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Talent Finance: Exploring the Future of Workforce Partnerships

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Abstract

In 2020, our economy competes on talent. The labor market is dynamic, with in-demand skills constantly changing. A dynamic economy can create opportunities for workers, but it also creates risk. Investing in talent development—or talent finance—is imperative for companies and workers to succeed, but with the evolving nature of our global economy, our old systems of talent finance do not always work. Talent finance refers to the development and use of public and private instruments for investing in talent development and in managing related downside employment and income risks. As early as the 1950s, large employers provided in-house professional and technical training. During this era of talent development, employees and employers had direct communication about in-demand skills, but smaller employers were not able to compete with large ones, mostly due to a lack of resources. Large corporations mainly financed these programs, removing the risk from governments or education systems.

Suggested Citation

  • Stuart Andreason & Sarah Miller & Katherine Townsend, 2020. "Talent Finance: Exploring the Future of Workforce Partnerships," Workforce Currents 2020-12, Federal Reserve Bank of Atlanta.
    • Handle: RePEc:fip:a00034:99359
    DOI: 10.29338/wc2020-12
    Note: This is an invitation to join a conference put on by the Center for Workforce and Economic Opportunity in September and October of 2020, and outlines the purpose and goal of the conference.
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    File URL: https://www.atlantafed.org/-/media/documents/cweo/workforce-currents/2020/09/21/talent-finance-exploring-the-future-of-workforce-partnerships.pdf
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