Workforce Development Issues in the U.S. Virgin Islands
2019 Written by: Mark D. Wenner Office of Management & Budget Division of Economic Research Presentation November 8, 2019, 10 am, UVI ACC Workforce Development Issues in the U.S. Virgin Islands 1 Overview | USVI Workforce Development Issues Overview Well-functioning labor market and workforce development policies contribute to increased productivity, competitiveness, profitability, and higher wages in an economy. Improvement of skills to increase employment, retention, and productivity among job seekers and to help employers to reduce the number of mismatches between job requirements and skills/aptitudes of job applicants. When there are good matches between what employers want and what employees have to offer, all parties benefit, and the economy grows faster. When there are mismatches, employers slow hiring contributing to higher unemployment rates, lower incomes, lower productivity, less innovation, and less growth. Also, employers may be forced to demand more of existing workers leading to more stress and less job satisfaction for those workers. …
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