By most measures, the economy is booming. Unemployment is at a 49-year low of 3.7 percent. The economy grew at an annualized rate of 3.5 percent last quarter. Recent data from the Department of Labor finds wages and salaries rose 3.1 percent in the third quarter, the largest increase in a decade. Yet, even with the economy humming, long-term problems loom.
Despite the current tight labor market, rapid change is coming to the workforce. A recent report published by Dell Technologies estimates “that around 85 percent of the jobs that today’s learners will be doing in 2030 haven’t been invented yet.” Further, in the coming decades, new technology and automation will likely lead to the displacement of many workers from their current occupations.
One part of the solution is to provide workforce development opportunities to workers. To help prepare workers for new jobs that require different skills, the Trump administration has made expanding apprenticeship programs a top priority, as well as encouraging the private-sector businesses to provide workforce development opportunities to their employees.
On October 31, the White House held the Our Pledge to America’s Workers Event, which promoted businesses that have committed to investing in their employees. So far, 165 companies have pledged to create 6,432,283 new opportunities for America’s workers. It is also important to note that all of this has been done with absolutely zero federal funds.
Read the full article at Inside Sources.