A Better Metric for the Value of a Worker Training Program

The United States has thousands of workforce development and training programs, run by the public, social, and private sectors. Some are excellent; others, not so much. The problem is that we don’t know which are which. That lack of knowledge is costly.

Read all: A Better Metric for the Value of a Worker Training Program

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The Economist: What employers can do to encourage their workers to retrain

David Deming of Harvard University has shown that the labour market is already rewarding people in occupations that require social skills. Since 1980 growth in employment and pay has been fastest in professions across the income scale that put a high premium on social skills (see chart).

Read all What employers can do to encourage their workers to retrain | The Economist

Roland Berger’s New realities in central banking: The rise of cryptocurrency

Minting a central bank digital currency: Roland Berger envisions the emerging digital future.

2017 is heralded as the dawn of digital currencies in the financial services industry. Amid all the hype, it is important to sift through and identify the key messages relevant in the world of finance.

In our previous THINK ACT edition, New realities in central banking: The organizational challenge , we examined the structural changes and transformation necessary for central banks to become high performance organizations.

Technology is just a means to an end: Banks need to follow five crucial steps.

In this edition, we reveal the impact of digital currencies on central banks, explain the underlying technologies, and make recommendations for central banks in the digital age.

In order for central banks to maintain relevancy into the future, they are tasked with evaluating the development of a central bank digital currency.

Central banks need to follow a clear five step roadmap – from the first vision to the national rollout.

Having currency represented in a digital manner is nothing new. In fact, this has been the case since the digitization of communications.

At present, in developed markets nearly all money is held and exchanged by digital means in the form of information and only a small percentage of all money in circulation exists in physical form.

While a central bank digital currency will not completely replace physical notes and coins any time soon, adoption rates are difficult to predict. There can be no doubt that these digital technologies are here to stay.

Read all in this paper

Source: New realities in central banking: The rise of cryptocurrency — Roland Berger

 

Closing the skills gap: Creating workforce-development programs that work for everyone | McKinsey & Company

The ‘‘skills gap’’ in the United States is serious. Here is how to do better.

“The land of opportunity”—that is the promise of the United States. And one of the reasons the country has been able to deliver on that promise is that it has been able to develop the talent it needs to create wealth and to adapt to ever-changing economic realities. But there are concerns that the United States can and should be doing better.

This will require policies and actions on many fronts, for example on trade, taxation, regulation, education, and fiscal and monetary policy. In this article, we focus on a single subject: preparing people without college degrees for jobs with promising career paths.

On the one hand, almost 40 percent of American employers say they cannot find people with the skills they need, even for entry-level jobs. Almost 60 percent complain of lack of preparation, even for entry-level jobs. On the other hand, this “skills gap” represents a massive pool of untapped talent, and it has dire consequences, including economic underperformance, social unrest, and individual despair.

The skills gap takes different forms.

In some cases, it is a matter of youth struggling to enter the workforce; in others, it is midcareer learners who have lost their jobs because of factory closings or layoffs, and who now must adapt. Whatever the circumstance, when people are disconnected from the workplace, they often disconnect from other social institutions as well.

This is not healthy—neither for those left out nor for the societies in which they live.

Recognizing the importance of this subject, McKinsey has done extensive research on global workforce-development programs and economic strategies.

We have also worked with a number of state, local, and national governments.So based on our research and experience, we have identified five principles that we believe should be the foundation of workforce-development programs—for funders, participants, and employers .

Read all: Closing the skills gap: Creating workforce-development programs that work for everyone | McKinsey & Company

 

How the Twittersphere Helped Donald Trump Win – YouTube

 

Did the Twittersphere help Donald Trump become the Republican nominee for president? A Wharton analysis of tweets sent before, during and after the 2016 Republican primary debates found an interesting correlation — as well as some sobering trends. Substantive tweets had less staying power than sensational tweets, which later shaped public opinion about the debates.

These and other findings are at the heart of the research paper “Make America Tweet Again: A Dynamic Analysis of Micro-blogging During the 2016 U.S. Republican Primary Debate.” The paper’s authors are Wharton marketing professors Ron Berman and Robert Meyer, Wharton doctoral candidate Colman Humphrey and Shiri Melumad, a doctoral candidate at Columbia University.

Berman and Humphrey spoke with Knowledge@Wharton recently about their research on the impact that micro-blogging sites have on voters’ opinions.

An edited transcript of the conversation follows.

Knowledge@Wharton: Can you tell me why you chose to analyze Twitter versus other types of communication?

Read all at http://knowledge.wharton.upenn.edu/article/sensational-tweets-and-the-rise-of-trump/