CSU System economic study shows impact on talent retention, jobs, revenue

The three Colorado State University System campuses – and the out-of-state students they attract – fuel nearly 23,000 Colorado jobs and more than $237.74 million in state income and sales tax revenue annually.

In its first-ever Systemwide economic impact study, a team of economists quantified the CSU System’s unique contributions to the Colorado economy in terms of jobs, research, and the contributions of the System’s more than 112,250 living alumni who are currently working in Colorado. Highlights and a full report are available here.

Among the report’s key findings: the CSU System is an important factor in Colorado’s workforce talent retention. About 50% of the students who moved to Colorado to attend a CSU campus since 2005 have stayed here after graduating. And 86% of Colorado residents who attended CSU institutions are still in the state. Nearly 1 in 25 Colorado workers has a degree from a CSU System campus, and their alumni income translates into more than $209 million in state income tax revenue and $128 million in sales, use, and excise tax revenue. In other words, about 3% of the state’s total collections can be attributed to CSU graduates.

The three CSU System campuses – the flagship research university in Fort Collins; CSU Pueblo, a regionally focused Hispanic-serving institution; and the fully online CSU Global – together enroll more than 60,000 new and returning students each year. The CSU System has nearly 300,000 living alumni worldwide.

“Clearly, CSU plays a critical role in our state’s future productivity and ability to remain an innovation hub in economically important industries,” CSU System Chancellor Tony Frank said. “We’re not manufacturing a product; we’re educating people who contribute to society in all the ways educated people do – as teachers, scientists, doctors and nurses, business leaders, manufacturers, technologists, artists, engineers, and the countless other roles that are typically filled by people with higher education.”

The study was conducted by CSU Fort Collins faculty Drs. Rebecca Hill of Agricultural and Resource Economics and Harvey Cutler and Martin Shields of Economics. They were supported by graduate research assistants Lauren Mangus and Kevin Crofton.

“The CSU System’s economic impact is felt statewide by bringing in money from federal agencies, out-of-state students, and by transferring knowledge to businesses and industries across Colorado,” the authors wrote in the report. “The CSU System’s economic impact in Fort Collins and Pueblo includes factors considered in the statewide impact, plus money injected into the region from both state government and students from across the state.”

Among the report’s other highlights:

  • 112,250 CSU System alumni working in the state earned an estimated $7.57 billion from their jobs in 2019 – roughly $2.9 billion more than they could have expected in wages if they’d only finished high school.
  • The overall statewide economic impact of the CSU System translates to roughly 22,785 Colorado jobs and $237.74 million in-state income (individual and corporate) and sales tax revenue that the state would not otherwise have had.
  • CSU Fort Collins’ massive mobilization around COVID-19 research has ranked it in the Top 10 universities in the world working on research and cures related to the virus. Last year, the university’s technology and intellectual property licensing office reported 23 COVID-related inventions.
  • In total, business spin-off and increases in regional productivity stemming from CSU Fort Collins translate into an additional 645 jobs and $25.3 million in household income for the Larimer County economy.

The study noted data from the American Community Survey showing that the average annual earnings for employed Coloradans with a four-year degree were around $70,000, compared to $36,000 average earnings for those with a high-school diploma. College-educated workers are also less likely to be unemployed, less likely to have seen their jobs impacted by the recession, less likely to access public assistance programs, and more likely to have employer-sponsored health insurance.

The study highlighted the tremendous impact CSU campuses have on their local economies.

  • The Fort Collins area receives more than $36 million in local sales and use tax revenues from economic activity related to CSU’s operations, student spending, and university related start-ups and business assistance. Total direct and indirect city employment impacts are estimated at more than 17,300 jobs, out of a total of 84,000 jobs in the city.
  • CSU Fort Collins students not originally from the city spend about $319.1 million dollars a year in the community, which supports 2,700 jobs and $7.9 million in local sales and use tax revenue, either directly or through multiplier effects. This represents about 5% of Fort Collins sales and use tax revenue.
  • CSU Fort Collins is an innovation incubator. In 2020, funded research exceeded $400 million for the first time ever. Start-ups and knowledge spillovers related to CSU Fort Collins generate significant additional local economic activity, translating into an additional 645 jobs and $25.3 million in household income.

The taxpayers of Colorado invest in state colleges and universities, Frank said. This report is a testament to the value those institutions give back.

“Universities contribute to the economy as employers and by spending money to keep our operations functioning, as well as by graduating skilled workers,” Frank said. “We also attract people to Colorado from out of state who spend their dollars here, whether as students, conference attendees, or visiting parents and family members. Thousands of jobs across Colorado that aren’t directly connected to a college or university still depend on these institutions to survive.”

Public colleges and universities can be islands of stability and sustained employment for communities statewide, he added. “We learned from the Great Recession that communities that are home to a college or university rebounded more quickly – and that is a strength for all of Colorado, which has built a system of higher education that is geographically diverse and designed to serve all corners of the state.”

Read the full report here: https://csusystem.edu/economic-impact/

FORBES: The 5 Most Important Job Skills For The Future

Enterprise Tech

Our workplaces are changing, and the changes are dramatic. Professionals need to pay attention to and prepare for the workplaces of the future. An important aspect of this preparation is to develop the job skills that will help you succeed and thrive in the new reality of the next decade. Consider how your own career has evolved over the last five years, and you can imagine how much it may change in the next five. These are the most important job skills for the future, and there’s no better time than now to start building them.

Click Here to Continue Reading.

Harvard Business Review: The Case for Hiring Older Workers

By: Josh Bersin and Tomas Chamorro-Premuzic

There’s a lot of talk about gender bias, racial bias, and culture bias at work, and each are important for many reasons. But perhaps one of the biggest and most problematic types of bias we face is the bias of age: we often evaluate people based on their age, and this is now becoming a major challenge in the workplace.

Several years ago, through our research for Deloitte, we asked around 10,000 companies, “Is age a competitive advantage or competitive disadvantage in your organization?” The answer probably won’t surprise you. Over two-thirds of the companies considered older age a competitive disadvantage. This is consistent with data from the AARP that shows two-thirds of individuals age 45 to 74 have experienced age-related discrimination.

In other words, if you are older, you are likely to be considered less capable, less able to adapt, or less willing to roll up your sleeves and do something new than your younger peers.

Click here to continue reading.

Harvard Business Review: Helping Stay-at-Home Parents Reenter the Workforce

As part of the Northern Colorado Prospers Goal #2: Align, Attract and Retain Talent, the Chamber and it’s Talent 2.0 partners have made it a goal to “Collectively address structural issues that serve as barriers to a secure talent pipeline.”

As employers strategize the best ways to recruit, create employee incentives and provide opportunities, experts are encouraging employers to take a closer look at one certain pool of talent: parents reentering the workforce.

“When it comes to working families, employers and politicians tend to focus on new mothers and fathers. Yet parents who leave the workforce when their kids are young but later want to reenter it might be corporate America’s greatest untapped resource,” wrote Harvard Business Review author, Joanne Lipman, who recommends creating “returnships” and other ways of supporting these employees back to work.

Click here to read more from Lipman

 

CNBC: The 20 hottest job skills in 2019 that will get you hired

  • A majority of the 20 hottest skills in the US job market are tech-related, according to a new list from freelancing platform Upwork.
  • In-demand tech skills are changing rapidly: 75 percent of the tech trends leading to job opportunities are new to the list.
  • Demand for mobile optimization, the rise in cybercrime and increasing investment in big data solutions are driving corporate hiring.
In this tight labor market, finding people with the right skills to get the job done can sometimes be more difficult than the skill itself. According to the Bureau of Labor Statistics, the U.S. currently has more than 7 million unfilled positions. So while it’s a great time to be looking for a job, it’s imperative to have the 21st-century skills employers are looking for.

FastCompany: 5 ways work culture will change by 2030

Technology, talent shortage, and trust are just a few of the issues that will challenge workplace culture over the next decade.

BY GWEN MORAN

Recent years have seen an exceptional awareness and prioritization of workplace culture by both employers and employees. Culture is a company’s “personality,” including the behavioral expectations, practices, and other norms that influence how people interact both internally and on its behalf. Ignore it at your own risk. Recent research by Hired found that company culture is the second most important factor candidates consider when considering whether to work for a company.

At the same time, workplace culture is being influenced by disparate factors in significant ways. Demographic shifts, diversity and inclusion initiatives, talent shortages, automation, evolving technology, and an onslaught of data are converging to create both immediate and long-term changes.

Click here to continue reading.

Chamber Hosts First Northern Colorado Prospers LIVE Online Update

The Fort Collins Area Chamber of Commerce hosted the first Northern Colorado Prospers (NCP) LIVE Online Update during the morning of January 30, 2019.

The Chamber was excited to present in a different way to update investors on the NCP goals by using Zoom web conferencing.

During the presentation, David May, talked about the work on the new Talent Portal website, 2019 transportation efforts, April 2 Election issues and candidates, progress on employer interviews and much more.

Click here for the Recorded Online Presentation

Click here for the NCP Quarterly Update Publication . 

The next NCP event is the Annual Summit held on April 10 at a location TBD.

SmartBrief: What leaders can do to embrace younger generations

By: Rashan Dixon

Over the past several years, I’ve talked with plenty of leaders who accuse the new workforce of being unprepared, overly sensitive, lazy and narcissistic. That’s a shame; these are common stereotypes that aren’t always founded in reality.

However, these leaders can change their minds — for the better. How? By embracing younger generations and taking the following six steps.

Click here to continue reading.