Federal Reserve Tool Helps Workers Chart Career Path to Higher-Paying Jobs

For immediate release

Contact: Sarah Katz, Media Relations

Philadelphia, PA - The Federal Reserve Banks of Philadelphia and Cleveland released an upgrade to an online tool that allows users to explore how they can transfer skills to higher-paying jobs. The enhanced Occupational Mobility Explorer, originally launched in 2020, now covers 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, 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."

After users select their geographic location, they are prompted to select their current role or goal occupation. The tool then provides a list of up to 10 roles with the most similar skills, including details about the position's median wage, whether it requires a bachelor's degree, and the projected growth for the number of jobs for that role over a 10-year period.

For example, a user whose goal is to become a construction manager can select that position as their destination occupation and determine what other roles with similar skills will help them get there. Or a user currently working as a medical assistant could plot their career path to becoming a registered nurse, a role that builds on their current skills but has a higher median wage. The tool also includes links for users to view postings for their selected jobs in their area and resources for creating a skills-based resume.

"In addition to job seekers, this tool can be a helpful resource for career counselors or employers," said Kyle Fee, policy advisor, 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 is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.