Resources
Why Firing GenZ is a “huge mistake”
Since Gen Zers now outnumber baby boomers in the workplace and are expected to comprise 30 percent of U.S. workers by 2030, employers will need to adapt to them, not the other way around, according to Joy Taylor, the managing director at consulting firm Alliant
- Source: Newsweek,
- September 2024
Middle-Skills Credential Supply Greatly Misaligned with Projected Job Demand in Most US Labor Markets
In half of local labor markets nationwide, at least 50% of these credentials would need to be granted in
different fields of study to fully align middle-skills credential production and projected labor demand.
- Source: Georgetown University Center on Education and the Workforce (CEW),
- May 2024
Half of College Grads Are Working Jobs That Don’t Use Their Degrees
Roughly half of college graduates end up in jobs where their degrees aren’t needed, and that underemployment has lasting implications for workers’ earnings and career paths.
- Source: The Wall Street Journal,
- February 2024
How to Address the Skills Gap
The United States is facing a growing skills gap that threatens the nation’s long-term economic prosperity. The workforce simply does not have enough workers and skilled candidates to fill an ever-increasing number of high-skill jobs. Because a high-quality workforce is the most important determinant of business success, challenges related to hiring the best people have a direct influence on an organization’s competitiveness today and in the future.
- Source: SHRM,
- January 2023
The skills gap is so big that nearly half of workers will need to retrain this decade
The skills gap is so big that it’s one of the main barriers preventing companies from modernizing their business model, companies told WEF. There’s clearly a need for training and reskilling; to keep up with the fast-shifting landscape, WEF finds, nearly half (44%) of an individual worker’s skills need to be updated.
- Source: Fortune,
- May 2023
Rekindling US productivity for a new era
In October 2022, there were 10.3 million job openings according to the Census Bureau, but many business leaders complain of not being able to find qualified workers. At the same time, labor force participation rates have fallen to 62 percent from a high of 67 percent in the late 1990s, as workers are unable or unwilling to find work that matches their skills.
- Source: McKinsey Global Institute,
- February 2023
Additional Recommendations from McKinsey
Prepare for the future war for talent:
Source: McKinsey Global Institute, February 2023
- Rethink hiring to reduce focus on credentials and instead value experience.
- Invest in on-the-job training and rotation programs that build your talent bench.
- Expand policies on childcare, elder care, and parental leave to retain top talent.
- Partner with public- and social-sector organizations to reskill workers at scale.
- Commit to your digital transformation with bold goals and shared accountability.
- Complement technology investments with R&D, brands, and other intangibles to reimagine core business operations.
- Retool your organization to build the capacity and flexibility for reinvention.
- Invest in technology-ready talent at all levels to lead and deliver the change.
Source: McKinsey Global Institute, February 2023