Page 5 - 2019 SIPC Meeting Brief
P. 5
Skills Instability
The skills required for jobs is increasing, As a result of the accelerating demand
and the current workforce lacks for reskilling and upskilling, more and
opportunities to meet this demand. For both more workers lack the skills to fill this
the employed and unemployed, lifelong gap.
learning has become the new norm in order
The growing skills gaps has led to 7.3 open
to remain employable.
jobs in the US, but this opportunity is not
Globally, no less than 54% of all workers accessible for everyone. Six million people
will require significant reskilling and remain unemployed and 4.3 million are
upskilling by 2022 – just three years underemployed (US Department of Labor,
from today. – World Economic Forum, US Bureau of Labor Statistics). Additionally,
“The Future of Jobs Report 2018” while employers acknowledge the
importance of integrating new technologies
Of these, about 35% are expected to
into their business models, 69% of US-
require additional training of up to six
based companies state that skills gaps in
months, 9% will require reskilling from six local labor markets prevent them from
months to one year, and 10% will require successfully implementing this.
additional skills training of more than a
year. The talent shortage continues to stymie
businesses, and employers are tapping
nontraditional sources to meet
recruiting demands.
For example, according to a study by
Opportunity America, the need for
nontraditional postsecondary education that
focus on job skills training (e.g. ones that
issue industry-standard credentials, but not
college degrees) have skyrocketed.
Demographic Trends
The US is a mosaic of local economies with
widening gaps between them. The same 25
cities that led the post-recession recovery
could capture 60% of job growth through
In the US, the rapid change in skills 2030, according to a McKinsey Global
requirements will impact 29% of workers by Institute report. Rural counties could see a
2020, from front-line staff all the way
through to upper management. flat or negative net job growth.
3 2019 STRATEGIC INITIATIVE PLANNING COMMITTEE BRIEF
