the new jersey workforce: enhancing the state's greatest competitive advantage in a global...
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Discusses New Jersey's highly skilled workforce and the initiatives that will continue to improve and strengthen its workforce to increase its competitiveness in today's economyTRANSCRIPT
The New Jersey Workforce: Enhancing the State’s Greatest Competitive
Advantage in a Global Economy
Carl E. Van Horn, Professor and Director
John J. Heldrich Center for Workforce Development Edward J. Bloustein School of Planning and Public Policy
December 2008
New Jersey Workforce
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Workforce Quality is Key to New Jersey’s Economic Competitiveness
During the recession and beyond, New Jersey’s greatest competitive advantage is its highly skilled workforce
Employers cite workforce issues as top concerns affecting business success
Globalization and competition present new challenges to employers
Education and training need to be better aligned with employer needs
New Jersey Workforce
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New Jersey has the “Workforce Advantage”
Sources: 1. U.S. Census Bureau, American Community Survey, 2006 (through November for U.S.) and through October for NJ, PA, and NY2. Author’s calculation based on 2004-2014 labor force projection figures developed by the U.S. Department of Labor, Bureau of Labor Statistics (national) and each state’s department of labor
NJ U.S. PA NY Labor Force Number1 (in millions) 3.1 111.6 4.8 7 Annual Growth Rate (2004-2014)2 1% 1% 1% 1% Education1 Less than High School 14% 16% 14% 16% High School or GED 30% 30% 39% 30% Some college or Associates Degree 22% 27% 22% 23% Bachelors Degree 21% 17% 16% 18% Advanced Degree 12% 10% 10% 13% Income1 (Figures rounded) Median Household Income $64,500 $48,500 $46,500 $51,500 Median Per Capita Income $32,000 $25,500 $25,000 $28,000 Diversity1 Asian 8% 4% 2% 7% Black or African American 14% 12% 10% 16% Hispanic or Latino 16% 15% 4% 16% Foreign-Born 20% 13% 5% 22% Unemployment1 Unemployment Rate 6.0% 6.7% 5.8% 5.7%
New Jersey Workforce
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Employers Say New Jersey Workforce is a Major Competitive Advantage
The 2007 New Jersey Chamber of Commerce Survey of 135 New Jersey employers found:
Nearly 70% rate quality and availability of the workforce as major or minor positive factor to doing business in New Jersey
86% rate workforce quality as a “critical” or “extremely important” factor in making expansion decisions — more than any other factor
Nearly 60% say New Jersey is stronger in workforce quality than other locations
Source: New Jersey Economic Policy Forum (2007), C-Suite Survey: Overview of Survey Findings. Rutgers, The State University of New Jersey: New Brunswick, NJ.
New Jersey Workforce
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Top Concerns Affecting Business Success
Workforce is also a Top Concern of New Jersey Employers
11% 16% 20% 18% 17%
13%16% 20%
33%
4% 6% 8%2%2%
8%7%
0%10%20%30%40%50%60%
LocalServices
Local Taxes EnergyCosts
StateRegulations
State Taxes HealthInsurance
Costs
Quality ofApplicantsfor New or
OpenPositionswith Your
Firm
Quality ofWorkersCurrentlyEmployedwith Your
Firm
Second most important concern Most important concern
Source: John J. Heldrich Center for Workforce Development (2006), New Jersey Employer Survey. Rutgers, The State University of New Jersey: New Brunswick, NJ..
N=300
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Challenges to New Jersey’s Competitiveness Posed by a Global, Innovation-based Economy
Employers have more options for finding skilled workers around the world
Skill requirements of jobs are increasing and changing rapidly
Workers must engage in lifelong learning
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New Jersey Must Better Align Education with Employer Skill Needs
In a global, competitive economy, New Jersey must
continue to invest and plan for employers’ current and
future workers.
New Jersey Workforce
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Steps to Improve Workforce Preparationin New Jersey
Step 1Develop enhanced labor market information
Step 2
Provide enhanced information to job seekers and students
Step 3
Develop partnerships between industries, educational
institutions, and the workforce development system
Step 4
Evaluate the strategies and use the feedback to strengthen the model
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Efforts Underway to Address Employer Skill Needs Must be Strengthened
Planning and Strategy Efforts Industry Workforce Advisory Councils Ready for the Job Initiative HINJ Pharmaceutical Industry Study
Implementation Efforts Innovation Partnership Institutes High-Growth Workforce Investment Grants Verizon Career Connections NJNextStop.org Website Regional Efforts with Federal WIRED Funding (Bio-1, NJEIA,
DVIN)
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Summary of Key New Jersey InitiativesDevelop
Enhanced Labor
Market Information
Provide Enhanced
Information to Job
Seekers and Students
Create Industry/ Education
Partnerships
Industry Workforce Advisory Councils in Key Industries
X
Ready for the Job Initiative X
HINJ Pharmaceutical Industry Study
X X
Verizon Career Connections X X
NJNextStop.org X
Innovation Partnership Institutes X X
High-Growth Workforce Investment Grants
X
Regional Efforts with Federal WIRED Funding (NJEIA, Bio-1, DVIN)
X X X
New Jersey Workforce
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Industries Covered by State Initiatives
Financial Services Casinos/Hotels
Communications/ Information Technology
Renewable Energy
Life Sciences, including Healthcare
Advanced Manufacturing
Transportation/Logistics/ Distribution
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Contact Information
For more information, please contact:
Carl Van Horn, Ph. D. Professor and Director
Phone (732) 932-4100 x6305Fax: (732) 932-3454
E-mail: [email protected]