Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds
While there has been a lot of discourse around the shortage of high-skill workers in the US, a new study by staffing giant TrueBlue shows a significant percentage of employers are also struggling with deficits in low-skill and middle-skill workers – and dealing with a host of business challenges as a result.
According to TrueBlue’s nationwide survey, which included nearly 1,500 managers (HR, operational, and business), skills shortages are widening across skills categories:
- 32% of managers can’t find workers to fill low-skill positions (generally classified as those that may or may not require a high school diploma and require little to no experience)
- 46% can’t find workers for middle-skill jobs (typically require some experience and continuing education such as college courses, an apprenticeship or certification, but don’t necessarily require a four-year college degree)
- 35% can’t find workers for high-skill jobs (typically require a four-year degree or higher and specialized experience)
HR Technology News: SHRM-Society for Human Resource Management and Prometric Renew Long-Term Partnership with Multi-year Agreement
“Low unemployment coupled with globalization, accelerated technology advancement, and evolving work models are creating talent deficits across all skill levels within organizations,” said Patrick Beharelle, CEO of TrueBlue. “The skills supply is not keeping up with demand, which is fueling a greater intensity in an already competitive labor market and adversely impacting productivity, service quality, and revenue growth for businesses.”
Impact of Talent Shortages on Businesses
The top three business challenges managers are experiencing due to prolonged job vacancies within their organizations include:
- Quality – More than a third of managers (35%) reported that extended job vacancies have caused lower product or service quality.
- Turnover – 25% have seen higher employee turnover.
- Revenue – 23% said their companies experienced a decline in revenue.
HR Technology News: Flynn Restaurant Group Satisfies Employees’ Financial Need With Innovative DailyPay Benefit
To address talent shortages and minimize associated business impact, 2 in 5 companies (41 percent) reported that they plan to raise compensation for entry-level workers and nearly half (46 percent) plan to train and hire the long-term unemployed in the coming year.
HR Technology News: Staffing Employment Growth Slows in Third Quarter
TrueBlue is a global leader in specialized workforce solutions that help clients achieve business growth and improve productivity. In 2018, the company connected approximately 730,000 people with work.