Financial Services

Innovative Workforce Solutions to Help the Financial Services Industry Address Hiring, Training, and Retention Challenges

Financial Services

In July 2006, U.S. Secretary of Labor Elaine L. Chao announced five investments totaling nearly $6 million to address the workforce needs of the financial services industry. The U.S. Department of Labor's Employment and Training Administration (ETA) has sought to understand and implement industry-identified strategies to confront critical workforce challenges. Through multiple forums, ETA has listened to employers and industry associations in the financial services industry regarding their efforts to identify challenges and implement effective workforce strategies.

The challenges faced are far too complex for one institution or industry sector to solve alone. Investments in the High Growth Job Training Initiative for the financial services industry support comprehensive partnerships among employers, the public workforce system, educators, not-for-profits, and other entities that have developed innovative approaches to meet workforce needs while effectively helping workers find good jobs with good wages and promising career pathways. Solutions are based on the financial services industry's workforce priorities that address the following issues:

Developing comprehensive, competency-based training programs for entry-level workers to advance along defined career paths;
Testing new models and expanding the worker pipeline through targeted recruitment from untapped labor pools, including at-risk youth and individuals with disabilities;
Promoting career awareness and exposing youth to careers in financial services; and
Defining a progressive course continuum to enhance skills from entry through advanced levels to meet the changing needs of industry.

These financial services industry grants are intended to provide genuine solutions, leadership, and models for partnerships that can be replicated in different parts of the country.