Friday, May 5, 2023

Michigan Might Gain 56K Jobs: Human Capital Improvements Needed

Michigan is seeking to be competitive in the auto market and retain/gain EV manufacturing. I think this is a wise approach considering we lost some of that manufacturing power to other countries. While these were short sighted opportunities of the times they led to our current struggles. I think we have an opportunity to capitalize on the emergence of our nation into the Digital Era (Sorry....silly idea.) 

In a best case EV scenario MI. could add 56,000 additional direct, indirect, and induced jobs. In a low competitiveness case MI. would lose 47,000 fewer direct, indirect, and induced jobs in 2030. The report provides an in depth analysis of the potential EV Market. A Road Map for Michigan's Electric Vehicle Future.

You will want to look at the illustration on page 9. When you add jobs you also add taxes and consumer spending. The more a locality can attract, retain and use wisely those resources, the more likely they will maximize opportunities as they unfold. This is why success is a habit through using time, resources and energy wisely to achieve goals.

Here is a fairly strong discussion on a few other things that can happen. Michigan could gain 56,000 electric vehicle jobs – but it’ll need workers.

What I'm going to say is that we should be attracting high technology talent as well as grooming new talent within the state and the nation at large. We also found a similar report by the World Economic Forum that 25% of jobs will change in the near future. That is a significant shift. Expect the possibility of a level of market labor disruptions and transitional issues.

The human capital issue keeps raising its head but we are not really grasping why encouraging the development of our people, applying our laws fairly, and ensuring we are maximizing our human potential is central to our national health and future growth prospects. Talent pool is not only a draw for investment but is what improves the transactions that lead to improved corporate performance. The same principles that apply to growing companies do in part impact the performance of states. 

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