Since the end of the Great Recession, almost 12 million jobs have been created — but most have been in low-wageoccupations and at places like strip malls and fast-food restaurants. Average wages for working Americans have dropped 23 percent. It’s become clear that job creation does not equate to lasting economic change. In order to reverse the troubling trends we’re seeing, we no longer find it defensible to focus on job creation alone. We must shift our focus to the creation of higher quality jobs that are good for workers and their families, good for businesses, and good for communities.
We are excited to share with you our latest discussion paper: Moving Beyond Job Creation: Defining and Measuring the Creation of Quality Jobs.
Moving Beyond Job Creation has been made possible thanks to the support of the Surdna Foundation, and is the result of a year and a half of extensive research on the topic of quality job creation. The paper is the first in a series of research under PCV’s new vision to make quality job creation the norm, and builds on our ten plus years of experience working with clients like CalPERS, the Annie E. Casey Foundation, and the Northern California Community Loan Fund to help them measure and better understand their impact.
At the outset of this project, we sought to answer two important questions central to the creation of quality jobs:
1) What is a quality job, and
2) How can you measure job quality?
Our research is intended to support our peers in the Community Development Financial Institution (CDFI) industry who, through their financing, have served low-income and other disadvantaged communities for two decades. While the CDFI industry has been instrumental in supporting job creation across the U.S., we believe that now is the time to focus greater attention on the quality of the jobs created in order to combat rising income and wealth inequality.
Through a better understanding of what defines a quality job and a set of practical methods for measuring the quality of jobs created, we believe CDFIs and others in the impact investing community will be better positioned to make more effective investments that support good jobs for workers, businesses, and communities.
Fostering sustainable communities in the United States — communities guided by principles of social justice and distinguished by healthy environments, strong local economies, and thriving cultures.