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The “Public Finance Workforce Study” and the Future of Public Finance

The “Public Finance Workforce Study” and the Future of Public Finance

Thought Leadership Thursday Article

The "Public Finance Workforce Study" and the Future of Public Finance
October 21, 2021
Kelly Mitchell & Shawn Wooden
NAST President & State Treasurer & NAST Senior Vice President & State Treasurer
State of Indiana & State of Connecticut
Dear Public Finance Colleagues,

We are entering a potentially tumultuous era of employment and staffing in the public finance sector. With unpredicted rates of retirement coupled with fewer applicants, we asked our professional association to conduct a national study to challenge our assumptions about the workforce of the future, the "Public Finance Workforce Study".

Anecdotally, we have heard about pending retirements of senior staff, mid-level employees going to the private sector, and a lack of applications for job postings, especially for entry-level positions. As a result, we requested a national data-driven report to verify our assumptions; this study aligns with our concerns. Not only are state agencies experiencing these workforce issues, but so are our colleagues at the county and city levels.

In this groundbreaking report, we see firsthand the need for highly trained staff to fill these important roles. With this research we see where professional development must occur to recruit and retain staff, create a pipeline of new entrants, and undertake appropriate succession planning. While most State Treasurers are elected or appointed, the vast majority of our staff are not, and we must anticipate forthcoming challenges with decisive action in the public finance sector to advance the profession.

On November 3rd,  you will have an opportunity to hear from the lead researcher, Joel Simon, on the findings of the report. NAST will be hosting this free webinar open to the entire membership on November 3rd at 2pm ET/1pm CT/Noon MT/11am PT. If you were unable to see his presentation in Chicago at the Annual Conference, this will be a great opportunity to look deeper into the report and ask questions. Register here!

As we look toward NAST’s future, this report will help guide our planning to meet these workforce needs. For years, NAST has been a leader in advocacy and provider of networking opportunities, but now we want to go deeper and wider into Treasury and other related offices to provide better benefits, services, and training for the public finance workforce sector.

We look forward to working with all of you on this important and timely issue.

Sincerely,

Kelly Mitchell, NAST President & Indiana State Treasurer

Shawn Wooden, NAST Senior Vice President & Connecticut State Treasurer

 

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