Worker Employer The Skillwork Forum

What Industries are Facing the Biggest Talent Shortage by 2030

Skillwork

If you desire you can listen this episode on Spotify.

It’s no secret there is a lack of skilled tradesmen in today’s industries. 🆘

With the global supply chain shortage, industries returning to US soil, and the lack of competent tradesmen in a wide array of businesses, a worker shortage is here and will only worsen with time.

In this episode, we discuss what industries are most impacted by this shortage and what you can do to mitigate the problem before it causes a loss in revenue. 📉

Learn about the worsening talent shortage and what you can do about it.👇

Main Takeaways:

🛠 Baby Boomers retiring mean loss of skilled workers
🛠 Talent shortage means loss of revenue for companies
🛠 Skilled workers are in high demand which means increased wages
🛠 Prioritizing experienced workers training and mentoring new ones
🛠 Industries returning to US soil increases the need for tradesmen

Timecodes:

⏰ 00:00-2:45 | How we determine what jobs will be in high demand

⏰ 2:45-5:39 | The “COVID exit” and other causes for the trade shortage

⏰ 5:40-9:50 | New skills in demand because of increased automation and tech

⏰ 9:51-18:50 | Jobs that will see the most wage growth

⏰ 18:51-21:36 | Advance your skills with certifications to advance your pay

⏰ 21:37-24:45 | Opportunities for skilled craftsmen

Quotes:

💬 “There's a shortage today of give or take around a million individuals across the trade spectrum, which is a wide spectrum.” - Brett Elliott
💬 ”A recent study done by the Korn Ferry Institute said by 2030 the global talent shortage could reach 85.2 million people, costing companies trillions of dollars in lost economic opportunity.” - Brett Elliott
💬 “We're in 2021 and this talent shortage is going to continue to be the biggest challenge that faces many industries.” - Brett Elliott
💬 “The inability to achieve those revenue objectives could be driven by your inability to have the talent necessary to achieve them.” - Tim Raglin
💬 “It's not just "Oh, I got to beat out the other people in my space", I now have to beat out these other industries for the talent.” - Brett Elliott
💬 “What can you do? The obvious answer is you're going to have to get real with your wages.” - Brett Elliott 💬 “Baby boomers that are coming into retirement age are your most valuable employees, and from the skilled trades perspective, they know how everything runs, they can fix everything, they've got all this wisdom and inherent knowledge.” - Tim Raglin
💬 “You need to be planning now to mitigate the risk of your baby boomers walking out the door by making sure they are passing on that knowledge and mentoring the newer employees.” - Tim Raglin
💬 “We always encourage companies to invest in apprenticeship, in long-term training, in education, and partnerships with trade schools.” - Brett Elliott
💬 “Start planning now. We're big believers in planning today so you're not fighting fires tomorrow.” - Tim Raglin

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