March 10, 2023

Onshoring is leading to a Growing Worker Deficit

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Right now companies do not have enough cooks, assembly line workers, nurses, teachers, truck drivers, police officers, firemen, welders—the list goes on. As companies aim to revive domestic production, and as globalization appears to be in retreat, pressure on companies to fill the labor gap will continue to grow.

The ultra tight labor market is often treated as a pandemic-driven anomaly. But there’s a solid case to be made that it’s really the result of demographic trends that existed before and were accelerated with COVID19.

From a business leaders’ perspective, for the CEO who is setting a plan spanning the next 3 or 5 years, or for the CFO responsible for the growth budget, technology & digital transformation will become an ever increasing factor in the equation for growth.

“The US working-age population shrank in 2018 for the first time since at least 1960, as baby boomer retirements picked up and fewer young people entered the labor force” - Bloomberg

Bloomberg - America’s $52 Billion Plan to Make Chips at Home Faces a Labor Shortage