Guest blog post by Chauncy Lennon, Senior Program Director, Workforce Initiatives JP Morgan Chase Foundation and Member of the Commerce Department's National Advisory Council on Innovation and Entrepreneurship (NACIE)
Last Friday was the kickoff meeting for NACIE 2.0 – the Department of Commerce’s National Advisory Committee on Innovation and Entrepreneurship. I was proud to join my fellow committee members to address global competiveness. Without question, the meeting started in what can only be described as a sprint out of the blocks. We began the morning with Secretary Pritzker asking us what transformational investments and policies the Federal Government facilitate to help communities, businesses, and workers be globally competitive. By the end of the day we were presenting a list of ideas with the potential to answer this charge. Additional comments from Julie Kirk, Director of the Office of Innovation and Entrepreneurship, and Tom Kalil, Deputy Director of Policy for the White House Office of Science and Technology Policy, helped frame the opportunities ahead.
A new and welcomed feature of NACIE 2.0 is three subcommittees focusing on innovation, entrepreneurship, and workforce development. I’m looking forward to serving on the workforce subcommittee. At JPMorgan Chase, we’ve just completed the first year of New Skills at Work, a five-year, $250 million global initiative supporting the development of data-driven workforce training and education solutions to help address the mismatch between the needs of employers and the skills of current job seekers. As the subcommittee got to work on honing its list of priorities, labor market information and data quickly rose to the top. Advancing the US workforce, helping industries compete, and fostering innovation all require better data and systems to process and share it with employers, educators and workforce trainers.
The limitations government, business and educators face in understanding education pipelines, career pathways, and the different types of credentials workers currently create significant economic growth challenges. Without data, employers don’t know if the workforce in their region can meet their skill needs. The same goes for job seekers. If education attainment is not linked to the needs of businesses, high schools, colleges and training providers struggle to know exactly what credentials and degrees students might need to find jobs in different sectors and industries.
As a result, both employers and job seekers suffer because of insufficient data. Job seekers have a hard time knowing about current and future employment opportunities while employers lack access to the quality data informing them about the results of training and education programs.
Building stronger data systems will take time. But it is the perfect example of an idea that answers Secretary Pritzker’s charge to NACIE: With the right information, we can transform our economy to benefit everyone.