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