Presentation on theme: "Recovery: Job Growth and Education Requirements Through 2020."— Presentation transcript:
Recovery: Job Growth and Education Requirements Through 2020
Educational demand for employment has grown; we expect that trend to continue.
24 million of these jobs (43%) will be entirely new positions. 31 million (56%) will be due to baby boom retirement. The US Economy Is Expected To Create 55 Million Job Openings By 2020
Who Will Be Hiring? STEM (Science, Technology, Engineering and Math) Healthcare Professions Healthcare Support Community Services
Healthcare, Community Services & STEM Are The Three Fastest Growing Occupational Clusters
By 2020, 65 Percent of All Jobs Will Require Postsecondary Education Applicants will need to have some form of post- secondary education: Bachelor’s Degree or beyond Some college/AA degree Postsecondary Vocational certificate or industry-based certification For most jobs, securing a high school education will not be enough to qualify for employment
There Will Be Fewer Jobs Available For Individuals That Only Possess a High School Diploma
Even The Fastest Growing Fields Will Require High Postsecondary Education STEM, healthcare professions, healthcare support, and community services will all require high levels of education in order to compete for a position. Healthcare support will not have the same high demand for postsecondary education. Healthcare support careers, however, will have lower wage growth.
The Fastest Growing Occupations Require High Levels of Postsecondary Education
Recovery 2020 confirms cognitive skills are highly sought after by employers. Physically intensive skills are less important. Forty-eight percent of jobs require high levels of active listening. Other skills most coveted by employers: Leadership Communication Analytics Administration What Skills Will Get You Hired?
Intensity of Skills Use Across Careers
Recovery 2020 By State The report also gauges each state’s position compared to the national average; Compares the educational composition of jobs in the base year (2010) to the forecast year (2020); Shows where the jobs will be by state, education level and occupations for 25 detailed occupational categories in 2020; Twenty-seven states will be at or above the 65 percent proportion of jobs that will require postsecondary education beyond HS in The highest proportion of BA jobs and graduate jobs will be concentrated in northeastern states. Jobs for HS graduates or dropouts will be concentrated in the southern states.
Almost all states currently have average attainment levels below those required for the jobs of the future
What states need to know Use data to influence outcomes We have slowed down in our production of college grads American will produce less than half of the growth in college graduates than it did 20 years ago – despite the growth in population. About 50 percent of the variance in inequality in lifetime earnings is determined by age 18.
Knowledge is power UI wage records, SLDS, LEHD, BLS, Georgetown CEW Real time data. Proprietary data Burning glass Resume data – Monster, Career Builder Determine program effectiveness at securing employment Might involve hard decisions of closing programs with low returns Improve alignment between student choices and high- wage, high-demand jobs
RECOVERY 2020 in Summary Most jobs will require applicants to have postsecondary education and training beyond high school. More jobs will be available as baby boomers begin to retire. The fastest growing fields will be in STEM, healthcare professions, healthcare support, and community services. Employers will be looking for cognitive skills such as active listening, ability to communicate well, and critical thinking. Despite the existing variation between states’ educational attainment, nearly all states will need to boost their rates of postsecondary education
Georgetown University Center on Education and the Workforce Full Report, Executive Summary and State Analysis Available: Questions?