GNO Inc., Bank of America Release 2nd Annual Jobs Report
NEW ORLEANS — Greater New Orleans Inc. and Bank of America have released the 2020 Greater New Orleans Jobs Report.
In 2019, GNO, Inc. published its first comprehensive analysis of the jobs that will drive the region’s economy over the next decade. The 2020 Jobs Report takes a more deliberate approach in identifying workforce opportunities accelerated by COVID-19 and the future of industry.
“We are excited to continue our partnership with Bank of America to release the 2020 Jobs Report,” said Michael Hecht, GNO Inc. president and CEO. “As we emphasized during our recent annual meeting, COVID-19 has underscored economic trends that play to our region’s natural strengths. If we are smart, and make the right investments today, we can exit from this crisis with a more diverse and prosperous economy for tomorrow, and a more resilient workforce.”
The global economy is undergoing a rapid transformation as a result of the coronavirus, and the same is true in the Greater New Orleans region where more than 312,000 jobs, or 46% of regional jobs, are considered at risk. The Jobs Report analyzes the occupations identified to be most at risk due to the pandemic, and how to prepare and position the region’s workforce for the post-coronavirus economy.
Key findings the 2020 Jobs Report include:
- In the Greater New Orleans Region, it is estimated that nearly half of all jobs are at risk from the coronavirus. And, many of the jobs hardest hit by the pandemic are most likely to be lower-wage and lower-skilled.
- Over half of the jobs that are at risk in the GNO region are in occupations considered basic-skill, meaning they do not require any formal education. Meanwhile, only 4% of the at-risk jobs are considered high-skill, meaning a job associated with a bachelor’s degree or above.
- Even before the pandemic, many of the workers in at-risk occupations experienced lower levels of employment stability. In fact, while low-risk occupations experienced a 54% turnover rate in 2019, the high-risk occupations experienced a turnover rate of 87% in that same time.
- Many workers in the region have developed base skills that can translate to a number of different industries. However, in order to successfully transition, workers will need to “stack” their base skills with other industry-specific skills known as “gateway” skills.
- The region is equipped with a robust, diverse ecosystem of training and technical skills providers that offer employability skills and industry-driven training programs. Focus areas include youth programming, upskilling adult education, and professional executive courses.
- To ensure a strong and equitable recovery from the coronavirus pandemic, the Greater New Orleans region must place a strong emphasis on awareness of and access to education and training opportunities, for all.
Read the full report here.