The Federal Reserve Banks of Philadelphia and Cleveland have updated an online tool designed to help users explore how they can transfer their skills to higher-paying jobs. The enhanced Occupational Mobility Explorer, first launched in 2020, now includes more than 600 job titles across 500 regions in the United States with wage data as of 2023.
“The Occupational Mobility Explorer is designed to help anyone looking for a higher-paying role or a job in a new field,” said Theresa Singleton, senior vice president and community affairs officer at the Federal Reserve Bank of Philadelphia. “The goal of the tool is to help workers understand and identify the skills they already have and how those skills can be transferred to a new position.”
Users begin by selecting their geographic location and then choosing their current role or desired occupation. The tool provides a list of up to ten roles with similar skills, detailing each position’s median wage, educational requirements, and projected job growth over a decade.
For instance, someone aiming to become a construction manager can use the tool to find roles with similar skills that could lead them there. Similarly, a medical assistant seeking to become a registered nurse can chart their career path using this resource. The tool also offers links for viewing local job postings and resources for creating skills-based resumes.
“In addition to job seekers, this tool can be a helpful resource for career counselors or employers,” said Kyle Fee, policy advisor at the Federal Reserve Bank of Cleveland. “All too often, incredible talent is being overlooked because employers are hiring for credentials or titles over skills. Skills-based hiring can be a key element in the economic mobility of workers while providing employers with a broader pool of talent.”
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises state member banks, bank holding companies, and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It serves eastern and central Pennsylvania, southern New Jersey, and Delaware as one of the 12 regional Reserve Banks that make up the Federal Reserve System along with the Board of Governors in Washington D.C.
