3 things business must do to save American jobs
Published August 29, 2013 10:24 AM
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Updated September 3, 2013 9:57 AM
1 Min Read
Were at an employment tipping point where the demand for skilled workers will continue outstripping the supply. There are now 7 million jobs unfilled. That will climb to at least 14 million in the next six years.
By 2020, 122 million jobs in the U.S. will require high-skilled workers. But the talent well will have only 98 million workers who are qualified and semi-qualified (needing training). Hardest hit by the shortage will be IT, aerospace, biosciences, new materials and other high-tech industries.
We cannot make the old system well again. Technological progress is occurring too fast for labor markets and current talent-creation systems to meaningfully adjust. By 2020 there will be:
- 73 million low-literate adults (aged 25-65)
- 1 million high school dropouts annually
- Over 60% of K-12 testing at or below basic skill levels
New approach
We need a new approach. America must rebuild its education-to-employment system to create the skilled workers the digital age demands. If we do not:
The tools to fix our broken talent creation system are in our backyards. There are three things businesses can do.
- We will cede our technology superiority to other nations
- t Most Americans will work for foreign-owned businesses
- Many middle-range jobs will disappear
The tools to fix our broken talent creation system are in our backyards. There are three things businesses can do.
Solution #1
Start treating employee training and education as an investment rather than a cost.
Solution #2
Encourage the federal government to allow depreciation of investments in human capital.
Solution #3
Join with local and regional governmental, educational and societal stakeholders to create RETAINsRegional Talent Innovation Networks that can drive both economic development and talent development.
There are about 1,000 RETAINs in the U.S. whose community partners are transforming the talent pipeline across the U.S. Learn more about them and Future Jobs at www.imperialcorp.com.
There are about 1,000 RETAINs in the U.S. whose community partners are transforming the talent pipeline across the U.S. Learn more about them and Future Jobs at www.imperialcorp.com.
