The United States and our economy were both built on skilled labor – manufacturing and construction jobs. Today our economy continues to be driven by skilled labor jobs, but there is a looming threat to this foundation. A generation of baby boomers, approximately 25% of the U.S. population, is soon to be fully retired, and the positions they will be vacating are skilled trade jobs. A shift away from labor intensive jobs among newer generations means that there will not be enough qualified individuals in the upcoming workforce to fill these positions. The skills gap, as it is termed, presents a problem for everyone in its implications.
Over the next several years, an estimated 32% of the nation’s most profitable manufacturers will experience significant financial losses due to the exodus of baby boomers from the manufacturing workforce. The implications impact the entire economy, from the weakened businesses to consumers of the products they sell, who will face shortages and higher prices.
Collectively, the manufacturing industry is working to promote interest and enthusiasm in manufacturing careers among a new generation of job seekers. Individually, manufacturers must prepare for the challenges their business will face, including maintaining staff and building a reliable supply chain.
To learn more about the implications of baby boomer skills gap, how it will unfold, and what can be done to prepare, download our free Guide to Navigating the Skills Gap.