May 10, 2023

PASSHE Highlights Plan to Address Pennsylvania’s Need for Small Business Workers, Entrepreneurs

Contact: Kevin Hensil, khensil@passhe.edu

Harrisburg, PA – Pennsylvania needs approximately 8% more business professionals by 2030. Much like other occupations with worker shortages, filling those positions for accountants, financial advisors, logisticians, management analysts, marketing specialists and many other business leaders and entrepreneurs will require thousands of additional people with the knowledge gained from earning a business degree.

“Pennsylvanian companies – large and small – need people with business training and skill to be successful in a competitive marketplace,” said PASSHE Chancellor Dan Greenstein. “The combination of their knowledge, passion and dedication helps to drive the commonwealth’s economy and create sustaining jobs.

“State System universities are ready to partner with the governor and legislature to educate more business professionals and entrepreneurs. Pennsylvania will struggle to fill needed business jobs unless more low- and middle-income students can afford the education they need. Investing in our students to reduce their cost to a business degree will unlock the door of opportunity for more Pennsylvanians and expand the pipeline of talent from the classroom to main street and rural communities.”

Large corporations, which have a significant impact on economic growth, are always seeking people with strong business skills. Just as importantly, people with these skills are also vital to the 1.1 million small businesses in Pennsylvania, which employ almost half of the state’s private sector workforce.

Pennsylvania’s State System of Higher Education (PASSHE) is seeking $112 million in state funding to train more students in six in-demand, high-growth jobs, including business.

Of the $112 million request, PASSHE universities would invest $19 million to provide direct financial aid (university-funded scholarships) to business students, saving high-need students an average of $5,000 per year. An additional $2 million would expand business programs to serve more students.

Business is the largest academic program at PASSHE universities with more than 13,000 business management, accounting, finance, logistics and marketing students.

Nearly 40,000 State System business graduates are working in the commonwealth and the vast majority (73%) stay here after graduation, helping to innovate and counter brain drain.