Talent Finance Speaker Series: Raphael Bostic
In the final installment of the Talent Finance video series, Cheryl Oldham, senior vice president, U.S Chamber of Commerce Foundation, sat down with Raphael Bostic, president and chief executive officer, Federal Reserve Bank of Atlanta, to discuss engaging the public sector and the Federal Reserve Bank of Atlanta’s mandate to increase and improve economic mobility and resistance. Bostic talks about the bank’s role as a dynamic leader in the education and workforce space, stating that “the [Federal Reserve Bank of Atlanta] has a mandate, and that mandate is to get maximum employment. If we are going to get maximum employment, we need to make sure that every worker out there has all the tools and opportunities to be fully contributing to our economy.”
In order to prepare our students and workforce for the demands of today’s economy, it is critical for training institutions to develop training programs to fill any gaps. Bostic speaks to the Federal Reserve Bank of Atlanta’s work in the initiative, stating that “the bank will often partner and work with institutions, non-profits, and the private sector to deliver those training programs.” Collaborations the bank has embarked on have included The Greater Promise Partnership and The Atlanta Committee for Progress, with acknowledgement from Bostic that “without the voice of the private sector, it will be much more difficult to do those things.”
We cannot continue preparing our students and current workforce for employment in a 21st century economy with a 20th century perspective on talent development. That is why the Talent Finance Initiative, led by the Chamber Foundation and its partners, is leading a movement to connect the private and public sectors to work towards increasing investment in people. Alongside the Foundation, the Federal Reserve Bank of Atlanta, Greater Houston Partnership, WorkingNation, Education Finance Council, National Association of Workforce Boards, and Society for Human Resource Management, are exploring a new approach for employers and the financial services community to collaborate and identify new private sector tools for financing talent, developing new strategies for managing risk in the labor market, and managing how to pay for workers to get and constantly refine the skills they need.
Watch the interview: