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Helping to Communicate and Build Economic Impact Through Labor Market Data

Helping to Communicate and Build Economic Impact Through Labor Market Data.

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Helping to Communicate and Build Economic Impact Through Labor Market Data

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  1. Helping to Communicate and Build Economic Impact Through Labor Market Data

  2. “Six years into our global data collection effort, we may have already found the single most searing, clarifying, helpful, world-altering fact. What the whole world wants is a good job…this needs to be considered in every policy, every law and every social initiative.” – The Coming Jobs War, Jim Clifton, Chairman of Gallup

  3. “Never before has the link between a college education and postgraduate job prospects been more important.” – The Aspen Institute’s Guide for Using Labor Market Data to Improve Student Success

  4. Economic Contribution of

  5. Increase community awareness Recruit students Demonstrate accountability Raise taxpayer support Why do an Impact Study?

  6. Colleges and universities use up public resources Colleges and universities are just like any other business Colleges and universities only provide education Ongoing need to combat Common Myths

  7. Investment analysis Economic growth analysis Study consists of…

  8. Investment Analysis • Student perspective • Social perspective • Taxpayer perspective

  9. INVESTMENT ANALYSIS:Student Perspective • Benefits—present value of increased future income • Costs—tuition and fees, books and supplies, and opportunity cost of time

  10. INVESTMENT ANALYSIS:Student Perspective benefit/cost ratio

  11. INVESTMENT ANALYSIS:Student Perspective return on investment

  12. INVESTMENT ANALYSIS:Student Perspective

  13. Benefits—added tax revenue and avoided costs to government Costs—state and local government funding INVESTMENT ANALYSIS:Taxpayer Perspective

  14. INVESTMENT ANALYSIS:Taxpayer Perspective benefit/cost ratio

  15. INVESTMENT ANALYSIS:Taxpayer Perspective return on investment

  16. Economic Growth Analysis • College operations • Student spending • Student productivity

  17. Direct income of faculty and staff Associated multiplier effects Adjustment for alternative uses of funds ECONOMIC GROWTH:College Operations Effect

  18. ECONOMIC GROWTH:College Operations Effect net contribution to state income

  19. Spending by students from outside the state Associated multiplier effects ECONOMIC GROWTH:Student Spending Effect

  20. ECONOMIC GROWTH:Student Spending Effect net contribution to state income

  21. Higher income of former students who are still active in the state workforce Associated multiplier effects ECONOMIC GROWTH:Student Productivity Effect

  22. ECONOMIC GROWTH:Student Productivity Effect net contribution to state income

  23. College operations Student spending $620 million $8.4 million Student productivity effect (past students) $6.5 Billion

  24. So what does all this mean?

  25. Enrich the lives of students • Increase students’ lifetime income • Generate government revenue • Reduce the demand for social services • Contribute to the growth of the state and local economies

  26. Put more into the Treasury than they take out • Impact the economy beyond payroll • Services go further than the education they provide

  27. Legislators Stakeholders Tax Payers Businesses Students Who needs to know?

  28. Have board members email 15 people Press Release Stump Speech (5yr goal) Can your faculty recall your college’s impact? Have you met with your local legislature about this? Do key alumni know about your impact? Presentation on college website? How?

  29. “The Economic Impact Study showed that we have a 26 billion dollar impact on the state of Florida. The report is the single biggest factor in getting us in front of thought leaders in the state of Florida in the last 6 months since it’s release.” – Randy Hanna, Chancellor of the Florida College System

  30. EMSI Approach • Strategic Planning • Communication and Outreach • Review and Development

  31. See how college relates to outcomes

  32. Strategic Planning – Why EMSI data?

  33. Strategic Planning

  34. Analyst – Complete Labor Market Analysis for Strategic Planning • Subscription • Training and support • 200+ Colleges • Industry, Occ, Program analysis

  35. Montgomery College 2020 • Far more robust analysis • Targeted Demographics • County & Regional Occupational Projections • Programmatic trends and skills gaps • Accessible and updated data along with special reports Kevin Long - Senior Planning and Policy Analyst

  36. EMSI Approach • Strategic Planning • Communication and Outreach • Review and Development

  37. Communication and Outreach Q: How does your college communicate the connection between your programs and exciting local careers?

  38. “The implementation process and the results so far are equally transformational in helping our students, our community, our faculty, and our advisors fully understand viable career pathways that map to our credit and non-credit programs, and even to our transfer partners." – Karen Stout, President, Montgomery Community College Thanks! Mike Hall mhall@economicmodeling.com 208-892-5577

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