Backed by Governor Rick Snyder, the Michigan Strategic Fund (MSF) approved a program in late October that will award the state’s community colleges some $50 million to help pay for necessary equipment to improve the vocational training programs offered by these institutions. In addition to the grant specifically set aside for training equipment, Michigan will also be offering another $10 million to Michigan Works! and another $10 million to Community Ventures, to help fund skilled labor job training, placement and hiring. Gov. Snyder commented that these funds will be used to help Michigan thin the growing talent gap being seen across the United States, in hopes of boosting economic growth and employment rates.
According to authorities roughly one-third of all jobs in Michigan are considered skilled trades. These include medical support professions, lab technicians, emergency responders, maintenance workers, public safety officers, machinery operators, welders, carpenters, plumbers, electricians, and dozens of other contract workers, including agricultural workers. However, the demand for these workers is currently exceeding the supply. The need for new workers in these fields has greatly increased over the last few decades and is expected to continue to do so because the current labor pool is diminishing. The MSF hopes that by making such training more widely available to students at community colleges, the talent pool will repopulate and these job opportunities will no longer go unfilled due to lack of qualified candidates.
The program is part of a much larger plan to connect Michigan workers with careers. Recognizing that not all students are bound for a four-year university track, the program intends to train students in skilled labor. An estimated 450,000 students attend Michigan community colleges throughout the state, these programs will give these students access up-to-date training and industry standard equipment to better prepare them with hands-on experience and practical training in their field of study.
This is good news for Pontiac contractors, manufacturers and other trade business owners as the new initiatives will hopefully create a wider pool of talent and workers to choose from when it comes time to add new workers to their team. The renewed investment in public skilled labor education will likely alleviate financial strain on Pontiac businesses and may even reduce Pontiac businesses’ liability exposures.
South East Michigan is home to a number of niche skilled labor industries each with their own unique risk exposures, hazards and loss exposures. At Capital Insurance Agency, we specialize in helping Michigan businesses control losses and manage their risk exposures by preparing for the unexpected. We offer a complete portfolio of Michigan business insurance solutions designed with local operations in mind. Our Pontiac business insurance specialists will sit down with you to assess your unique operation and crafter creative risk management solutions that work for you. To learn more about any of our offerings, give our Pontiac business insurance specialists a call today at 888 296 0418.