How the Skills Gap Will Affect 2014

Having been around for 55 years, Amtec has weathered many tough seasons in the job market. Now, concern about the skills gap is rising, and with good reason. Employers find themselves competing to source and attract top talent as workers strive to gain the needed skills to guarantee their marketability. How will this competition affect employment in 2014?

The Palmer Forecast, which uses BLS and other information, recently projected a significant impact:

“We still expect unemployment rates to remain stubbornly high for the foreseeable future,” Palmer said. “One of the key aspects of the high rates continues to be the much talked about skills gap found in available workers, namely, the lack of required skills or education needed for today’s increasing technical and skills-based positions. The key skill areas most severely impacted are those in Health Care, Information Technology, Skilled Trades and those positions that require high degrees of math and science. The gaps in these areas are beginning to widen and could cause pressure on wages in the future, as evidence by a recent McKinsey survey, showing that 40% of companies are reporting that certain jobs are remaining open for six months or longer.”

Increased competition for candidates may mean creative hiring methods are required, such as sourcing workers with transferable skills, or giving additional training to current employees to qualify them for hard-to-fill positions. Increased expectations for candidates will likely require additional training to stay current with job market demands. Either way, Amtec is committed to helping you not only survive the skills gap, but also thrive in 2014.

Are only 29% of your employees engaged in their jobs? Find out here!

G. Palmer & Associates, founded in 2006, provides advisory services in the human capital sector with the purpose to increase shareholder value. Founder Greg Palmer has served on the board of the American Staffing Association and was president and chief executive officer of RemedyTemp, Inc., one of the nation’s largest temporary staffing companies, prior to its sale in June 2006.

By Marcianne Kuethen