192x Filetype PPTX File size 0.38 MB Source: www.economicmodeling.com
ABOUT EMSI • EMSI provides employment data and economic analysis via web tools and customized consulting projects and reports. • We’ve produced more than 1,000 comprehensive impact analyses for colleges and universities. • Analyst, our labor market research tool, is used by more than 3,500 professionals in higher education, workforce, economic development and the private sector. • Career Coach, our career guidance tool, has been implemented by many colleges, universities, and workforce boards to help jobseekers and students. WHAT IS A REGIONAL EDUCATION SUPPLY GAP ANALYSIS? Education supply gap analyses assess the current postsecondary education talent supply based on education program completion, which is then compared to the demand for occupations that align to postsecondary programs. WHY USE A REGIONAL EDUCATION SUPPLY GAP ANALYSIS? Supply gap analyses can be used by various stakeholders for different purposes. For example: 1. Community Colleges and Universities may conduct a gap analysis to determine if programs are aligned to community and industry needs 2. Workforce Boards may use gap analyses to evaluate regional talent development across multiple institutions and seek to better align workforce development programs 3. State Departments of Education and/or Labor may use gap analyses for long-term planning, assessment, and targeting of talent development to support specific initiatives INSIGHTS ON OVERSUPPLY AND UNDERSUPPLY Oversupply (aka Surplus): may lead to higher attrition rates (i.e., brain drain). The region is educating a workforce that is leaving after program completion because of a lack of job opportunities. Undersupply (aka Gap): may lead to missed opportunities for economic growth and put stress on local businesses to find the necessary talent elsewhere. POTENTIAL POLICY OPTIONS Oversupply: 1. Education institutions can scale back potentially costly programs, due to excess workforce supply; 2. Economic developers and business developers have the opportunity to court businesses employing the types of occupations found in the oversupply of program completers.
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