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Career (Con)Quest Comic

Career (Con)Quest #16: Skills Shortage

strip #16 skill shortage

Some companies really need to patch the holes in their hiring process first.

The mythic skills shortage gap – is it real or not?

Well, researchers got some answers.

It turns out that employers actually beef up the job requirements when there’s plenty of good candidates during a recession. 

But as unemployment rates go down industry-wide, suddenly most companies are more lax about hiring less qualified staff for the same roles.

Below is a quick chart showing how the required level of education and experience qualifications goes up along with the unemployment rate and vice versa.

changes in labor market slack

Source: VOX.

In other words, the “skills gap” emerges when people can’t find a job because the bar is set too high. Yet, when fewer candidates are on the market, employers are ready to take more “under-qualified” candidates on board.

 

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