The policy brief referenced in this blog post is available to read here on the Brookings Institute website.
What We Are Reading: Brookings Brainstorms How to Motivate Skill Development Investment
When it comes to skill development of employees, it’s essential that there are a variety of options, from degrees and certifications from local community colleges and other higher education institutions to in-house training run by the employer themselves. A policy team at the Brookings Institute’s Global Economy and Development program put together a short policy brief titled a “Proposal to Accelerate Social Mobility.”
How to incite private investment in talent development
In surveying several other developed nations, looking at both levels of investment and levels of unemployment and productivity, the team of Colin Bradford and Roger Burkhardt propose tax cuts that are made available to employers when they invest in developing their workforce. Rather than a direct cut on taxes for corporate profits, this would be an incentive made available to lower the current 35 percent rate so long as those funds are used in areas like vocational training or skill development.
What can employers do?
Talent 2025 has been partnering with our West Michigan community colleges, Michigan Works! organizations, employers, and other training institutions to work in specific areas of skill development within several industry sectors. This includes work in health care, information technology, manufacturing, energy, construction, and agriculture. Please reach out if you are interested in getting involved in any of these sectors, and check out the Global Economy and Development page for more work from the program’s team.
