In our new economy, jobs and the in-demand skills employers require are constantly evolving, while the preparation of students and workers have remained stagnant. Thus, it is unsurprising that there is a skills mismatch between the skills employers need and those their workers possess.
J. Puckett, managing director and senior partner, Boston Consultant Group, sat down with Sarah Miller, senior advisor, Community and Economic Development, Federal Reserve Bank of Atlanta, to discuss the implications of the skills mismatch facing both employees and employers. Puckett discussed a newly released report by Boston Consulting Group, titled “Fixing the Global Skills Mismatch.” He states, "to unlock the full potential of human capital in the face of constant change, we need go shift from mass standardization to mass uniqueness.”
In order to solve the skills mismatch currently facing our labor market, the Talent Finance initiative is working towards creating a new public/private approach to financing talent development. As J. Puckett states, “[the] Talent Finance initiative brings attention and data to bear on the problem.” The Foundation and its partners are exploring a new approach for employers and the financial services community to collaborate and identify new private sector tools for financing talent, developing new strategies for managing risk in the labor market, and managing how to pay for workers to get and constantly refine the skills they need. The Talent Finance initiative explores new ways to invest in people and skills that keep pace with innovation and advance economic opportunity, diversity, inclusion, and competitiveness.
Watch the interview below:
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