Business, technology, academic and government leaders holding positions that influence job creation gathered in Milwaukee last week to discuss the results of a technology impact study on the seven county Milwaukee region. The study’s findings were discussed at the event, as well as forward looking ideas that could stimulate regional growth.
This comprehensive technology study titled Milwaukee’s Tech Talent Impact, identifies nearly 76,000 technology workers in 89 distinct occupations in the seven county region. It revealed that technology talent dependent industries contributed more than $27.6 billion in regional economic impact in 2017, representing one quarter of the total regional economic output of $119.2 billion.
“Technology is rapidly accelerating the pace of change and the need for talent across many industries,” said John Schlifske, chairman and CEO, Northwestern Mutual in a press statement. “This study demonstrates the increasing economic impact of technology talent in our region and helps us better understand the needs for future growth. The private industry sector is committed to attracting and retaining tech talent, which will help position Milwaukee for success in a digital future.”
The study identified that three types of digital job categories account for 75 percent of the region’s tech talent. This includes computer/mathematical, engineering and business/financial areas that in total produce estimated earnings of the region’s tech talent that exceeds $4.7 billion each year.
Since technology is involved in many business sectors, not just manufacturing and IT services, the research incorporated an occupation-based job definition to gain inclusion of tech talent across multiple industries. Input was included from CompTIA’s Cyberstates 2017, the Brookings Institute and local employers’ input based on their respective workforce roles.
“Southeastern Wisconsin is no longer just a manufacturing region,” said Nick Turkal, MD, president and CEO, Advocate Aurora Health, the 10th largest not-for-profit health care system in the U.S. and largest private workforce employer in Wisconsin. “Our call to action is for employers, higher education and workforce development agencies to make investing in our digital workers and emerging technologies across all fields – including health care – a top priority for the region.”
Occupations such as market research analysts, management analysts, computer system analysts, software developers, mechanical engineers and computer and information systems managers are achieving higher than average growth rates (ranging from 9-16 percent), while overall tech talent in Milwaukee only had 8 percent total growth from 2010 to 2017.
The region is expected to experience a minimum of 31,000 job openings in the next five years resulting from replacement based on historical rates of retirement and changing careers. Absent from this are the thousands of new jobs projected to be created in the Milwaukee region or the digital transformation that is driving talent shifts in most industry sectors.
Milwaukee’s Tech Talent Impact Study was conducted by TIP Strategies, Inc., in partnership with the Huls Group, LLC, on behalf of approximately twenty employers and non-profit partners in the seven-county region of Southeastern Wisconsin. Tech Talent Dependent Industries are defined for this analysis as industries that have 15 percent or more of their workforce comprised of Tech Talent Cluster occupations, according to the press statement.
