What is workforce development? What is the WIB’s role in the workforce system?
The practicioner approach to workforce development is the continual pursuit for the right balance that aligns workforce demand with workforce supply. This Human Capital portfolio puts a high value on the local labor market as a key asset for economic development.
The diagram below is an excellent example that illustrates in detail the various supply and demand pressures (both internal and external) affecting the healthcare sector’s ability to recruit Registered Nurses. The opportunity space in the middle of this matrix opens the door for workforce development solutions to balance supply-demand pressures and close gaps in quality and availability as needed.
Advances in technology over the past decade have altered the priority rankings of various assets in economic development for regions across the nation. For example, broadband internet access and other resources allow businesses more options on physical locations. Tightening of labor markets now cause business decision-makers and site selection consultants to rank workforce quality and availability typically among the top three factors in new business investments. In many instances, workforce now tops the list.
The WIB is often referred to as a workforce intermediary with the role of connecting and convening human capital resources such as business sector leadership, education resources, and economic development. As a young organization that’s off to a good start with its forward-thinking strategies and targeted resources, the WIB enjoys the freedom to innovative and fill gaps with workforce and regional transformation initiatives never before attempted in the four-states area. Business and community leaders that have engaged in the WIB find the organization overall to be well-positioned and headed in the right direction to make an impact on the regional economy.