There’s a massive labor shortage on the horizon and employers must act now in order to have enough skilled workers to fill in-demand jobs, according to a new report from Lightcast. The report forecasts a labor gap of six million workers over the next eight years, with the health care, skilled trades, hospitality, and other service industries hit the hardest.
The Rising Storm: Building a Future-Ready Workforce to Withstand the Looming Labor Shortage says the pending shortage is being fueled by the deluge of Baby Boomer retirements, plummeting childbirth rates, and historically low labor force participation, particularly among men. The Rising Storm is a follow-up to Lightcast’s Demographic Drought series that first predicted the coming labor shortage and opportunities to increase labor participation rate.
To overcome hiring deficits, Lightcast suggests employers, educators, and local workforce development organizations prioritize skill adjacency, upskilling, and development to build a robust, future-ready workforce.
“Employers need to open the door wide in order to reach as many applicants as possible. This means job descriptions need to be clear and open-minded, ideally also oriented around future training and reskilling,” according to the report.
It also suggests other ways to expand the talent supply, including through seeking capable employees abroad or exploring the potential of AI in key roles. Meanwhile, says Lightcast, educators and employers must prioritize skills development and adaptability over college degrees.
The report goes in depth on how public and private organizations can work to address this labor shortage. You can read the full report here: The Rising Storm: Building a Future-Ready Workforce
