PCV\u2019s new vision to make quality job creation the norm<\/a>, 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.<\/p>\nAt the outset of this project, we sought to answer two important questions central to the creation of quality jobs:<\/p>\n
1) What is a quality job, and<\/p>\n
2) How can you measure job quality?<\/p>\n
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.<\/p>\n
The Five Facets Of A Good Quality Job<\/h3>\n
Given that the specific elements of a quality job vary by industry, business size, job function, and employee demographics, we offer a flexible definition: a quality job provides at least three (3) of the following five (5) key elements:<\/em><\/p>\n\n- A living wage <\/strong>sufficient to support a decent standard of living \u2014 or, at minimum, exceeds the median wage offered within the employer\u2019s industry.<\/li>\n
- Basic benefits<\/strong> that increase economic security, improve health, and promote work-life balance among workers. These include paid leave, health insurance, and a retirement savings plan.<\/li>\n
- Career-building opportunities <\/strong>that help employees develop the skills, networks, and experiences necessary to launch a career or advance along a career path. These opportunities can include training and mentorship \u2014 both formal and informal \u2014 and avenues for advancement within the company<\/li>\n
- Wealth-building opportunities <\/strong>that enable and incentivize an employee to build the assets they need to manage financial emergencies and achieve long-term financial security for themselves and their families<\/li>\n
- A fair and engaging workplace <\/strong>that balances the priorities and wellbeing of employees with the needs of the business. Examples include offering flexible and predictable schedules, treating all staff with respect and dignity, actively soliciting employees\u2019 ideas to improve the business, and helping staff understand how their work contributes to the business\u2019s success.<\/li>\n<\/ul>\n
The Full Paper<\/h3>\n
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.<\/p>\n