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Engle Skillpoint 9 08 Final2

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Presentation by Chris Engle from New Economy Strategeis

Presentation by Chris Engle from New Economy Strategeis

Published in: Business, Education

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  • 1. The Future of the Central Texas Economy and Workforce Globalization and the Future of Education Chris Engle Chief Project Officer New Economy Strategies, LLC www.new-econ.com Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 2. NES: Capacity Building for Innovation and Knowledge Public Policy Economic Development Workforce Development Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 3. NES has Worked with Global, National and Regional Clients Government* Academic/NGO Institutions* Global Global Universidad de Puerto Rico National Domestic State Tennessee Michigan Iowa Indiana Other North Dakota Texas Utah Kansas Entities Regional Materials may not be reproducednot exhaustive – * List without express examples only written permission of New Economy Strategies, LLC.
  • 4. Our Recent Client in Philadelphia Mission: To accelerate the transformation of the life sciences industry in the 14-county tri-state region into an internationally recognized center for excellence. DVIN will attract resources to Goals/Activities: support research, industry • Workforce Gap Analysis and human capital • Education & Outreach development. • Human Capital Development • Regional Collaboration and Knowledge Sharing Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 5. Today’s Discussion  Trends in Global Economy and Education  Central Texas’ Future  Impact on Jobs, Skills, and Education Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 5
  • 6. Core Question What is the value of education? Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 6
  • 7. Career Earnings Growth By Age $90,000 $80,600 $80,000 Higher education = higher starting salary + 45-64 $70,000 better ability to grow lifetime earnings $60,000 35-44 $50,000 $40,000 $30,000 $28,500 25-34 $20,000 $10,000 18-24 $0 Not High Graduate, Some College Associate Bachelor's Bachelor's & School including GED no degree degree degree More Graduate Earnings +21% +23% +32% +24% +34% +49% Growth Materials may not be reproduced without express written permission of New Economy Strategies, LLC. Age 30-60
  • 8. Globalization Needs Higher Education Well-educated workers thrive in a global economy …But can also be threatened by new economic models Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 9. National Innovation Initiative CEO Survey 29% How Does Innovation Occur in your Company? 40% - New Products - Modified Products - Copies of Competitors - None of the above 26% 5% Modifications or extension of existing products or product lines Copies of competitors' products Products that are new to the industry None of the above Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 10. Workforce Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 11. Core Question Are we succeeding in preparing students for global realities? Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 11
  • 12. Educational Attainment is Falling Texas Projected Percent of Labor Force by Educational Attainment in Texas, 2000 and 2040 35 30.1 29.0 28.7 30 28.7 23.9 25 18.8 18.2 20 15 12.9 10 5.3 4.4 5 0 No High School High School Some College Bachelor's Graduate/Prof. Diploma Graduate Degree Degree 2000 2040 Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 13. Education Trends in US 90% Have we reached the top? 30% Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 14. Concern is Demographic Trends Texas is facing:  Falling graduation rates  Falling education levels  Falling incomes  Falling prosperity for Texas workers and competitiveness for Texas industry Cause: statistical impacts due to immigration and fertility trends Perspective on “Progress” depends on how you draw the circle Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 14
  • 15. Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 16. Demographics Influence Topline Statistics On an individual level, each generation of families in Texas is more educated than the previous generation. % of Adults 18-24 with High School Degree 100% 95% 2001 2003 2005 2007 90% ? 85% 80% 75% 70% 65% 60% 55% 50% White, non- Black Hispanic Asian hispanic Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 16
  • 17. Shifts We Can’t Ignore  Demographics  Globalization of talent  Threats to job security  Multiple Career Changes over Lifetime  Constant Transformation of Skills and Knowledge Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 18. Core Question What should be Education’s focus? Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 18
  • 19. Connecting Education to Economic Development  High schools - STEM  Community Colleges  Universities  On the Job Training  Workforce Boards  Interdisciplinary skills Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 20. High Demand for Non-technical Skills in Tech Industry Education Requirements (ONET) Education Requirements (ONET) Current Occupation of Focus: Current Occupation of Focus: 15-1021 Computer programmers 17-2031 Biomedical engineers 15-1021.00 Rating 17-2031.00 Rating (1-5) (1-5) 24 Programming 4.63 28 Science 4.44 7 Critical Thinking 4.58 26 Reading Comprehension 4.37 5 Complex Problem Solving 4.46 31 Speaking 4.36 3 Active Learning 4.27 35 Time Management 4.30 26 Reading Comprehension 4.22 4 Active Listening 4.12 13 Learning Strategies 3.98 34 Technology Design 4.12 22 Operations Analysis 3.97 12 Judgment and Decision Making 4.12 4 Active Listening 3.90 7 Critical Thinking 4.05 34 Technology Design 3.89 5 Complex Problem Solving 4.05 36 Troubleshooting 3.87 37 Writing 4.05 6 Coordination 3.54 36 Troubleshooting 4.04 35 Time Management 3.36 25 Quality Control Analysis 4.03 32 Systems Analysis 3.32 32 Systems Analysis 4.02 31 Speaking 3.27 22 Operations Analysis 3.89 9 Equipment Selection 3.15 13 Learning Strategies 3.85 25 Quality Control Analysis 3.13 3 Active Learning 3.81 10 Installation 3.12 17 Mathematics 3.81 17 Mathematics 3.08 9 Equipment Selection 3.62 12 Judgment and Decision Making 3.01 18 Monitoring 3.62 11 Instructing 2.96 15 Management of Material Resources 3.60 18 Monitoring 2.91 33 Systems Evaluation 3.56 27 Repairing 2.86 23 Persuasion 3.54 30 Social Perceptiveness 2.82 27 Repairing 3.51 Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 20
  • 21. Skills & Competencies Transformation in Technology From industry interviews, Future Demand for Skills and Competencies of workers will be characterized as cross-disciplinary:  Creative/People skills vs. pure Science  Diversity of knowledge vs. Niche Specialization  Entrepreneurial vs. Hierarchical  Dynamic and Flexible vs. Static Job Descriptions  Performance-based Compensation  Career Lattices vs. Career Tracks  Multiple jobs and companies  Horizontal teamwork vs. Silo’d Research Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 21
  • 22. Change is Inevitable: WIBs Are Critical to Responding! “It is not the strongest of species that survive, nor the most intelligent, but the ones most responsive to change.” Charles Darwin Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 23. Education Demands are Increasing Fastest growing positions in U.S. will require Bachelor’s and above. These will account for 30% of all new jobs. 2002-2012 2002-2012 Training level: % Growth New Jobs % Growth New Jobs > Associate degree 26% 1.3 million 19% 1.1 million Doctoral degree 25% 0.1 22% 0.4 Master's degree 22% 0.4 19% 0.4 Bachelor's degree 21% 3.6 17% 3.1 Bachelor's plus experience 20% 1.4 9% 0.6 First professional degree (MD/lawyer) 18% 0.3 14% 0.3 > Postsecondary vocational award 18% 1.1 14% 1.1 > Short-term on-the-job 14% 7.2 9% 4.6 > Work experience in a related occupation 11% 1.2 9% 1.3 > Moderate-term on-the-job 11% 3.1 7% 2.0 > Long-term on-the-job 9% 1.0 6% 0.7 But majority of new jobs 70% require Associates or below. Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 24. U.S. Occupational Forecast Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 25. Top 10 Job Creators 1. Combined Food Preparation & Serving Wrkrs, Inc. Fast Food 2. Retail Salespersons 3. Waiters & Waitresses 4. Customer Service Representatives 5. Registered Nurses 6. Elementary School Teachers, Ex. Special Education 7. General & Operations Mgrs 8. Janitors & Cleaners, Ex. Maids & Housekeeping Cleaners 9. Executive Secretaries & Administrative Assistants 10. Office Clerks, General Healthcare, teaching, and food will create most new jobs and also see highest % growth Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 26. Austin Economy Will Grow at a Slower Pace Annualized Job Growth Rate, Austin 5-county metro 8% 6% Tech Downturn 4% 2.5% 2% 0% -2% Today -4% -6% 1998 2000 2002 2004 2006 2008 2010 2012 Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 27. Long-Term Trends for Central Texas Long-term trends in Austin point to a “normalization” with US  Slower, more stable growth  Less reliant on technology sectors But Austin will remain at the front of the pack:  Lower unemployment  Tops in business rankings  Growth 1.5-2x national average  Faster growth than other Texas metros  Technology focused on creative areas, not manufacturing Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 27
  • 28. Recent Growth Trends - 2007 Source: BLS, AngelouEconomics Materials may not be reproduced without express written permission of New Economy Strategies, LLC.
  • 29. In-migration to Austin is a Big Factor in Future Source: IRS, AngelouEconomics Austin keeps attracting educated young professionals – many of whom bring a job with them And retirees move here to get closer to their grandchildren! Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 29
  • 30. Best Job Opportunities Fastest growing sectors:  Software  Digital media/film  Medical device design/manufacture  Warehousing / Distribution centers  Tourism  Back office  Healthcare  Childcare Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 30
  • 31. Best High-Wage Careers in Austin Fastest growing professional/technical occupations (non-health):  Actuaries  Statisticians  Network Administrators  Computer Analysts  Computer Engineers  Database Administrators  Biochemists, biophysicists  NOT: accountants, lawyers, “physical” engineers, architects, economists, semiconductor processors  NOT: telemarketing, travel agents Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 31
  • 32. Policy Implications In my humble opinion:  Emphasize verbal communication and presentation skills in school, not just books and tests  Emphasize competencies as a career choice – easier to grasp than picking a career or industry  Teach Lifelong learning skills but test on-the-spot learning  Teach how technology works  Support arts education as complement to creative learning  Get students in front of like-minded workers (professional, technical, and non-technical)  Teach entrepreneurship and business skills – how to create a job and keep it !  Recognize that college and STEM education still the best outcome for a student, but can’t be the answer for everyone Materials may not be reproduced without express written permission of New Economy Strategies, LLC. 32
  • 33. Thank you. Questions / Comments to: Chris Engle Chief Project Officer New Economy Strategies, LLC www.new-econ.com cengle@new-econ.com 512-280-1799 Materials may not be reproduced without express written permission of New Economy Strategies, LLC.