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Remarks Prepared for Delivery by
U.S. Secretary of Labor Elaine L. Chao
Commencement Address
Elmira College
Elmira, New York
Sunday, June 5, 2005
Thank you, Dr. Coleman [Stephen, Associate Dean of Faculty and Associate
Professor of Political Science]. It's great to be here for the 147th
commencement of Elmira College.
I want to commend Elmira College for its proud history as one of the first
colleges in the United States to grant baccalaureate degrees to women.
To the faculty and administration—what a fine job you've done to prepare
this year's graduating seniors for their futures!
To parents and family members—congratulations! I'll bet you're already thinking
about how your disposable income will now increase!
And congratulations to you, graduating seniors, you've done it! As you stand
on the threshold of a new life, I hope you are confident that you are entering
a world of more opportunities to realize your dreams than ever before.
I know that some of you have plans to go to graduate school, some of you
have job offers already, and others are still deciding what you want to do.
Eventually, you will all enter and become part of America's workforce.
As Secretary of Labor, that's my focus.
So let me take a few moments to share with you some thoughts about the state
of our workforce, the future of the workplace and how to tap the opportunities
that exist now and in the future.
This past Friday, the U.S. Department of Labor announced the national employment
numbers. The national unemployment rate is 5.1 percent—the lowest since
September 11th. This rate is also lower than the average unemployment rate
of the 1990's, which was 5.7 percent.
3.5 million new jobs have been created since June 2003. GDP growth is 4
percent. Inflation is still at an all-time low. In New York state, the unemployment
rate is 4.9 percent—lower than the national average. In Elmira, the unemployment
rate is 5.3 percent, but still lower than the average unemployment rate of
the 1990's of 5.7 percent, and trending lower.
So the good news is that the economy is strong and growing. The labor market
is strong and more Americans are working than ever before. Wage gains are
strong, as well – outpacing inflation.
Contrast this with Europe, where the permanent unemployment rate of France
and Germany is higher than 10 percent. Job growth has been stagnant for years.
America's workforce is very dynamic and flexible. There are 149 million
people in the workforce, and one-third of the workforce changes jobs every
year. In fact, the average American will have had 9 jobs by the time he or
she is 34 years old—because there are so many opportunities available.
In America, the new jobs that are being created require higher skills and
more education. It might be reassuring, especially for your parents, to know
that college grads over the age of 25 earn twice as much as those who only
have a high school diploma. It's also true that demand for advanced degrees
is brisk. Last year, employment among advanced degree holders grew twice
as fast as those with a bachelor's degree.
In the 21st century workforce, education will become even more important
than ever and the demand for skilled labor and talent will only become
stronger.
I know that many Elmira College students go on to earn advanced degrees.
And that Elmira College has a tradition in the majors of education and business.
Therefore, you'll be glad to know that over the past year, three of the top
five professions experiencing the most rapid job growth were in education:
for postsecondary, elementary and secondary school teachers. The other two
categories in the top five were business related: general business managers
and other business operations specialists.
There are many other fields of great potential and growth that are in need
of workers. For example, information technology. Despite the dot com bust
of the 1990s, 80 percent of jobs nowadays require some understanding of computers.
Information technology is still among the fastest growing sectors of our
economy. Experts predict it will add more than two-thirds of a million new
jobs by 2012.
Our world is so interconnected today, that most IT professionals do not
work in IT companies. Rather, they work for employers who depend upon IT
systems to operate their organizations efficiently, which is just about everyone
in America. And the creative side of IT—such as multimedia artists and designers—is
also experiencing strong growth.
Another high growth industry is healthcare, because of our aging population.
Our country needs nearly 3.5 million new workers in the healthcare sector
in the next seven years—including about 1 million nurses in the next seven
years.
And other high growth industries looking for workers include nanotechnology,
biotechnology, life sciences and geospatial technology. They provide great
career paths for the future.
A lot of new jobs are being created in fields that weren't even on the radar
screen 20 years ago. In the next 20 years, many new jobs we can't even imagine
will be created. Again, most of these new jobs will require higher skills
and more education. These will be better-paying jobs with greater growth
potential for developing a career path. Education training and continuous
learning will be key.
Now I realize it's hard for you to think about planning financially for
your future as you are graduating. As Secretary of Labor, I'm concerned about
pension and retirement security of the workforce. It's never too early to
think about financial decisions you'll need to make as you progress in your
career. Early in my career, someone wisely suggested that I put away each
paycheck as an investment in the future. That was some of the best advice
I ever received.
The President is also very concerned about having a secure nest egg upon
retirement. That's why he's taken the leadership to propose allowing young
people the option—if you so choose—to invest a small portion of your social
security earnings in a personal voluntary retirement account that you control
and own. If you want to invest one year of your working life, you'll get
a nice nest egg much bigger than what social security can offer.
As for the 21st century workforce, I can't tell you how the world will
change in the future. But I can guarantee you that it will change.
Only a few years ago, employers and workers spent their entire lives working
set or inflexible hours—like 9-5. People worked with one or two organizations
during their entire lifetime. Today, more and more people work away from
the office, with flexible working arrangements, aided by technology that
seems to change at the speed of light.
You've already taken an important first step toward a brighter future by
completing your degree and getting a solid foundation from a fine liberal
arts college. After you leave, it is important to keep on learning. Start
the habit of continuous learning throughout your life. And, whatever
you do, you need to love what you do – have a passion for it.
While you are pursuing your dreams, I hope you'll remember to give back
to the community. I know Elmira College has a great tradition of community
service. As former President and CEO of the United Way of America and Director
of the Peace Corps, I know first hand the difference that volunteers can
make.
Volunteering is part of our national culture. In an increasingly diverse
society, it's in the act of giving from stranger to stranger unconnected
by blood or marriage that the bonds of community are strengthened. And one
of the illuminating truths of volunteering is that in helping others, you
enrich yourself and become a better person.
You know, some people claim that America is the strongest nation because
it has the mightiest army. But President Bush has said that America is great
because of the compassion and generosity of its people. America is a beacon
of hope and opportunity to millions around the world. That's why my family
and I made the long and difficult journey many years ago, to start a new
life in America.
My parents and I had a very difficult time initially. We didn't speak the
language or understand the customs and traditions, but we never gave up on
our belief in America's promise of opportunity.
America is still the land of hope and opportunity. It's up to you—the next
generation of leaders—to lead the way.
God bless you, and God bless America.
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