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Research
JPMorganChase shares insights from regional workforce development efforts from across the United States
July 23, 2024
Inclusive talent pipelines aligned to business needs have the potential to enhance regional economic vitality and expand pathways for worker mobility. Creating these pipelines requires cross-sector solutions. Roughly six in ten workers will require skills training before 2027, but only half of those workers currently have access to adequate training opportunities.1 As emerging technological changes like AI continue to impact labor market outcomes, this will be even more critical. Employers have a vital role to play in these efforts by providing insight into growing sectors and occupations, in-demand skills, and other workplace trends.
Regional talent partnerships with engaged business leaders are often most effective at bringing together stakeholders from across the education, training, social and business sectors to create inclusive regional talent development strategies.2 While these partnerships can take many different forms, they all engage local organizations to establish a collective vision, agree on shared goals, and create a roadmap to advance their priorities.3 Through planning and collaboration, these partnerships can tackle challenges stemming from an evolving workforce landscape (e.g., advancements in technology including the rapid growth of AI, shifts in worker demographics and occupational skill needs) and promote strategies that increase access to career pathways that offer a living wage. By centering the needs of both workers and employers, these partnerships can help to advance the equitable growth of the U.S. economy.
When effective, these partnerships are a powerful driver of inclusive growth that expands opportunity to low- and moderate-income communities while also improving regional vitality.4 While the organizations that lead regional partnerships differ in needs, structure, size and focus, we have identified 10 critical elements for success based on our experiences supporting and engaging these collaboratives in over 6 cities. To learn more about JPMorganChase’s efforts to strengthen and expand inclusive regional talent pipelines, read the full brief.
The Future of Jobs Report 2023. (n.d.). World Economic Forum. https://www.weforum.org/publications/the-future-of-jobs-report-2023/digest/
Employer-Led Approach to Workforce Development Promises to Better Align Texas Workers with In-Demand Jobs. (n.d.). https://www.dallasfed.org/cd/pubs/2020/tpm
Jobs for the Future. (2020). Building Equitable Pathways: A guide for intermediary organizations. In Building Equitable Pathways. https://www.jff.org/wp-content/uploads/2023/09/Intermediary_Functions_Features_Pathways_Systems.pdf
Federal Reserve Bank of Dallas, Center for Public Policy Priorities, Kaplan, R. S., Beeson, A., Blum, E. S., & Groves, G. C. (2016). Regional Talent Pipelines: Collaborating with Industry to Build Opportunities in Texas (C. Dirks, Ed.). https://www.dallasfed.org/-/media/Documents/cd/pubs/pipelines.pdf
