Understanding Today’s and Tomorrow’s Workforce 

cybersecurity, education, Employee branding, Industry Today, manufacturing, technology 2 Minutes

Two articles courtesy of the U.S. Chamber of Commerce are of particular relevance to Industry Today readers. The first is Understanding America’s Shortage: The Most Impacted Industries. Specifically related to manufacturing, authors Stephanie Ferguson and Makinizi Hoover note that, “The manufacturing industry as a whole faced a major setback after losing roughly 1.4 million jobs during the onset of the pandemic. Since then, the industry has made significant strides toward recovery, making a concerted effort to address job vacancies. While durable goods manufacturing has seen a more substantial recovery compared to nondurable goods manufacturing, as of August 2023, a gap persists, with 616,000 total manufacturing job openings yet to be filled.” 

Industry Today has been covering this topic and no doubt will continue to cover it for quite some time to come. Just one example is 48 States Have a Manufacturing Labor Shortage, in which Matt Heerey, President of ECI Software Solutions Manufacturing Division sounds a pessimistic note: “The labor crisis may be getting worse.” 

The problems, according to another U.S. Chamber of Commerce report, is a combination of a smaller, aging, and more diverse population, along with challenges in labor force participation rates as well as education and skills development. Data Deep Dive: The Workforce of the Future, points to the key trends of: 

  • A dropping rate of labor force participation, with men leaving the workforce at a faster rate than women. 
  • An aging workforce coupled with a declining birth rate.  
  • Below average levels of legal immigration. 
  • Women will outnumber men in the workforce, who are more likely to have their participation affected by caregiver responsibilities. 
  • While the workforce as a whole is more diverse, there is an underrepresentation of Black and Hispanic workers in STEM fields. 
  • Increasing automation, combined with international competition, is expected to limit employment demand in the manufacturing sector.   
  • The workforce is well-educated but needs new skills. 

Co-authors Ferguson and Jenn Shrove note, “ To navigate these transformations successfully, it’s crucial for businesses, policymakers, and educational institutions to adapt and collaborate effectively for a prosperous workforce in the years ahead.”   

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