If you were expecting job growth to slow down, you'd be wrong. The newest report from ADP shows that job growth has superceded expectations. That's a great trend to find after the last two months of predicted slow down. The unemployment rate rose slightly to 4.4%, but it is a far cry away from where it was after the recession at 10%.
CNN had reported that June was the 81st consecutive month of job gains. This is a great indicator of the continued growth that we've seen in the past few years. Wages even grew by 2.5%, however not enough to meet the Federal Reserve's expectations. All of this data would lead to a conclusion that the workforce is full, but there are still many out there that wish to be working full-time, that currently aren't. The applicant pool is full of top talent if you know where to look.
Here are the facts:
- 1.7 million people have been out of work for six months or more
- Many workers are not getting jobs due to lack of skills that are hard to find, but easy to learn
- An informal CNBC survey conducted in June reported that 63 percent of participant are having difficulty filling skilled positions in the past 12 months
- According to that same study, 46 percent said the workforce is not receiving the proper training in the skills their companies require
- The study also predicts that by 2020, there will be 1.4 million computer science–related jobs available in the U.S. but only 400,000 graduates with the skills necessary to fill them
All of these facts lead to a few different options for preventing the mass skills gap we will see in the future. We need to either:
1) Attempt to train our own talent with the skills we need
2) Enact programs in schools to teach these skills and incentivize participating in these programs
3) Use outside help to find these candidates where they are now
If we're smart, we'll choose all three. The third option will be an immediate band-aid fix for the greater problem. Using companies like ICS to help find talent will work for the time being, but eventually, the well will run dry and we'll need to rely on current talent to step up and learn what is needed. That moves us to the first option. Start planning a training program in your company now, if you don't already have one. It will be in your benefit that you start preparing for the future now. The second option is more of a global long-term fix. We need to work together at this point to prepare future talent for the demand that is out there.
If this issue isn't addressed soon, we could be seeing a massive job creation slowdown that will last over a multiple year period. Don't let it get that far and start planning for the talent gap now. You'll be ahead of your competition and ready to take on any talent shortage that comes your way. When you need the assistance to find the talent out there right now, contact ICS.