What are hard skills in the Career Matchmaker?
The Hard Skill Sets were identified to provide a better insight into which trainable, technical skills are being utilized across industries in Michigan. These skill sets represent sets of competencies that are trainable via degree programs, certificate programs, or on-the-job training.
The skill sets were determined by collecting a listing of every occupation in Michigan residing in the EMSI database under the Industry NAICs codes identified under Industry Sector Identification. Each of those occupations were then matched to the Georgia Career Information Center’s Occupational Supply and Demand System’s Units of Analysis. Of the 763 occupations that were identified, only 75 did not match to one of the OSDS Units of Analysis. Those occupations with less than 10 positions statewide in an industry were omitted from the occupations reported here.
A workgroup from WDA and MEDC Talent Enhancement then synthesized the list of Units of Analysis to more accurately reflect the hard skill sets utilized by each of the occupations.
How does the Career Matchmaker define industries?
Industry Sectors were identified to more accurately reflect employer and workforce development professional perceptions of industries in the state. An initial industry list was developed by the steering committee based on general awareness of industries in the state and familiarity with data-driven classifications and definitions.
The Industry workgroup comprised of members from MEDC Talent Enhancement, Workforce Development Agency, SOM Labor Market Information, and MEDC Corporate Research selected the initial industry list and determined which NAICs codes fit into each industry. These Industry Sectors were vetted by employer and workforce development professionals during the Employer Feedback gathering process.
For a roadmap of NAICs and Industry sector associations and definitions of Industry Sectors, please visit: https://sites.google.com/site/industrytalentmapcommittee/industry--naics-associations
The data provided under these headings is anecdotal and is not intended to reflect the state whole population of the workforce in Michigan. Please take this into account when using this data, as it provides an insight on skill gaps and employer needs.
Where does the Career Matchmaker occupational data come from?
Occupational data was extracted from reports run through EMSI. Individual occupational reports were run on each industry sector using the NAICs association method described under the Industry Sector Identification section. Each report included a list Fastest Changing Occupations and Occupational Makeup of the industry. The EMSI data sources for these reports are explained in detail below:
Industry Data
In order to capture a complete picture of industry employment, EMSI basically combines covered employment data from Quarterly Census of Employment and Wages (QCEW) produced by the Department of Labor with total employment data in Regional Economic Information System (REIS) published by the Bureau of Economic Analysis (BEA), augmented with County Business Patterns (CBP) and Nonemployer Statistics (NES) published by the U.S. Census Bureau. Projections are based on the latest available EMSI industry data, 15-year past local trends in each industry, growth rates in statewide and (where available) sub-state area industry projections published by individual state agencies, and (in part) growth rates in national projections from the Bureau of Labor Statistics.
Occupation Data
Organizing regional employment information by occupation provides a workforce-oriented view of the regional economy. EMSI's occupation data are based on EMSI's industry data and regional staffing patterns taken from the Occupational Employment Statistics program (U.S. Bureau of Labor Statistics). Wage information is partially derived from the American Community Survey. The occupation-to-program (SOC-to-CIP) crosswalk is based on one from the U.S. Department of Education, with customizations by EMSI.
State Data Sources
This report uses state data from the following agencies: Michigan Department of Labor and Economic Growth, Bureau of Labor Market Information and Strategic Initiatives.
Source: EMSI Complete Employment - 2011.3
How does the Career Investment Calculator work?
The Career Investment Calculator uses the following formula to calculate an approximate value of educational investments.
Net Present Value=(New Occupation Hourly Wage*2080 [Typical # of Hours Worked Full Time in 1 Year)/(Discount Rate-Expected Inflation)*(1-((1+Expected Inflation)/(1+Discount Rate))^Number of Years Planned on Working)
Inflation- Assumes a yearly wage increase of 1.63% based on expected inflation
Discount Rate- Assumes 3.75% discount rate
Cost of Training-
Vocational Programs- Data was taken from the annual Michigan Department of Licensing and Regulatory Affairs Proprietary Schools Licensing division data. For each occupation-specific vocation program, approximately 50% of the available programs were used. Costs provided reflect the total cost of tuition and fees to complete the program.
Associates & Bachelors- For programs held at Community Colleges, cost was calculated by reviewing published annual cost at 100% of the programs. Average annual costs was multiplied by 2 The tuition values are based on the published annual cost of in-state tuition for 2009-2010 Michigan from the Michigan Postsecondary Handbook, assuming a fulltime load and summers off. Room, Board, Books and other fees are not included. All of the Michigan Public 4 year Universities, Private 4 year schools were used. Average annual cost was multiplied by 4. This information will be updated annually.
MD- The tuition values are based on the published annual cost of tuition for 2011-2012 all 5 Michigan medical schools. The average consisted of in-state tuitions for 100% of the programs. The average cost per year including tuition, and fees is $25,387. The average annual cost was multiplied by 3 to calculate an average program cost.
Master’s/ PhD- Cost data for public Masters and PhD tuition and fees was taken from the 2010-2011 President’s Council of State Universities Tuition and Feed Report. For public advanced degree programs, 100% of the available programs were used. The average yearly tuition costs for Masters programs was $12,785, and that Average annual cost was multiplied by 2 for total cost of the program. The average yearly tuition costs for doctorate programs was $9,700, and that average annual cost was multiplied by 4 for total cost of the program.
Cost data for private Masters and PhD programs was taken from a national sample from the 2007-2008 National Postsecondary Student Aid Study, ES Dept of Ed, National Center for Educational Statistics. The total tuition costs were calculated using the same methodology described above. A Michigan-specific sample is being collected and will be added as it becomes available.
LLB or J.D.- The tuition values are based on the published annual cost of tuition for 2011-2012 all 5 Michigan law schools. The average consisted of in-state tuitions for 100% of the programs. The average cost per year including tuition, and fees is $37,345. The average annual cost was multiplied by 3 to calculate an average program cost.
