A Bloomberg article (February 2nd) highlighted a recent survey of 400 executives whose overwhelming concern is talent scarcity.
Job openings in the manufacturing and construction industries rose by 36% and 82%, respectively, in the year up to November 2016. But openings are only half the story– we also need to take into account the number of people hired for those jobs.
Overall, job openings have exceeded hires in 19 of the last 22 months, marking a significant shift in the dominant trend over the last sixteen years and signaling a deficit in the number of qualified applicants for certain jobs.
What industries are driving the shortage of qualified people to fill these job openings? Well, in spite of the remarkable jump in the growth rate of job openings noted above, it isn’t construction (where hires have massively exceeded openings over the last decade).