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WISCONSIN’S FUTURE WORKFORCE AND WHAT IT MEANS FOR THE STATE’S ECONOMY

WISCONSIN’S FUTURE WORKFORCE AND WHAT IT MEANS FOR THE STATE’S ECONOMY. Green Innovations 2009. Dennis K. Winters Chief, Office of Economic Advisors Wisconsin Department of Workforce Development. April 22, 2009. THIS IS NOT YOUR FATHER’S ECONOMY IN FACT, IT WAS AN ABORATION. WORKFORCE.

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WISCONSIN’S FUTURE WORKFORCE AND WHAT IT MEANS FOR THE STATE’S ECONOMY

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  1. WISCONSIN’S FUTURE WORKFORCEANDWHAT IT MEANSFOR THESTATE’S ECONOMY Green Innovations 2009 Dennis K. Winters Chief, Office of Economic Advisors Wisconsin Department of Workforce Development April 22, 2009

  2. THIS IS NOT YOUR FATHER’S ECONOMY IN FACT, IT WAS AN ABORATION

  3. WORKFORCE

  4. Workforce development and economic development are interrelated and interdependent.

  5. QUANTITY

  6. WISCONSIN’S WORKFORCE GROWTHBECOMES FLAT Source: Bureau of Labor Statistics, OEA

  7. ELDERLY NUMBERS WILL SWELLWIDEN THE SIDEWALK !

  8. BLS RAISED LFPR FOR THE FUTUREPARTICULARLY FOR OLDER COHORTS Source: Bureau of Labor Statistics, Bureau of the Census, OEA

  9. WISCONSIN’S WORKFORCE HIGHER LFPRs OFFER LIMITED GAINS Source: Bureau of Labor Statistics, OEA

  10. LITTLE CHANGES EVEN WITH HIGHER LFPR RETIREMENTS SWAMP PARTICIPATION Source: Bureau of the Census, DOA, OEA

  11. NO NEED TO POSTPONE SUCCESSION PLANS IT IS ALREADY HAPPENING Source: Bureau of the Census, OEA

  12. QUALITY

  13. WORKPLACE REQUIREMENTS CHANGES IN SKILLS USED AT WORK* * Based on the Dictionary of Occupational Titles Nonroutine interactive Nonroutine analytic. Routine manual Routine cognitive Nonroutine manual Source: Autor, Levy and Murnane, 2003. Source: K-12 Education and Economic Summit presentation by Alan B. Krueger, Princeton University

  14. EDUCATION INCLINATIONGAINS LIMITED AT BEST

  15. EQUAL SKILLS NOW REQUIREDNO TWO-TRACKING • Entry level jobs with family supporting wages and advancement opportunities require same knowledge foundation and skill set as those entering post-secondary education. • Advanced reading • Advanced writing • Advanced mathematics (Algebra II) • Fastest growing occupations earning greater than $30,000 per year, require some post-secondary education. Source: Achieve, Inc, OEA.

  16. Source: Prof. James Heckman, Nobel Laureate, University of Chicago ACHIEVEMENT GAP ESTABLISHED EARLY

  17. Source: Prof. James Heckman, Nobel Laureate, University of Chicago ACHIEVEMENT GAP DEPENDENT ON THE MOTHER’S EDUCATION

  18. POVERTY v. EDUCATION USE THE CORRECT POLICIES • Ed≠f(Poverty) • Poverty=f (Education)

  19. HUGE RETURN ON INVESTMENTHIGH/SCOPE PERRY PRESCHOOL (Per participant in 2000 constant dollars discounted 3% annually) Larry Schweinhart, High/Scope Educational Research Foundation, www.highscope.org

  20. STATE IMPACTSBENEFICIAL AND PERPETUAL • Cost bump in 2021 due to higher post-secondary enrollments • Benefits rise faster after 2021 due to higher earnings of graduates Graph representative of data portrayed in Enriching Children, Enriching the Nation, Robert Lynch, Economic Policy Institute, 2007.

  21. WHAT WILL KEEP US IN FRONT ?INNOVATION IS A MUST Asked what he admires most in Western counterparts, Jiang Jianqing, chairman of China's largest state bank, ICBC, says, "Innovation. Americans have an endless passion for it. …. you can't stop it. It's one of the most important ways to push enterprise forward." Source: Newsweek, Published January 10, 2009, From the magazine issue dated January 19, 2009, http://www.newsweek.com/id/178810?from=rss

  22. CONTACT INFORMATION • Dennis Winters • Phone: 608-267-3262 • Email: dennis.winters@dwd.wisconsin.gov • Website:www.dwd.wisconsin.gov • OEA website: www.dwd.wisconsin.gov/oea

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