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Investing in What Works: The Importance of Evidence-Based Policymaking

Investing in What Works: The Importance of Evidence-Based Policymaking. Using Data to Improve the Performance of Workforce Training. Lou Jacobson New Horizons Economic Research Bob LaLonde University of Chicago. The Promise of Training.

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Investing in What Works: The Importance of Evidence-Based Policymaking

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  1. Investing in What Works: The Importance of Evidence-Based Policymaking

  2. Using Data to Improve the Performance of Workforce Training Lou Jacobson New Horizons Economic Research Bob LaLonde University of Chicago

  3. The Promise of Training • Training of at least 9 months can raise annual earnings by $8,000 or more, but only if the program: • Builds skills leading to high-paying jobs in the trainees’ local labor market. • Is well matched to the trainees’ academic background, existing skills, and interests. • Is sufficiently intensive and long lasting.

  4. The Reality of Training • About 25%: • Experience substantial earnings gains. • … by completing high-return career and technical training leading to degrees and certificates. • About 75%: • Obtain academic or career training of little workplace value. • Fail to complete programs that yield high-returns. • Do not obtain enough training to make a difference.

  5. The Problem Many trainees make poor choices because they: • Lack personalized information about the value of training, based on their: • Academic preparation. • Family circumstances. • Local labor market needs. • Lack the know-how to use data to make complex training investment decisions.  • Lack help from knowledgeable mentors.

  6. Our Solution Create a competition to develop state information systems • Assemble relevant data. • Create measures needed to estimate the net-benefits from training: • Probability of completion. • Post-program earnings. • Direct and indirect costs. • Disseminate the information. • Tailor the information to the characteristics of trainees and their labor markets. • Provide career counselors when needed. • Measure the “impact” on trainee decisions. • Sustain cost-effective systems.

  7. Sample Report Card

  8. Why Our Solution Can Work • It recognizes that many training providers offer high-return programs to trainees with diverse backgrounds. • Personalized information and guidance has the potential to increase the return on training investments. • It builds on existing data and information systems. • It tailors the information to the needs of trainees. • It disseminates information and help in ways that will improve training choices.

  9. Investing in What Works: The Importance of Evidence-Based Policymaking

  10. Investing in What Works: The Importance of Evidence-Based Policymaking

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