How Much Does The Skills Gap Harm The Manufacturing Industry, And How Can DEI Initiatives Help?
The National Association of Manufacturers’ Manufacturing Institute, along with Deloitte, have just released a study that attempts to answer those questions. The findings indicate U.S. manufacturing employers could see 2.1 million unfilled jobs by 2030. That gap would cost the U.S. economy $1 trillion in 2030 alone.
Other key takeaways include:
- While the manufacturing industry recouped 63 percent of jobs lost during the pandemic, the remaining 570,000 had not been added back by the end of 2020, despite a near record number of job openings in the sector.
- S. manufacturers reported that finding the right talent is now 36 percent harder than it was in 2018, even though the unemployment rate has nearly doubled the supply of available workers.
- Seventy-seven percent of surveyed manufacturers say they will have ongoing difficulties in attracting and retaining workers in 2021 and beyond.
Fortunately, the study also found diversity, equity and inclusion (DEI) initiatives can help manufacturers fill empty jobs. Read the full report here.
Read more about MSCI’s DEI efforts here.