Is Talent Finance Right for Me?
From the Social Finance Institute
From the Social Finance Institute
Corporate Impact Solutions, Workforce & Economic Mobility, Talent Finance
Employers across the country are grappling with the challenge of filling critical job openings in industries like health care and transportation services. Explore our series of data visualizations to learn more about these in-demand occupations and whether your business could be a good candidate for Talent Finance.
Talent Finance is an emerging, employer-led approach to talent development that prepares workers for the jobs that employers need to fill. Talent Finance bridges the gap between employers, training partners, supportive service providers, and funders—enabling employers to collaborate on self-sustaining talent programs to finance, train, hire, and retain diverse talent. To better understand the Talent Finance landscape, we conducted an analysis on the current U.S. labor market:
Employers across the country are grappling with the challenge of filling critical entry-level job openings. If you are hiring for these types of positions and want to explore whether your business could use Talent Finance, we want to hear from you.
The research included on this page was made possible through funding by Walmart. The findings, conclusions and recommendations presented are those of the authors alone, and do not necessarily reflect the opinions of Walmart.
(1) (A) Per BLS Table A-4, 43% of unemployed Americans over the age of 25 have less than an Associate’s degree. This filter is applied to conservatively approximate the share of unemployed Americans that make up Talent-Finance-Ready Workers.
(B) Per Third Way’s findings, 70% of American jobs pay at least a living wage. C.) Per BLS, about 10% of open jobs require more education than a high school diploma but less than a Bachelor’s degree. These two filters are applied to conservatively approximate the share of open jobs that are Talent Finance Ready.
(2) (A) Inclusion in these 10 Talent Finance Fit Standard Occupation Classification (SOC) code occupations is determined by each occupation’s educational requirements (requiring more formal training than a high school degree but less than a Bachelor’s degree), median annual wage (above $40,000), and number of job postings in 2022.
(B) Number of online job postings per SOC occupation are from Lightcast Job Posting Analytics.
(3) (A) Occupations are mapped to industries as follows:
– Health Care: Registered nurses, LPNs and LVNs, Clinical Laboratory Technologists and Technicians, Physical Therapists, Surgical Technologists, Medical Records Specialists, Occupational Therapists, Radiologic Technologists and Technicians, Dental Assistants.
– Transportation Services: Heavy and Tractor-Trailer Truck Driver, Automotive Service Technicians and Mechanics, Bus and Truck Mechanics and Diesel Engine Specialists.
– [Not Pictured in Graphic] Other Industries: Computer User Support Specialists, HVAC Mechanics and Installers.
(B) Number of online job posts generated using Lightcast Job Posting Analytics.
With employers across the country facing critical talent shortages, companies are exploring new ways to upskill and reskill workers. This report illustrates how, with intentional design and an “investor” mentality, employers can deploy Talent Finance…
Talent Finance bridges the gap between employers, training partners, supportive service providers, and capital providers, enabling them to collaborate on self-sustaining talent programs that prepare workers for the specific jobs employers need filled.
We believe employers can and should engage more deeply in innovative solutions to today’s talent challenges. That’s why Social Finance is working to identify effective and underutilized opportunities for employers to finance, train, hire, and…