John Williams, Speech: Bridging the Skills Gap

No economic information was covered.

“There have been a number of initiatives—and quite a bit of research—regarding workforce development throughout the Federal Reserve System. This includes a three-volume book called Investing in America’s Workforce,3 which highlights the ways investments can overcome systemic barriers to employment. While there is no one-size-fits-all approach, there are many promising efforts to learn from.”

“The role of community colleges cannot be overstated. A report released shortly after I came to the New York Fed showed that the typical New York State community college engages with more than 100 local employers, spanning every industry sector.”

“More recently, the New York Fed hosted an event that explored ways to advance economic prosperity in rural areas.5 Many great insights were shared, including a framework for workforce development programs that contained four principles:

1. fashioning a strategy around a community’s assets;
2. designing programs that are adaptable;
3. including traditionally marginalized groups in decision-making; and
4. bringing together community, business, and government leaders—like you are doing today.”

Conclusion

“Developing career-building programs that meet the needs of local employers and are accessible to job seekers is critical to bridging the skills gap. Collaboration is a key component of any successful program. By joining together, we can advance the economic resilience of rural areas like Columbia and Greene Counties—and strengthen our Jenga tower.”