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Shortage On Skilled Labor

The coronavirus pandemic caused the unemployment rate to spike, and unfortunately, many Americans are still unemployed. For those looking for work, exploring a career in skilled trades may be a smart idea. Skilled trade jobs, an essential part of the U.S. workforce, are in high demand right now because of an increased shortage of qualified trade workers. That is great news for skilled trade fields, such as transportation, trucking, logistics, commercial construction, and manufacturing as plenty of career options exist. This ongoing trend will extend into 2021 and the years ahead, even in this unpredictable economy.

Some essential stats below describe the spike in skilled trade opportunities:

• The Bureau of Labor Statistics estimates better than average employment in building trades through 2026.

• The commercial construction industry expanded more than four percent over the last five years and will continue to grow.

• More than two million manufacturing skilled labor jobs will be vacant by 2028.

Attractive Pay Rates

Skilled trade jobs, such as electricians, plumbers, machinists, heavy equipment operators, and others, are plentiful right now, and the jobs pay well. According to the Associated General Contractors of America, 38 percent of companies have increased base pay rates to retain and attract employees. Your local plumber could be making a six-figure income, and so can the construction workers you see hard-at-work as you drive down the street. Did you know the median salary for a construction manager is around $95,000? If you love being on the road, more than 100,000 heavy truck driving jobs are available, where you can take home more than $50,000 per year. These are the opportunities that provide a nice meal for your family and clothes on your back. Trainees can make between $15-20 per hour.

What Are Some Of The Causes Of The Skilled Labor Shortages?

The current administration’s trillion-dollar plan to modernize the U.S. infrastructure will significantly impact the need for skilled labor jobs and fuel job growth for construction, manufacturing, and more. Hopefully, there will be enough workers to fill the demand. A primary focus is to show young, hard-working Americans that these opportunities hold much promise for good pay and a long-term, lasting career. Where other industries are competitive, millions of unfilled trade positions are available to those who are qualified and interested to learn and work hard.

Some factors that resulted in skilled labor shortage include:

• Apprenticeship programs decreased over the years as companies cut out programs that didn’t add to the bottom line.

• In 2008, more than two million construction jobs ended during the last economic downturn, but only about one million were filled over the years.

• Retiring baby boomers have left jobs that are now open (31 million positions will be left vacant due to baby boomer retirement estimations, according to Adecco).

• Skilled trades have a bad rap among younger generations who would rather grab jobs with better pay that are not overly physical.

• Many skilled labor businesses are family-owned, and the younger generations are interested in different career paths.

Managing the Demand for Skilled Workers

Closing the gap is crucial for companies to fill job opportunities and not affect the bottom line. Companies should invest in apprenticeship programs and training to cultivate and grow new talent and develop current talent. A focus should be on retaining loyal and skilled current employees, as it’s an easier process than filling that spot and retraining new candidates.

Industries, like construction and manufacturing, will continue to see expansion in the years to come, as will the truck driving industry, which means there will be a heightened need for medium-duty fleet vehicles.

CFF is ready to help you secure the financing you need to increase growth and boost your business.


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2021-06-21T14:00:25-05:00
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