How the MSP Region is Addressing the Growing Talent Crisis with Analysis of Real-time Labor Market Data

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 dataand 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.

Click HERE to read the full report.