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HUMAN CAPITAL YOUR MOST IMPORTANT RESOURCE

HUMAN CAPITAL YOUR MOST IMPORTANT RESOURCE. Principle #7: People’s skills influence their income. Objectives. Define human capital Identify the skill requirements of the 21 st century global economy Recognize the relationship between education and training and a successful future.

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HUMAN CAPITAL YOUR MOST IMPORTANT RESOURCE

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  1. HUMAN CAPITALYOUR MOST IMPORTANT RESOURCE Principle #7: People’s skills influence their income.

  2. Objectives • Define human capital • Identify the skill requirements of the 21st century global economy • Recognize the relationship between education and training and a successful future

  3. Why is this topic here? • Students should recognize the importance of developing their human capital. • This topic creates a rationale for the course and answers the question why students are in school. • It personalizes the course. • If done properly, it improves student self esteem. • It explains the rules of the game.

  4. Your Human Capital • Skills • Knowledge • Experience • Personal qualities

  5. How you doin’? • Uhhh • We’re incredible • Hunksa’ • Hunksa’ • Human Capital

  6. You are the most important resource you have. • How you use you now will influence the control you have over your life forever. • The more you take advantage of school to improve your human capital, the more control you will have over your life. • To succeed in the 21st century global economy, you will have to acquire certain skills.

  7. Which house would you like? A B

  8. Which car would you like? A B

  9. Which Vacation Do You Want? Visit the folks A week at the beach

  10. Which Dog do You Want? Fang Skippy

  11. What Kind of Job Do You Want? A B

  12. How will you get From here to there?

  13. THE NEW LABOR MARKETThat was then, this is now NOW THEN BASIC SKILLS REQUIRED: ASSEMBLY LINE GLOBAL COMPETITON, RAPIDLY CHANGING TECHNOLOGY

  14. Agricultural Information Knowledge Manufacturing Service Imagination The U.S. Economy

  15. Took years to accomplish Local, state, national Manufacturing Manual Laborer Strength, dexterity, stamina Lifetime with one employer Kindergarten-12th grade Table I: Then and now The Information/ Knowledge Age The Industrial Age Technology change Months, weeks to accomplish Competition Global Type of production Service, info, knowledge Role of workers Designer, engineer, manager Skill requirements Scans (see Table II) Change jobs at least six times, careers three times Employment Learning span Lifetime

  16. Get the Skills? What Skills?

  17. Table II: What Skills? Your Skills Strengths

  18. To compete in a global economy, you will need these skills

  19. Basic Skills • reading • writing • mathematics • listening • speaking

  20. Thinking Skills • Informed decisions • Benefit/Cost Analysis • Know how to learn

  21. Personal Qualities • Honest • Hard working • Respectful • Self-motivated • Trustworthy

  22. Resource Use

  23. Interpersonal Skills • Work well with others • Help others succeed • Get along with others who are not like you? • Kind to others • Try to make others comfortable

  24. Systems

  25. Information • Do you have facts? • Do you know where to get facts? • Do you listen to facts? • Can you tell the difference between facts and opinions (yours and others)?

  26. Technology • selecting • applying to specific tasks • maintaining and troubleshooting • keeping up to date • learning

  27. To compete in a global economy, you will need these skills

  28. Where will you get these skills?

  29. Why are you in school? • To improve your incredible human capital • To use your human capital and other resources to achieve your goals • To lead the good life • You are in school for YOU!!!!!!

  30. Dreams Deferred: Average Earnings and Education for Adults, 2008 Source: U.S. Census Bureau, Statistical Abstract of the United States: 2010

  31. Some Benefits of an Education • A college grad earns more than twice the lifetime earnings of a high school dropout • For African Americans, the unemployment rate of a high school dropout is 21% compared to 7.3% for college grads. • The percentage of high school dropouts living in poverty is 8.5 times that of college grads. • The incarceration rate of high school dropouts is 60 times that of college grads. Source: The consequences of dropping out of high school. Center for Labor Market Studies, NorthEastern University. October 2009

  32. The Principle of Exchange Employers will hire workers if they gain more from hiring them than they give up.

  33. The Mirror: An Incredibly Powerful Package of Human Capital!

  34. You are the only one who can develop your human capital….. not your teachers, not your parents, YOU

  35. MAKE YOURSELF SCARCE!!!! High demand, low supply

  36. All other things being equal higher education and/or training leads to higher income

  37. Main Points • The labor market of the 21st century is characterized by rapid technological change, global competition, demand for highly skilled workers, numerous job and career changes, and constant upgrades of skills and knowledge. • The greater your skills and knowledge obtained through education and/or training, the higher your lifetime earnings.

  38. MAKE YOURSELF SCARCE!!!!

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