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The Future Of Labor Markets And Education

The Future Of Labor Markets And Education. Matt Ferguson, CEO. The Most Important Number. 2.1. Ranking of Countries by Population 1950-2011. Population of Countries 2050-2100. The Future Demographic Map. Potential surplus population in working age group ( 2020).

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The Future Of Labor Markets And Education

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  1. The Future Of Labor Markets And Education Matt Ferguson, CEO

  2. The Most Important Number 2.1

  3. Ranking of Countries by Population 1950-2011

  4. Population of Countries 2050-2100

  5. The Future Demographic Map Potential surplus population in working age group (2020) Labor Shortages and Avenues of Supply Note: Potential surplus is calculated keeping the ratio of working population (age group 15-59) to total population constant Source: U.S. Census Bureau; BCG Analysis

  6. Demand for technology talent is exploding

  7. Big data driving big demand

  8. Growing IT talent shortage • Two-in-five IT employers (43 percent) have open positions for which they can’t find qualified candidates. • 35% of IT employers lost top performers in Q2 • 28% of IT workers say they are likely to leave their jobs in the next 12 months Source: CareerBuilder’s 2012 Mid-Year IT Job Forecast, July 2012

  9. Talent pool is shrinking

  10. U.S. Bachelor’s Degree Trends: 1986-2006 Source: National Science Foundation 2008 Report

  11. By 2020, advanced economies could have too few college-educated workers and too many workers with secondary degrees Comparison of projected labor demand and supply, 2020E Million workers 1 Gaps are percent of demand for Shortages, and percent of supply for surpluses. NOTE: Numbers may not sum due to rounding. SOURCE: United Nations Population Division (2010 revision); IIASA; ILO; Global Insight; GDP consensus estimates; country sources for the United States and France; McKinsey Global Institute analysis

  12. Bridging The Gap Business can be part of the solution if they get involved and slow down enough to bring some people with them.

  13. Labor Markets Under-supply of skilled labor in the US now getting worse in the future This is especially true in IT and healthcare If we don’t educate more of our people or allow immigration, these jobs will go to where the people are So if education is the key, what is going on there to help?

  14. The Future Of Education Big breakthroughs happen when what is suddenly possible confronts what is desperately needed. – Tom Friedman “ ”

  15. US Venture-Capital and Growth Investments in Education

  16. The primary problem Late in his life, in a letter to a prominent merchant and former U.S. ambassador, Thomas Jefferson touted education as a guardian of the Constitution: “I know no safe depository of the ultimate powers of the society, but the people themselves: and if we think them not enlightened enough to exercise their control with a wholesome discretion, the remedy is, not to take it from them, but to inform their discretion by education. This is the true corrective of abuses of constitutional power.” Years later, in 1832, a young Abraham Lincoln promoted the expansion of education in his first public speech:  “Upon the subject of education, not presuming to dictate any plan or system respecting it, I can only say that I view it as the most important subject which we as a people can be engaged in . . . For my part, I desire to see the time when education—and by its means, morality, sobriety, enterprise, and industry—shall become much more general than at present . . .” And in 1938, on the eve of the world’s most significant conflict, President Franklin Roosevelt spoke of the close link between education and free society. “Democracy cannot succeed unless those who express their choice are prepared to choose wisely,” he said. “The real safeguard of democracy, therefore, is education.”

  17. The Post-Secondary Problem It is an access problem because of cost and debt! Enrollment fell from 21.4 million to 19.9 million in 2012 How are we going fill the jobs of the future if we don’t have more people going to college as the nation grows? What happens when the jobs cannot find the people they need in a county?

  18. The Post-Secondary Problem The cost is increasing very fast!!! Average in-state tuition rose to $7,700 in 2012 from $5,900 in 2008 Private school tuition is

  19. The Post-Secondary Problem $1 Trillion dollars of student loans outstanding Percentage of undergrads who used federal aid was 57% in 2012 from 47% in 2008 State aid for students is decreasing 7 of 10 undergrads receive state, federal, or institutional assistance in 2012

  20. Online Education Growing Rapidly32% of Students Taking at Least One Online Course, 2011

  21. Online Education Quickly Becoming More Accepted

  22. Education Being DemocratizedFast Global MOOC (Massively Open Online Course) User Growth

  23. The Frontier The down-side of online

  24. The Frontier MOOC

  25. The Frontier SMOC

  26. The Frontier Georgia Tech

  27. The Frontier Thunderbird

  28. What we need Lower cost Skills and competencies Outcomes Blending new and old

  29. The Difference Can you quantify it? Source: BLS, Average of April-August 2013, seasonally adjusted.

  30. The Difference Can you quantify it? What does it all mean? 1%

  31. The Difference A better society

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