Educational Technology

December 5, 2018

Skills Gap Could Cost US Economy $2.5 Trillion Over Next Decade

Filed under: Educational Technology — admin @ 12:35 am

Paul Wellener, Industry Week

Last week Deloitte’s report, 2018 Skills Gap Study, showed that 2.4 million jobs will likely go unfilled over the next decade. To put that in terms of the monetary effect on the U.S. economy, the study showed that it could jeopardize $454 billion of economic output in 2028 or more than $2.5 trillion over the next decade. Already, manufacturing executives are feeling the impact of the talent shortage and anticipate this skills gap will get up to three times worse over the next three years, largely due to the time required to fill skilled positions: Manufacturers say it takes upwards of three months to fill openings for engineers, researchers, and scientists, and; More than two months to fill positions for skilled production workers; In turn, these vacant positions impact several business areas, notably productivity (51%), growth (47%), customer service (42%) and innovation (43%).

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