Source: Fortune
Summary
The US economy lost 92,000 jobs in February, with unemployment rising to 4.4%. Economists had expected modest growth, but job losses occurred in various sectors. The deeper crisis is a structural transformation that has been building for years, with a shrinking workforce, declining immigration, and a tightening labor pool. The US needs a workforce strategy to build the workforce of tomorrow and activate talent that is ready to contribute today.
Our Reading
The numbers tell one story.
The US is facing a workforce crisis, with a shrinking labor pool and declining immigration. The working-age population is shrinking, and the pipeline of future workers is narrowing. Companies like Upwardly Global are working to connect job-ready immigrant professionals with employers, and some companies are adopting practices to evaluate candidates based on their skills rather than their credentials.
The talent is already here, but significant barriers keep them on the sidelines.
Employers can take action by partnering with workforce development organizations and investing in colleges training tomorrow’s workforce.
The companies that adopt these practices will be the reason the talent market changes.
It’s a crisis of wasted talent.
Author: Evan Null
