Tight on Talent: Costs of the Skilled Labor Shortage [Infographic]

Qualified job candidates are becoming harder and harder to find thanks to the skilled labor shortage.

Between the dropping unemployment rate, more job openings, increased consumer demand and e-commerce expectations, there aren't just less job candidates per job, there are less qualified job candidates per job. Employers are struggling to find job candidates (like forklift technicians, for example) that have the skills required.

The impact? Well employers will have to be more resourceful with recruiting. They'll have to compete on a new level for the talent they need. That sounds good, right? Higher wages, better benefits, and other incentives for job seekers.

But the tight labor market also holds back growth when employers can't meet demand. See the costs of the tight labor market in our infographic.

Skilled Labor Shortage Infographic

That's right. Almost every industry across the U.S. is affected by the labor shortage. Warehousing, manufacturing, logistics. And according to one study, the results will affect the global market.

Between the lack of skilled labor and the knowledge gap left in the wake of baby boomer retirements, employers are finding new ways to attract job seekers. A study by Deloitte LLP and the Manufacturing Institute found that 83% of manufacturing companies said they'd increase wages.

Meanwhile 39% of respondents said they're adopting learning and development programs.

It's no surprise that employers are using training programs to supplement the skilled labor they need, especially with the safety issues that have cropped up. At the very least, safety training will reduce hazards on the job, while developmental training offers new opportunities to current employees.

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