Data Deep Dive: UPSKILLING & RESKILLING OUR WORKFORCE

by Stephanie Ferguson, Contributor, US Chamber of Commerce

The United States is facing a labor shortage. There are too many open jobs and not enough workers to fill them. Through the America Works Initiative, the U.S. Chamber and U.S. Chamber Foundation are committed to helping businesses understand contributing factors to the labor shortage, discover overlooked talent pools, and provide solutions to help businesses attract and retain the best talent.

Higher education levels = lower unemployment

Since 2002, the labor force has experienced varied levels of unemployment, markedly worse during times of economic distress. However, the higher the level of education a person has achieved, the less likely they are to be unemployed. This remained true during the pandemic.

6.3%

Current unemployment rate for those with less than a high school diploma

1.9%

Current unemployment rate for those with a Bachelor’s degree or higher

One overlooked talent pool is a company’s current staff. By investing in their existing workers through upskilling and reskilling initiatives, a business’s current workforce can develop the skills necessary to perform the jobs the business needs now—and the ones they will need years from now. This page dives deep into worker skills, current workforce needs, and the skills that need to be developed for the country to remain competitive in the future.