Emerging Economies
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The document discusses challenges facing the US workforce and economy, including a lack of skilled workers, low graduation rates, and the rise of China and globalization. It notes that 90% of new jobs will require post-secondary education but only half of college students graduate. China is becoming a major economic force, with over half its population under 25, and will surpass the US as the largest consumer market by 2020. The US workforce is divided into those with skills, those who need retraining, and poorly educated "techno-peasants". The job market now demands higher skills, threatening those with only a high school degree or less.
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Emerging Economies
- 1. Emerging Economies Where do we stand - and a Need for Change
- 2. Look at the Headlines for Trends 90% of the fastest growing jobs will require post-secondary education Business is spending billions per year to train new employees and remediate skill gaps We have an aging workforce – 77 million baby boomers are retiring in the next 10 to 20 years. The Lack of US trained scientists and engineers is a direct threat to US innovation leadership.
- 3. Consider 20 teenagers entering the 9 th grade today 6 will NOT graduate high school 6 or 30% will enter the workforce directly from high school 8 will go to college ½ of the 8 will drop out of college 4 will graduate from college 2 of those will be in high skilled occupations The other 2 will be underemployed.
- 5. The United States is still among the top nations in the proportion of older adults holding a college degree Adults 35-64
- 6. … but it drops to 7th in the educational attainment of young adults. Adults 25-34
- 7. The U.S. remains among the leaders in college participation % of 18-24 enrolled in college
- 8. but it ranks in the bottom half in college completion. % of students with degrees/ Certificates or completion of college
- 9. Today’s students have been raised in a TECHNOLOGY based world
- 11. China is Stabilizing the US & World Economy China is the Largest buyers of US Treasury bills China owns $1 TRILLION US bonds China will increase by 25% per year for next 20 years More than ½ of the population of China is under the age of 25.
- 12. CHINA by numbers As of 2005, China had 160 cities of 1 million or more people. The USA had 9 and all of Europe had only 36. Estimates of numbers ranging from 90 to 300 million Chinese have migrated into coastal cities in China. In China, $1.00 buys approximately what $4.70 buys in Indianapolis, Indiana. China is coming up on a 30 year run in which its economy has doubled nearly 3 times over. In 2005, China manufactured nearly 40% of all of the furniture sold in the US. In 2003, China bought 7% of the world’s oil, 25% of the world’s aluminum and steel, 33% of world’s iron ore and coal, and 40% of the world’s cement
- 13. You earn in one hour what the average Chinese earns in 1 year 100 new Megacities (cities with 10 million plus people) will be built in China by 2015 By 2020, China will be the largest consumer market, more than the US and Europe combined. China is locking up billions of oil future contracts in anticipation of future demand.
- 14. China has: 220 Million surplus workers More people that speak English as a second language than the US has people More people using the internet than there are people in the US 5 million new people monthly signing up for mobile phone services
- 15. The job market is changing, and the required skills to compete in that job market are changing.
- 16. It was completely the opposite in 1950 – with 65% of the jobs being for unskilled, and skilled being about %15.
- 17. In 1950, about 50% of the jobs were for unskilled labor and only about 30% for skilled labor. But in 2014, it is projected that unskilled labor will only account about 5% of the jobs and skilled labor nearly 75% of jobs
- 18. Because we are becoming a World Economy Our children may become the first US born citizens to seek job opportunities abroad; And they will be competing with highly skilled people at lower pay. Today’s workforce in the US has been described as falling into 3 categories: ~25% well educated with special skills ~25% “Walking Dead”, need to acquire new skills to be employable. ~50% “Techno-Peasants” poorly educated with few career skills.
- 19. Who is at RISK? Anyone with low skill levels, training, and education. People performing routine jobs requiring low to medium skill levels. High school graduates with no further certification and training Of course, high school drop-outs.
- 20. Thus... Entered the Career Pathways Model