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Chicago Solutions for an Aging Workforce Symposium 2018

New Ideas for creating employment opportunity for older workers

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Chicago Solutions for an Aging Workforce Symposium 2018

  1. 1. CHICAGO – AN “ALL AGES” SHOW
  2. 2. BRAINY STUFF We know a lot about what we do and why…what does this mean for work?
  3. 3. Complexity Causes Paralysis Collaboration & Affiliation is our “default”. Unfairness is punished - Irrationally
  4. 4. AMYGDAL A It controls the way we react to certain stimuli, or an event that causes an emotion, that we see as potentially threatening or dangerous. Amygdala often works directly with sensory input, bypassing thought. Images of 0.1 seconds reach the Amygdala …but never reach the conscious mind.
  5. 5. SYSTEM 1&2 - SUBSYSTEMS OF THE BRAIN
  6. 6. ON THE ARK?
  7. 7. HUMANITY IS COOL, BUT SOME PEOPLE…C’MON! Work as a village Complexity… Trust…. Fairness… Revenge… Change…
  8. 8. THE BARRIER TO PROGRESS STARTS BETWEEN OUR EARS. REFLEX Our default bias & comfort zones operate W/O thought FRONTAL CORTEX Change requires conscious thought & repetition with reinforcing feedback FAIRNESS We innately expect equity TRUST We are coded to cooperate via affiliation REVENGE We are irrational when our subsystems are threatened
  9. 9. OVERVIEW OF WORK, WORLDWIDE Some surprising facts about global workers, productivity and quality of life
  10. 10. GLOBAL DATA Unemployment Rate for Advanced Economies: 5.2%  Compared to 6.3% in 2005 and 8.1% in 2009
  11. 11. “the biggest issue…by 2030, there will be a global human talent shortage of more than 85 million people.” Korn Ferry Newsletter - May 9, 2018 GLOBAL DATA
  12. 12. WORKING IN THE UNITED STATES
  13. 13. US DATA Unemployment Rate: 3.7% Jobs Added: 492,000 in Q3 Job Openings: 6,900,000 Persons Who Want A Job, But Are Currently Not in Labor Force Or Are Underemployed: 5,070,000
  14. 14. US Data US DATA over 55
  15. 15. WORKERS AGED 55+ Currently, there are roughly 34 million workers 55 and older in the American workforce. That represents about 22 percent of all workers over 16. Workers in this age group expected to be 25% of US labor force by 2020, compared to 12% in 1991 Skills will need to be continually updated to compete in current market.
  16. 16. Spending on Active Labor Markets i.e. Reskilling
  17. 17. TRICKLE DOWN OR TRICKLE DOESN’T? The truth about job creation, spending patterns and the cost of the unemployed WE ARE IN A PERIOD OF WEALTH CONSOLIDATION UNRIVALED IN OUR HISTORY WE HAVE A RADICAL SEPARATION OF CLASSES BY GEOGRAPHY, EDUCATION AND RACE THE CURRENT MOVEMENT OF LABOR TO THE CHEAPEST HOURLY RATE WILL BE REPLACED BY ONE OF SEEKING THE BEST TALENT FOR THE NEW ECONOMIES. WE ARE NOT “RESKILING” OUR PEOPLE AND IT IS UNLIKELY THIS WILL BE DONE FEDERALLY
  18. 18. Employment “MONOPSONIES ” where there is little or no competition for workers
  19. 19. Rewrite the Rules: Building an Inclusive American Economy Historically, monopolies in the US were checked by antitrust enforcement. Current economic policies and lobbying now mean monopolies are seldom prevented barring extremely rare conditions.
  20. 20. EDITOR'S PICK5 Feb 8, 2017, 12:12pm Job Creation In The New Political Economy: Small Companies, Not Big Companies, …Create Jobs. ENABLE AND SUPPORT SMALL & MIDSIZE COMPANIES
  21. 21. THE ROLE OF SMALL BUSINESS IN ECONOMIC GROWTH Small Businesses account for 65.9 % of net new job creation during the period of 2000-2017 Small Businesses make up 99.7% of US employer firms.
  22. 22. CHICAGO …A “WORK” CAROL The ghost of work past, present and future
  23. 23. CHICAGO DATA Unemployme nt Rate: 3.8% Employed Persons: 5,999,30 0 Unemployed Persons: 143,50 0 Calculated Difference 212,773
  24. 24. CHICAGO IS THE SLOWEST RECOVERING OF THE MAJOR US CITIES 2017 showed only 4 percent of small businesses in Chicago plan to move out of state during 2018
  25. 25. OKUN'S LAW : 1% POINT OF UNEMPLOYMENT EQUALS 2% OF GDP Metropolitan area 2012 2017 Improvement % Difference Greater NY $1,439,233 $1,717,712 $278,479 19% Greater Los Angeles $820,863 $1,043,735 $222,872 27% Greater Chicago $578,016$679,699 $101,683 18%
  26. 26. WE LEAD … IN CONSTRUCTION & GOVERNMENT
  27. 27. CHICAGO’S PEOPLE DRAIN Chicago’s population has declined for the 3rd consecutive year.
  28. 28. COSTS OF UNEMPLOYMENT Personal • Lost savings, wages • Loss of consumer contributions • Erosion of skills Societal • Calls to restrict immigration • Restricts GDP growth • Increased government payments for health care • Higher crime rates 18- to 24-year-old will cost federal and state governments over $4,100 annually in foregone tax revenue and safety net benefits. One unemployed 25- to 34- year-old represents nearly $9,900 a year in foregone tax revenue and benefits paid We don’t have data for workers over 55 $53 X3 $15 9
  29. 29. White 6.8% Hispan ic 10.3% Black 21.6%
  30. 30. CURRENT EXAMPLES OF SUCCESS…WORLDWIDE CSR360 Global Partner Network is a global network of not-for- profit organisations working with businesses to improve their positive impact on society. Over 133 independent organisations from over 67 different countries Reaching over 6000 companies around the world Presence on every major continent A wealth of resources including toolkits and handbooks Expertise across the Corporate Responsibility (CSR) spectrum including community, environment, workplace and marketplace.
  31. 31. ABBOTT, ALLSTATE, HYATT & RHR
  32. 32. SOLUTIONS Skills Assessments There are compelling and insightful tools which capture experience, skills, aptitude and psychological orientation to all forms of work. Why not start with this?
  33. 33. CURRENT EXAMPLES OF SUCCESS…USA Earned Income Tax Credit – New York City’s Experiment Extending the Credit to Qualified Workers W/O Children reduced severe poverty Increased child support payments among noncustodial parentsincreased in participants’ employment rates
  34. 34. CURRENT EXAMPLES OF SUCCESS…USA OPEN HIRE – the self fulfilling prophesy…TRUST & EMPOWERMENT. For more than 35 years Greyston has been changing lives and communities through radical inclusion.
  35. 35. At Greyston Bakery, if you want a job, we give you a job. No questions asked. Business should be a powerful force for I can’t explain all that Greyston has done for me. Without Greyston, I’d still be on the streets — likely dead or in jail. The Journey from “Unhirable”, Former Inmate to Greyston Bakery Supervisor
  36. 36. SUCCESS IS LOCAL AND SCALABLE One year from inception… 95% success
  37. 37. SOLUTIONS Luring companies with real estate & tax deals Make results based Outplacement tax deductible
  38. 38. SOLUTIONS Currently Cook County has an estimated 24,000- 55,000 vacant buildings Create a Skills program that teaches unemployed the basics of a skill: Carpentry, Auto Repair, Plumbing, Cooking, Maintenance, Security, Short and Long haul Trucking.
  39. 39. SOLUTIONS - GROWING POWER “A CAUTIONARY TALE” Success in feeding people an teaching life skills 2017 Debt Burden “Founders Syndrome” LESSON: IT CAN BE DONE IT MUST BE ABOUT THE MISSION…NOT THE LEADER Will Allen McArthur Foundation Genius Award
  40. 40. BELIEF WINS OVER MONEY& SIZE Detroit, 5 Years After Bankruptcy A partnership between city and state government, business leaders and the city's philanthropic community led an innovative effort to restructure the city's debt, estimated at $19 “Detroit isn't growing because …creating thousands of jobs. It isn't pulling large companies from around the country. It's rebounding because people are feeling better about the city.”
  41. 41. THE SIMPLE CASE… FOR ECONOMIC GROWTH IN CHICAGO TOTAL POPULATION IS SHRINKING AGING WORKFORCE IS NOT BEING REPLACED METROPOLITAN CHICAGO IS THE SINGLE BRIGHT SPOT FOR STEM TALENT GENTRIFICATION IS COMPRESSING & PUSHING THE ECONOMICALLY DISADVANTAGED OUT EVERY UNEMPLOYED PERSON IS A FINANCIAL BURDEN ON EVERY TAXPAYER SOLUTIONS AT MACRO LEVEL DON’T WORK – THEY MUST BE COMMUNITY BASED & SUSTAINABLE PSYCHOLOGY OF THOSE IN NEED AND THOSE WHO HAVE MUST BE CHANGED THROUGH EXPERIENCE
  42. 42. RENEWABLE & SUSTAINABLE THE “MISSION” IS THE “LAW”
  43. 43. DO WHAT IS EASIEST, FIRST THE EASIEST FIXES
  44. 44. LADDERS & LANDMINES Politics Race Geography Complexity Scale Resistance to Change Social Consciousness Community Motivated Actors & Organizations Long trips need a first step Mission and Vision – not celebrity
  45. 45. TALK IS CHEAP…LET’S DO THIS!

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