Stay Ahead of Change: Assessing Labor Market Readiness for Sectors & Companies
How prepared are you for the talent crunch?
Across the world, the labor market is already tight, and the factors already driving this will only increase in the coming years. To be sure, no industry will be insulated from the impending storm that will fundamentally transform the way work gets done, and the only way to batten down the hatches is for businesses to understand the risks they will face, and seize the opportunity now to safeguard the future.
The U.S. labor market is undergoing a profound shift as the labor supply, unemployment rate, labor demand, and disruptive skills are creating unprecedented labor shortages, especially in certain sectors. In an extensive survey of U.S. enterprises, we found that:
This research seeks to show leaders and practitioners what is happening outside of their organisation's four walls so they can see the bigger picture of their industry landscape - and importantly, what lies beyond the horizon so they can take actionable steps.
Healthcare and construction are most affected.
8 to 1: rate the U.S. pop growth will outpace labor force growth
As companies navigate the changing landscape with immigration, automation, and female workforce participation, the question remains:
Grades by industry sectors
Agriculture, Forestry, and Fishing
Risk Factors
Construction
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Energy
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Financial and Insurance Activities
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Healthcare
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Hospitality
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Manufacturing
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Professional, Scientific, and Technical Activities
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Real Estate Activities
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Retail and Restaurant
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Transportation and Storage
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Water Supply, Sewerage, Waste Management and Remediation Activities
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Compare industry sectors
This tool provides a visual comparison of the future readiness of up to four sectors by means of a radar chart. The four axes are: unemployment rate, labor supply, labor demand, and disruptive skills.
Methodology
Lightcast has conducted an in-depth analysis of 627 of Fortune 1000 companies across the globe to grade the threat that the shrinking labor force wil have across various industries. To note, the grades are not based upon anything that companies are doing wrong, but instead to demonstrate the external factors impacting the ability of industries to maintain a future-ready workforce in an Increasingly disruptive landscape.
Grading Definitions:
Workforce Readiness Outlook
Labor Supply Grade
The overall score for the top 15 (or fewer) markets. A high grade means that the markets have high volumes of workers, a low grade means that the markets have a comparatively low labor supply.
Demand Grade
Combination of the two scores for working age population and Fortune 1000 job postings and Key Competitor presence. A high grade means that, comparatively, the company is not in markets with a lot of other major consumers of talent.
Unemployment Rate Grade
The overall score for the top 15 (or fewer) markets. A high grade means that the markets have higher unemployment rates which will allow longer periods of hiring into the future without enormous pressure on wages. A low grade shows that the unemployment rate is already tight and cannot handle further hiring going forward.
Disruptive Skills
The balance of skills companies are exposed to that are both hard to tind and expensive to acquire. An imbalanced exposure means having either too many skills everyone wants to hire, or too lew skills that organizations will need to catch up to competitors tor.
