Wisconsin is Open for Business Wisconsins Workforce Trends
Wisconsin is Open for Business Wisconsin’s Workforce Trends Dennis Winters Chief, Office of Economic Advisors Department of Workforce Development October 13, 2011 1
Wisconsin is Open for Business Wisconsin’s Workforce Trends So, what will be the biggest socio-economic policy challenge in the next 20 years? 2 October 13, 2011
Wisconsin is Open for Business ELDERLY NUMBERS WILL SWELL WIDEN THE SIDEWALKS WILL YA !? Wisconsin’s Workforce Trends 3 October 13, 2011
Wisconsin is Open for Business Wisconsin’s Workforce Trends QUANTITY 4 October 13, 2011
Wisconsin is Open for Business WISCONSIN’S WORKFORCE GROWTH BECOMES FLAT Wisconsin’s Workforce Trends Source: Bureau of Labor Statistics, OEA October 13, 2011 5
Wisconsin is Open for Business BLS RAISED LFPR FOR THE FUTURE PARTICULARLY FOR OLDER COHORTS Wisconsin’s Workforce Trends Source: Bureau of Labor Statistics, Bureau of the Census, OEA October 13, 2011 6
Wisconsin is Open for Business WISCONSIN’S WORKFORCE HIGHER LFPRs OFFER LIMITED GAINS Wisconsin’s Workforce Trends Source: Bureau of Labor Statistics, OEA October 13, 2011 7
Wisconsin is Open for Business LITTLE CHANGES EVEN WITH HIGHER LFPR RETIREMENTS SWAMP PARTICIPATION Wisconsin’s Workforce Trends Source: Bureau of the Census, DOA, OEA October 13, 2011 8
Wisconsin is Open for Business NURSING WORKFORCE IN WISCONSIN DEMOGRAPHICS AT WORK Wisconsin’s Workforce Trends Source: Office of Economic Advisors October 13, 2011 9
Wisconsin is Open for Business Wisconsin’s Workforce Trends QUALITY 10 October 13, 2011
Wisconsin is Open for Business THIS IS NOT YOUR FATHER’S ECONOMY IN FACT, THAT WAS AN ABERRATION Wisconsin’s Workforce Trends 11 October 13, 2011
Wisconsin is Open for Business NEW ECONOMY NEED FOR SKILLS Wisconsin’s Workforce Trends "The days are over when you could walk into a paper mill with a high school diploma and run one of the machines. " – Patrick Schillinger, former Wisconsin Paper Council President, Center will teach paper-industry technology, Milwaukee Journal Sentinel, JS Online, October 21, 2004. 12 October 13, 2011
Wisconsin is Open for Business TURN YOU LOOSE ON THIS BABY I DON’T THINK SO Wisconsin’s Workforce Trends 13 October 13, 2011
Wisconsin is Open for Business FUTURE EMPLOYERS NEED FOR CREATIVITY & INNOVATION Wisconsin’s Workforce Trends “Today in most fields I know, the struggle is about creativity and innovation. There is no script. ” – Robert B. Shapiro, former CEO & Chairman, Monsanto Corporation 14 October 13, 2011
Wisconsin is Open for Business WORKPLACE REQUIREMENTS CHANGES IN SKILLS USED AT WORK* Wisconsin’s Workforce Trends Nonroutine interactive Nonroutine analytical Routine manual Routine cognitive Nonroutine manual * Based on the Dictionary of Occupational Titles Source: Autor, Levy and Murnane, 2003 15 October 13, 2011 Source: K-12 Education and Economic Summit presentation by Alan B. Krueger, Princeton University
Wisconsin is Open for Business EQUAL SKILLS NOW REQUIRED NO TWO-TRACKING Wisconsin’s Workforce Trends Occupations earning greater than $30, 000 per year, require some post-secondary education. Source: Achieve, Inc, OEA. October 13, 2011 16
Wisconsin is Open for Business WORKFORCE TRENDS ARE: Wisconsin’s Workforce Trends Ø Unprecedented – we have never faced a declining workforce before; Ø Assured – demographics will change little; Ø Largely unalterable – demographics and migration patterns do not change abruptly. 17 October 13, 2011
Wisconsin is Open for Business RAMIFICATIONS OF WORKFORCE TRENDS ARE: Wisconsin’s Workforce Trends Ø Potentially devastating – without sufficient productivity gains the state’s economy will stagnate; Ø Necessitating a focus on talent – large investments in education and training are needed; Ø Requiring match – talent supply and industry demand must be matched or you lose both. 18 October 13, 2011
Wisconsin is Open for Business Wisconsin’s Workforce Trends CONTACT INFORMATION l Dennis Winters l Phone: 608 -267 -3262 l Email: dennis. winters@dwd. wisconsin. gov l Website: www. dwd. wisconsin. gov l OEA website: www. dwd. wisconsin. gov/oea 19 October 13, 2011
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