Building skills for the new economy

Abridged: DLC Organization

WASHINGTON, D.C. -- First, as skills become more integral to boosting productivity growth, many companies need workers with higher skills. Second, as the new labor market becomes less stable and more risky, workers need new tools with which to successfully navigate it. If the new economy is to restore to Americans some effective control over their economic lives, it must offer opportunities and resources for navigating this new labor market.

The new economy is more dynamic, faster, and entrepreneurial. With dynamism, however, comes risk. Up to a third of all jobs are in flux every year. As new companies spring up and established companies respond to change and competition, fewer workers can look forward to long careers with a single employer. This job "churning" means that, because companies can retain less of their investment in training, they invest less. This means that the old forms of security that workers enjoyed have dramatically declined.

Employees must now continually reinvent themselves throughout their working lives, even if they remain with the same employer. And the responsibility for getting the education and training an employee needs has shifted from the company to the individual. As a result, skills and adaptability have become the new job security.

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