New Labor Force Numbers Show Impact of Aging Workforce, Skills Gap
Following the release of November’s jobs report earlier this month, CNBC drew attention to a number it revealed that’s giving some experts cause for concern: 95 million. That’s the number of Americans who are now not in the workforce—a record high—adding a down note to an otherwise positive market outlook.
What’s the blame for this aberration? One analyst CNBC interviewed pointed to the skills gap.
"Employers have lots of jobs open but can't find the right people to fill them. That's certainly a part of it as well," Dan North, chief economist at Euler Hermes North America, told CNBC.
Exacerbating the issue is the fact that approximately 10,000 baby boomers leave the workforce every day, creating job openings for which there are too few suitably skilled employees to fill. While the article notes that employers are taking steps to remedy the situation, including reducing job prerequisites, there’s no way around it: the clear solution to this issue is workforce investment to increase upskilling.
Of course, there’s no one size fits all approach to providing the right kind of investment for all companies. That’s a key reason why organizations benefit from solutions like career pathing software, which allows managers and HR to invest in the right employees.
To view the full article from CNBC, click here.
CAEL works with organizations to help them hire, develop and retain their workforce. To learn more about PathSavvy, CAEL’s career pathing software that helps organizations build an engaged, productive workforce, click here.