In his book America Needs Talent, Jamie Merisotis defines talent as a skill which is the ability to use knowledge to learn more or to solve problems. It is not born or bought, but is made. Jim Compton noted in his book The Coming Jobs War that intellectual talent was the one renewable resource that when increased in a country could build an empire, but when it is not fostered it could topple governments and societies. Developing domestic talent and acquiring global talent will be the key to the prosperity of our society.
A recent study by the Georgetown Center on Education and the Workforce found that there will be 55 million jobs created in the next decade. Over 70 percent (40 million) of these jobs will require a college level certificate or degree. The challenge is that less than 40 percent of Americans have earned at least an associate’s degree while another 5 percent have earned some type of professional certificate. Intellectual talent attracts business and America is in short supply of this valuable resource.
Currently our education system is largely based on seat time.States define the number of hours each student must be in school each year from kindergarten through high school graduation. In college, you must earn a specific number of credits to achieve an associate degree and masters degree. Yes, you must pass course requirements but often these requirements center around the regurgitation of knowledge, not the demonstration of the application of this knowledge. Merisotis suggests creating a competency-based education system, designed for students to be awarded mastery of application of defined skills. Institutions would need to define the expected learning outcomes and the criteria that must be demonstrated by each student to show mastery of these skills.
The value of global talent to America can be found in the success of immigrants such as Jan Vilcek who came to the U.S. in the 1960’s from Czechoslovakia. After becoming a professor at New York University his research led to the development of the drug Remicade which helps treat patients suffering from Crohn’s disease, rheumatoid arthritis, and other inflammatory diseases. He also uses a portion of his wealth to support other scientists migrating to the U.S.
Australia has developed an immigration system that matches the needs of industry with the talents of immigrants. This talent-based system gives preference to those that possess the unique skills the needed by their society. Though Australia has a population of only 23 million people, fewer than the population of Texas, immigrants have added $3.4 billion to their government budgets from taxes they pay. The U.S. has experienced similar prosperity from American companies founded by immigrants which include: Google, AT&T, Ebay, Kohl’s, Big Lot’s, Pfizer, and Kraft.
Since 1983 the demand for college educated workers has grown 3 percent annually, while the supply of these graduates increased at a 2 percent rate. Companies are looking for a workforce with a depth of specific content knowledge, critical thinking skills, creativity, and ability to embrace change. It is estimated that our economy is losing in excess of $500 billion a year in Gross Domestic Product due to this lack of talent. Our investment in the development and acquisition of talent domestically and globally offers a proven opportunity to improve the lives of us all.