Entries in business education (2)

Wednesday
Nov262014

Educating in dollars and sense

Over the past few months, both the Ontario Chamber of Commerce (OCC) and the Canadian Chamber of Commerce (CCC) have issued reports on education of workers.  In both cases, the Peterborough Chamber of Commerce has featured the reports on this page and in the Chamber blog.  The OCC report deals with workplace training and the CCC report discusses how we can address the gap in the skilled trades.  

As we talk student success and creating a work-ready workforce, we can’t allow financial literacy to melt away like a mid-November snow.  In fact, many of the arguments being applied to training and skilled trades can also be applied to the argument for increased financial literacy. 

The Chamber Network through the OCC policy process has been lobbying for financial literacy to be a permanent fixture in the high school curriculum making it a requirement of graduation.  

The policy resolution approved by the Chamber Network had the following recommendations:  

  1. Create a mandatory grade eleven “Introduction to Business and Commerce Course” from existing business curriculum and designate it as a compulsory credit to obtain the Ontario Secondary School Diploma. 
  2. Dedicate a specific section of the course to financial literacy. This would include, but not be limited to personal and family budgeting, the value of credit, mortgages, insurance, debt management, and the accountability to pay. 

The OCC resolution has a very targeted approach and in the end is looking for a targeted result.  By highlighting various aspects and having such learning be a graduation requirement, the schools would be emphasizing the importance of financial literacy, just as they have done with the volunteer-hours
component.   

“Across the country, there is a growing understanding that closing the skills gap means better aligning our education and training systems to our labour market needs,” writes Perrin Beatty, President & CEO, CCC in his message at the beginning of the report: “A Battle We Can’t Afford to Lose: Getting Young Canadians from Education to Employment”.  

Could this not apply to financial education as well?  By pushing for increased focus on financial literacy we will be creating generations that leave secondary schools with a greater understanding of the basics when it comes to their own finances.   It gives power and a leg up to those who want to be entrepreneurs.  

In fact, with the recent Entrepreneurship Week events, the push for people to explore or take on entrepreneurship is being strongly encouraged in all corners of our economy.  Julia Deans is the CEO of Futurpreneur, a group that provides mentoring, financing and support to young Canadians.  In an opinion piece in the Medicine Hat News on Monday, November 17, 2014 she says, “the climate is ripe for young entrepreneurs” and that support in the form of early and ongoing education is vital to young Canadians looking to bring their ideas to market. 

By instituting the requirement that students learn about money management in high school we would be making a statement that this type of knowledge is a key to success.  A basic knowledge of financial literacy not only helps future business leaders, but it helps the economy.  

In teaching students the true value of credit, debt management and budgeting skills, the potential is there to create a more secure economic base. Student debt-load is growing, but perhaps if they understood what they were getting into, there would be more opportunity to better manage their money to begin with.  

The 2008 recession turned how we think about work and our livelihoods on its head.  It’s a different world and a different set of skills are required to excel within it.  We are asking employers to become more involved in training to “address Ontario’s workforce needs” (The Future of Training in Ontario, OCC report) and at a federal level are also asking for a more focused approach in post-secondary.  

The problems of underemployment and skills gaps have been identified by the business community.  The provincial and federal governments appear committed to putting the legislative tools in place to the see improvements in workplace preparation for our younger generations.  The Chamber network sees financial literacy as one of those tools and asks that those legislative tools include a required financial curriculum.  

Comment through the "Peterborough Chamber" group of LinkedIn.

Thursday
Oct232014

Building bridges between business and post-secondary education

The report from the Canadian Chamber “A Battle We Can’t Afford to Lose: Getting Young Canadians from Education to Employment” comes at a time when not only is Canada as a whole struggling with a skills shortage, but so are its individual provinces and municipalities. The issues of skills, young workers and preparing for a large cohort of retirees have been a very large part of discussions around the future of Peterborough. 

The Chamber’s involvement: 

 

  • In May of 2012, the Greater Peterborough Chamber of Commerce, in conjunction with the Ontario Chamber of Commerce (OCC) hosted an Ontario Economic Leadership Series roundtable. One of several recommendations was continuing to build bridges between Fleming College, Trent University and the business community. 
  • In November of 2013, the Young Professionals Group hosted a policy forum discussion around youth unemployment and under-employment. Result: Call for a more cohesive strategy on jobs in Peterborough. 
  • At the recent Chamber, DBIA and Women’s Business Network Mayoral Debate candidates spoke of a desire to integrate students of Trent and Fleming into the downtown and by extension the business community. 
  • There is talk of an Entrepreneurship Centre at Trent through the Trent Business Council. 
  • The Chamber currently offers student memberships to Trent University and Fleming College. These are distributed by the educational institutions to help aspiring business students to start building career contacts prior to graduation. 
  • The Chamber is planning to hold a Business Summit in 2015, with the Young Professionals Group spearheading the event. 

 

The Canadian Chamber of Commerce report begins with the following letter from President and CEO Perrin Beatty. 

As Canada comes to terms with its skills challenges and the numbers of unemployed and under-employed workers, employers, educators and governments are facing great uncertainty about whether we will have enough graduates in high-demand fields or with the skills most sought after. 

If Canada is to successfully tackle its skills gap and ensure its economic growth, we have to give special attention to the largest cohort of labour force entrants each year: young people. 

The skills issue facing youth is the focus of great concern. Canada’s results in international education surveys have been mixed. Our highly-educated youth may still be falling short of the skills needed for our economy to succeed. Without action, this shortage is likely to increase in future as labour market needs continue to evolve. 

Youth unemployment rates have also remained high in the post-recession period, prompting the House of Commons Standing Committee on Finance to study youth employment and table a report in June 2014. Across the country, there is a growing understanding that closing the skills gap means better aligning our education and training systems to our labour market needs. It is a concern that led the federal Minister of Employment and Social Development, Jason Kenney, to organize a mission to Germany, Europe’s strongest labour market where the “dual training” system enables post-secondary students to segue seamlessly into employment via apprenticeships across 350 occupations. 

At a national skills summit in June 2014, a strong consensus emerged on the need for better labour market information to help youth connect to available jobs and for more responsiveness in the educational system to labour market needs. Three weeks after that summit, provincial-territorial education and labour market ministers jointly hosted a skills symposium with stakeholders to similarly probe improving education-employment linkages. 

“We have to do a better job in preparing young people for the labour market,” is a common refrain among key players on this topic. For Canadian youth, it is essential the education or training they get is relevant to the job market they will enter. First, they need to know where the jobs will be. Second, they need to know what those jobs will be so they can plan their education and training accordingly. Third, they need education that is not just job training but equips them to be adaptable. 

Employers do not always provide clear and strong signals to youth. That needs to change, and this report explores how to improve it. At every step of this discussion on youth, the Canadian Chamber of Commerce has been engaged with government and stakeholders. With our members in both the employer and educator communities, the Canadian Chamber brings a demand-meets-supply perspective to the need for better labour market information and improving connections between business and post-secondary education. 

With this report, we investigate the state of key factors affecting youth’s successful transition to employment in Canada: 

  1. Labour market information 
  2. Career decision-making 
  3. Work-integrated learning 

Let us do our best to help young people make more informed decisions on their future education and the skills they need. Let us give them the best opportunities to find employment in Canada's dynamic economy. 

The report makes 14 recommendations around the broader topics over improved labour market information (LMI) and work-integrated learning and skills development. 

Full Report

Comment through the "Peterborough Chamber" group of LinkedIn.