The new economy competes on talent, yet the talent financing and development systems we rely on were built for a different era and economy. In this dynamic economy, skills and job opportunities are constantly evolving. Amidst this change there are growing risks for employers, workers, and government in achieving a return on investment in skill development and managing short and long-term risks associated with employment and income.
The U.S. Chamber of Commerce Foundation and its partners are exploring a new public-private approach to talent finance that is built to address the challenges and requirements of the new economy. Our mission is to promote innovations in public-private talent finance that improves global competitiveness and expands economic opportunity and inclusion in the new economy. Public and private sector financing innovations combined with access to better data and more robust employer leadership set the stage for restructuring how we finance and manage the risks in talent development for all relevant stakeholders.
We need a talent finance approach for our time not one built for past economies and labor markets.
Talent Finance refers to the development and use of public and private instruments for aligning investments in talent development and in managing related down-side employment and income risks.
Talent Finance: A New Consensus and Return-to-Investment
The Talent Finance framework is outlined in a landmark white paper, which includes recommendations for how to design and implement real-world solutions to the current workforce challenges.
Public and Private 6. Transparent and Accountable
Shared Value and Risk 7. Empower Workers
Expands Choice 8. Accessible
Affordable and Fair 9. Equity-Based
Data-Driven and Outcomes-Based