Talent Shortage in the Twin Cities
By the second quarter of 2019, the Minneapolis-Saint Paul Metro reached an estimated regional talent shortage of about 62,000 people. This talent shortage may grow to a total of just over 166,000 people as we approach 2025.
These Sector Analysis Reports – the regional overview document and its one-page profiles of IT, manufacturing, construction, healthcare, business and financial services, and government – provide an analytical methodology to know and react to demand, supply, and training program outcomes. In other words, these tools can help us more efficiently close the worker gap.
Analysis by Sector Q2 2019
In the last few years, a range of online analytical tools has enabled a clear view of our dynamic and constantly changing labor market. For the first time, this data is available to job counselors and planners not just as information for reflection, but as a real-time action tool to direct jobseekers to the best opportunities. This report outlines our approach to taking the first step in addressing this crisis: documenting the labor shortage and skills gap, identifying the impact that our programs and initiatives could have on closing those gaps, and building a strategy for a more systematic and employer-led long-term solution.
We believe workforce development must now be based on a real-time feedback loop. Without a clear line of sight into the current labor market realities, it is impossible to advise job-seekers effectively, meet employer talent needs, or plan effective educational systems. We have learned that in a program-rich, systems-poor environment, context in real data and short-term outcomes can help move out of the spin-cycle of planning and into systems change.
However, a strong report alone will not lead to systematic change, better programs, or improved outcomes without engaging the necessary leaders to take the next step. Even after reviewing the wealth of LMI, job postings, and educational data at our disposal, it is still essential to get out in the field and talk to employers, training program managers, K-12 educators, and postsecondary directors get their take on the accuracy and relevancy of the data and your conclusions from it. Only then can we identify solutions that ensure employers have the workers required to sustain and grow Minnesota’s economy.
Real Time Talent and MSPWin will continue to promote and expand demand-driven solutions that are grounded in the realities of talent supply limitations and opportunities. We hope that this implementation guide is an important step toward building the next generation of cross-sector, employer-led education and workforce collaboratives to address the workforce challenges of our time.