It’s estimated that by 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them." #workforcetransformation The gap between labor and need is already large, and it’s increasing rapidly. population shrinks, the existing talent crisis and widening skills gap will only become more of a challenge. Solving the talent supply chain crisis is a much more complicated math problem involving multiple variables an organization must consider, including declining birth rates, aging demographics and retiring Baby Boomers. "The volatile labor market is only one part of the equation. But in reality, the fact that it hasn’t already suggests our challenge lies deeper than expected. The general sentiment is that it’s only a matter of time before the market turns. Despite ongoing inflation and economic uncertainty-two factors that historically turn labor markets in employers’ favor-77% of businesses struggled to fill open positions last year. "While many leaders are hoping that time and changing market conditions will bring relief to hiring woes, the outlook is less than ideal. Even if there were enough younger candidates to replace retiring boomers, losing decades of expertise threatens productivity, innovation, and the ability to maintain institutional knowledge. Further complicating the issue are the skills and experience Baby Boomers are taking with them when they leave the workforce. will soon bear witness to a more shallow labor market than ever before. "With fewer Gen Zers entering the workforce than needed to replace retiring boomers, the U.S.
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