26 Feb. 2020 | Comments (0)
This is the first episode in a 3 part series based on The Conference Board report “US Labor Shortages: Challenges and Solutions.” In this first episode, Gad Levanon, Head of The Conference Board Labor Markets Institute, and Frank Steemers, Associate Economist, discuss why we’re seeing labor shortages economy wide and the implications for companies and workers.
Labor shortages are having a strong impact on the US economy. A perfect storm of labor market conditions—including a stagnant working-age population due to massive retirements and disappointing labor force participation of key demographics—have led to a shrinking number of available workers without a college degree. As a result, labor shortages in blue-collar and manual services occupations are now more real than ever. Companies hiring these workers are facing the most severe challenges in recruiting and retaining their workforce.
On the flip side, tight labor markets are a boon for workers. US blue-collar and manual services workers have experienced improved job satisfaction, as wages rise and wage inequality shrinks.
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Indications Podcast
Indications is a public podcast featuring our global roster of thought leaders. Ranging from economic growth and competitiveness to human capital, governance, sustainability, and beyond, each episode is a serious conversation grounded in data and insights that will keep you ahead of the curve in a turbulent world.
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