Not enough people having kids to support economic growth; large labor shortage forthcoming (worse…
A 2018 report by Korn Ferry projected that, by 2030, the U.S. could experience unrealized revenue of $1.748 trillion due to labor shortages — equivalent to 6% of the country’s entire economy. I think it is going to be WAY worse because people are having WAY fewer kids.
Why the Supply Chain Talent Shortage Isn't Letting Up
More than a year ago, word of the "Great Resignation" dominated headlines in business and industry trade media. Most of…
FYI: Michigan’s young population (0–25) has shrunk the MOST in the U.S. (-14%!). Birth rates have plunged in states where the 0–25 population is shrinking. Also,…There simply are not enough young people going into & working in the supply chain…https://lnkd.in/gMqxdxfr Note, there are not enough young people in general. Last year, deaths exceeded births in fully half of the US states. What does the decline of young people mean to US industries (From Sime: our industries will not grow as much as they otherwise could and would)?…https://lnkd.in/geyWT2iH
From Sime: Econ 101 says you cannot raise the standard of living unless you grow the economy, and you cannot grow the economy if there are not enough workers (especially young ones). If you thought we had a labor shortage during covid, wait until you see what the next generation will bring us because we are not having as many kids.
If you look at this 2020–2030 job growth chart closely, all things supply chain related scored VERY well (i.e., operations & logistics).
Basically, we are going to see 20–30% growth in SCM jobs over the next decade. Also, the jobs in SCM pay VERY well. Lastly, the data science jobs scored off the charts in growth & pay. So, SCM + data science = jobs & $. Finally, automation is killing all things manual (negative job growth).
My students are getting worried about the job market because they are hearing about this recession. Yes, recessions tend to be very bad for college grads. However…Yes, the number of job openings fell for the 3rd straight month to 10.698M in June which is the lowest since 10.629M in August 2021 (off the record high of 11.855 million in March). But, that means there are only (sarcasm) around 11M unfilled jobs. National unemployment is 3.6% (near 50 year lows). That is not a labor recession. College grads, worry not (for now, not even close).
Recession Graduates: https://lnkd.in/gY9FC6TR
The benefits of starting college in a recession
After a few thousand students, I would say this is the #1 reason my students change jobs (it’s their boss). Money becomes a factor when they can make > 20% elsewhere. FYI: WMU students can double major w/ Leadership. https://lnkd.in/gTv7gtEP
We have a record # of employers getting ready to hire our students:
EVERY student from every university is welcome to attend. 1) VIRTUAL Business Career Day: Fri., Oct 7, 11am-2pm on Handshake: https://lnkd.in/gHCjRaQR. 2) IN PERSON WMU Supply Chain & Food Marketing Career Night Fall 2022. Wed, Oct 12th, 5–8 pm. 3) For all majors: Business Career Day (In Person) Thurs, Oct 13th, 11am-2 pm. For employers:
Dr. Sime (Sheema) Curkovic, Ph.D., Professor, Operations/Supply Chain
Lee Honors College Faculty Fellow/Supply Chain Center Associate Director
Western Michigan University, Haworth College of Business
WMU: #1 in MI for earnings by graduates
Sample Lectures: What is SCM?
WMU…One of nation’s best undergrad SCM programs (Gartner); 2nd in technology (SoftwareAdvice); 2nd in top global talent (SCM World)