Industry-Managed Rapid Retraining (IMRR)
Industry associations / Sectoral Banks must operate their own rapid training centers, offering focused training free of charge. By putting the education in the hands of the hiring industries themselves, the system can be used to quickly retrain workers and immediately place them into relevant jobs.
While government-run education can be effective at providing a broad range of general skills, it is exceedingly slow to adapt, and to equip the labor force with specific, targeted skills. In short, the unemployed need to be encouraged to attend the retraining centres, and the employers need to assure their employment. With companies collectively having full control over the resources to do so, and being best placed to know what skills are needed, these training centres can be key tools to meet national targets on removing structural unemployment. When the Department of Labor Statistics detects unemployment due to a mismatch in skills, the following series of events would occur:1. Wages in the affected sector will rise to attract the required labor due to market forces.
2. Effective dispersal of information across the country regarding the wage conditions.
3. The unemployed who are still receiving their income supplement, can only continue receiving it after a certain time frame, if they enrol in an accredited educational program (such as IMRR). This will increase pressure on the unemployed to enrol in retraining.
4. If for some reason the particular IMRR program is lacking capacity to train enough people to fill the vacancies, the relevant Sectoral bank must report their reasoning and proposed solutions to the oversight commission.
5. Solutions will be implemented as requested by the Sectoral Bank (e.g., by adding more class space or teachers), conditional on the hiring of the said unemployed.