow until 2020, but under current trends, many workers will not have the right skills for the available jobs. Technology is changing the nature of work: jobs are being disaggregated into tasks, work is becoming virtual, and firms are relying on flexible labor (temporary, contract workers). These trends offer new opportunities for creating jobs in the United States, a trend that some companies do not fully appreciate.
- Progress on four dimensions will be essential for reviving the US job creation machine: develop the US workforces' skill to better match what employers are looking for; expand US workers' share of global economic growth by attracting foreign investment and spurring exports; revive the nation's spark by supporting emerging industries, ensuring more of them scale up in the United States, and reviving new business start-ups; and speed up regulatory decision-making that blocks business expansion and new investment.
This event was hosted by the Finger Lakes Advanced Manufacturers’ Enterprise (FAME), Finger Lakes Workforce Investment Board, Finger Lakes Community College, Genesee Community College, and Monroe Community College.
This event was sponsored in part by:
