Loretta Mester, Speech: Successful Workforce Development Programs, Four Lessons from Four Decades of Federal Reserve Research and Outreach

“In summary, the Federal Reserve has been supporting workforce development efforts for more than four decades by providing research and data, doing outreach to all the stakeholders with an interest in workforce development, and convening these stakeholders so that they can share their perspectives on what is needed to ensure a highly skilled workforce. Through our efforts, we have learned that collaboration, commitment, communication, recognition that place matters, and objective evaluation are all important ingredients in designing and maintaining effective workplace development initiatives that help individuals and communities prosper economically.”

“In today’s rapidly changing world, the nature of available jobs and the skill sets needed to perform those jobs are also changing. That is why many people talk about the need for life-long learning. That applies not only to individuals but also to institutions. In that vein, the Cleveland Fed is committed to expanding its knowledge and working with all stakeholders to help support efforts to develop a highly skilled workforce, an essential ingredient in maintaining a strong economy in which everyone can benefit.”