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Journal Article
Capital for Communities: Investing in America's Workforce
Interview with Todd Greene, Vice President, Community and Economic Development, Federal Reserve Bank of Atlanta
Speech
Will Employers Cast a Wider Net?
An economic recovery has the potential to define the labor market for years. It can shut workers out, leaving them on the sidelines while the labor market heals without them, or it can bring them in, ultimately boosting long-term economic growth.Following the Great Recession, we saw the great majority of jobs go to college graduates. College graduates made up less than 40 percent of the workforce between 2010 and 2016, but as many as 8.4 million jobs of the 11.6 million jobs created during that time went to those with a college degree.1
Journal Article
Apprenticeships and Their Potential in the U.S.
Government, foundation, and workforce leaders are displaying keen interest in apprenticeships as a way to give job seekers skills, credentials, and access to careers. This increased interest is also part of the greater attention to workforce development strategies that engage employers. Apprenticeships have a long history with roots in ancient times. The Code of Hammurabi of Babylon, which dates back to the 18th century bce, required artisans to teach their crafts to the next generation. By the 13th century, a type of apprenticeship emerged in Western Europe in the form of craft guilds.1 In ...
Discussion Paper
Partnerships between Community Development Financial Institutions and Workforce Development Organizations
Inability to secure capital to improve worker skills or expand training programs can prevent growth in a local economy. This paper presents the role CDFIs can play to fill a need for financing in the workforce development sector. While the transactions presented in this paper are unique, they highlight the importance of partnerships between the two industries. Shared missions and an overlapping client base between CDFIs and workforce development practitioners creates a natural pairing for collaboration. In addition, CDFIs are uniquely able to serve as test beds for innovation because of their ...
Young adults are disconnected from work and school due to long-term labor force trends
The sharp rise during the pandemic in young people who are neither in school nor working—often referred to as “opportunity youth”—is the exacerbation of a problem that has gradually worsened in the past two decades.
Discussion Paper
Fragmentation in Workforce Development and Efforts to Coordinate Regional Workforce Development Systems: A Case Study of Challenges in Atlanta and Models for Regional Cooperation from across the Country
The importance of human capital in regional economic competitiveness is increasingly apparent. However, structural changes, fragmentation, the instability of funding, and other factors have led to challenges for workforce development providers as well as workforce development systems. This fragmentation has created a less coherent and coordinated workforce development system. Often, metropolitan areas have many programs and policies in place to train workers for jobs that require sub baccalaureate credentials or skills. The lack of coordination in local training systems may limit the ...
Demographic disparities among disconnected young adults persist but are narrowing over time
This article sheds light on how several demographic groups have differed in their response to business cycles over time and how their disconnection rates have changed in recent years.
How valuable is a short-term credential for a job seeker? It’s complicated
Employer demand for short-term credentials is rising. But the likelihood of such credentials leading to higher wage offers depends on the industry and can change over time.
Speech
Investing in America’s Workforce Book Launch
Business must "start viewing workforce development as an investment, rather than a social service," said Philadelphia Fed President Patrick Harker in his remarks today. He was speaking at the launch of Investing in America's Workforce: Improving Outcomes for Workers and Employers, a book based on Federal Reserve System research.
Discussion Paper
Benefits Cliffs and the Financial Incentives for Career Advancement: A Case Study of the Health Care Services Career Pathway
Benefits cliffs, which occur when earnings gains are offset by the loss of public benefits, have long been recognized to create financial disincentives for low-income individuals to earn more income. In this paper, the authors develop a new methodology to study benefits cliffs in the context of career advancement. The authors illustrate the change in net financial resources for an individual pursuing the health care services career pathway from certified nursing assistant (CNA) to licensed practical nurse (LPN) to registered nurse (RN). Accounting for increases in taxes and the loss of public ...