Much has been made about the skills gap that exist in the U.S. economy today. Employers argue that they cannot find qualified workers to fill open positions and sometimes ask for a higher level of education than the job requires in order to find the right candidate. New research from the Federal Reserve Banks of Philadelphia and Atlanta finds that the level of education requested to fill similar jobs across metro areas in the U.S. varies substantially. Employers’ preferences for a bachelor’s degree are higher where recent college graduates are relatively more numerous, where wages are higher, in larger metro areas, and in the Northeast. The report finds this to be true overall and for four middle-skills occupations that can provide less-educated workers with a toehold in the middle-class.
The status quo is counterproductive for both workers and employers. Are there solutions that connect talented workers with decent-paying jobs based on their demonstrated skills and competencies rather than on their degree?
Tune in to this free, one-hour Connecting Communities® webinar to hear from leading experts within the Federal Reserve and across the field as they engage in a dialogue about recent research and current initiatives to close the skills gap.
Register for this session at the Connecting Communities® website. Participation is free, but preregistration is required.
Session Date: Thursday, April 13, 2017
Session Times: Hawaii: 9:00 a.m.; Alaska: 11:00 a.m.; Pacific: 12:00 p.m.; Mountain: 1:00 p.m.; Central: 2:00 p.m.; Eastern: 3:00 p.m.
The Connecting Communities© webinar series is a Federal Reserve System initiative intended to provide a national audience with timely information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve community development outreach initiatives that are conducted through Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C. All past sessions are in the Connecting Communities archive. For more information about this series, send us an e-mail at email@example.com
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Over One-Third of Small Businesses Lost Employees in a Year, and Most See Employees Come and Go, New JPMorgan Chase Institute Data on the Volatility of Payroll Expenses RevealsNew Report Shares Insights from Analysis of 65 million US Small Business Transactions
Washington, D.C. – January 18, 2017 – The JPMorgan Chase Institute released its newest report today on the financial health of small businesses and employment challenges they continue to face. The first-of-its-kind report reveals new information about small business employment growth and the volatility small business owners experience when managing payroll expenses.
“The Ups and Downs of Small Business Employment” reports that most small businesses experience substantial volatility in payroll expenses. Moreover, more than two-thirds (68 percent) of small employer businesses either reduced their number of employees or added less than the equivalent of one full-time employee in a calendar year. The typical small business saw payroll expenses grow by 8.5 percent per year. These payroll expenses were significant for small employer businesses, with the typical owner paying $18,700 in payroll expenses a month, or 18 percent of all outflows for their business. Making their financial situation even more difficult to manage, small businesses with employees had only 18 cash buffer days, compared to 27 cash buffer days for small businesses overall.
“Payroll is a significant expense for employer small businesses and managing it has an impact on not only the health of their business, but also the people they employ,” said Diana Farrell, President and CEO, JPMorgan Chase Institute. “With increased focus on the positive impact small businesses can have on the economy, it’s critical to understand what these new insights mean for job creation and policies that aim to support both small businesses and their employees.”
The Institute analyzed 65 million anonymized transactions from 45,260 small business customer accounts over the nine non-holiday months from February 2015 to October 2015. This unique dataset provides a granular view of payroll growth and volatility and their impact on employment at the individual business level.
Key Findings: The Ups and Downs of Small Business Employment
Read more about the impact of payroll expenses on the financial stability of US small businesses here.
The JPMorgan Chase Institute is a global think tank dedicated to delivering data-rich analyses and expert insights for the public good. Its aim is to help decision makers – policymakers, businesses, and nonprofit leaders – appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use better facts, timely data and thoughtful analysis to make smarter decisions to advance global prosperity. Drawing on JPMorgan Chase & Co.’s unique proprietary data, expertise, and market access, the Institute develops analyses and insights on the inner workings of the global economy, frames critical problems, and convenes stakeholders and leading thinkers. For more information visit: jpmorganchaseinstitute.com.
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Brent J. Semachko | Executive Director | Corporate Responsibility
Office of Nonprofit Engagement | JPMorgan Chase & Co.
450 S. Orange Ave., Orlando, FL 32801 |239.565.2997 direct | 866.390.9208 Fax
This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email
Florida C.A.N.! Webinar Invite
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The second webinar in our series on Connecting Education and Jobs in Florida features Adrienne Johnston, Bureau Chief of Labor Market Statistics with the Florida Department of Economic Opportunity and Dr. Jerry Parrish, Chief Economist and Director of Research with the Florida Chamber of Commerce Foundation for a discussion on Florida workforce trends and demands.
In last month’s webinar, Dr. Jeff Strohl from Georgetown University's Center on Education and the Workforce discussed the many types of postsecondary credentials that institutions offer, why some are worth more than others on the labor market, and why demand for higher levels of training will increase over the next decade.
On the November 8th webinar, Ms. Johnston will highlight some of the fastest growing jobs in Florida and new research on the skills gap in our state. In addition, Dr. Parrish will discuss recent research on strengthening Florida's talent supply and education system, as well as the Florida Scorecard, the Chamber’s online tool that identifies and tracks key metrics that are important to Florida’s economy today and into the future.
Connecting Education and Jobs in Florida is a series of webinars to help education and community stakeholders learn about future workforce trends, the supply and demand of different postsecondary credentials and resources that can help students connect to high-skilled, high-paying jobs. To view previous webinars, click here to visit the webinar archive.
Webinar: Florida Workforce Trends and Demands
Date and Time: Wednesday, November 8th from 2:00 pm - 3:00 pm
Registration link: https://attendee.gotowebinar.com/register/1036539676672006658
This webinar is made possible thanks to generous support of the Helios Education Foundation.
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