Frederick Community College Facilities Master Plan Chapter 2 Environmental Scan 2-19 May, 2023 SUMMARY -- EMPLOYMENT It is anticipated that both external and internal forces will change dramatically how businesses evolve. Whereas 100 years ago it was founderled firms and then fifty years later professionally managed corporation with powerful CEOs. Management became a career. Conglomerates were formed and started to build globally. The will of the investors and that of the managers focused on short-term gain. Now, technology is allowing startup businesses to scale up and still retain the customer touch. Technology will allow experts to replace the professional manager. Investment will not be based on companies but also on projects.60 Employers exclude two-thirds of U.S. workers from consideration to fill skills gaps and labor shortages because they lack a bachelor’s degree.61 Almost three-quarters of new jobs from 2007 to 2016 were roles “requiring” bachelor’s degrees but fewer than 4 in 10 American workers have that credential. The workforce contains over 70 million workers who don’t have bachelor’s degrees but who have the skills through alternate routes. LinkedIn’s CEO Ryan Roslansky committed to piloting skillsbased tools to encourage pathways to highpaying jobs. The Biden administration issued an executive order advancing diversity, equity, inclusion, and accessibility (DEIA) in the federal workforce.62 Community colleges train students for middle skills position either credit or noncredit. Such jobs require training and education beyond high school but don’t require a 4-year degree. Employability is a product consisting of a specific set of skills such as soft, hard, technical, and transferable. It is also a process that 60 https://www.bain.com/insights/3000-years-of-businesshistory-in-two-minutes-video/ 61https://www.washingtonpost.com/opinions/2021/07/20 /majority-americans-lack-college-degree-why-do-somany-employers-require-one/ 62 https://www.whitehouse.gov/briefingroom/statements-releases/2021/06/25/fact-sheet- “empowers” an individual to acquire and improve marketable skills that can lead to gainful employment.63 The nexus of employability, labor force, and economy is facilitated by education. • Employability is a product consisting of a specific set of skills such as soft, hard, technical, and transferable. • It is also considered as both a product (a set of skills that “enables”) and as a process that “empowers” an individual to acquire and improve marketable skills that can lead to gainful employment. • For labor/human capital to be used efficiently, it warrants the acquisition of knowledge, skills, and capabilities that employers need in our current economic times and knowledge-driven economy. • From a macroeconomic perspective, a lack of employability contributes to both frictional and structural unemployment and affects the productivity of the labor force. • If individuals are not employed, they are not spending, which means businesses do not invest in capital and labor or try to meet consumer demand. This translates into economic slowdown and increasing unemployment.64 Professions that are insulated from economic fluctuations are healthcare, education, and the defense sectors. The most highly sought after skills include: high IQ workers with higher education/academic skills; increased selfawareness; strong work ethic and positive attitude; analytical/critical thinking and president-biden-signs-executive-order-advancingdiversity-equity-inclusion-and-accessibility-in-thefederal-government/ 63https://www.investopedia.com/articles/economics/12/e mployability-labor-force-economy.asp 64 ibid.
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