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ESSAY QUESTION: Using the “attracting-developing-retaining” human capital paradigm, offer an example of each element to explain deficiencies in the current system leading to lower labor participation. What is the most important change you think firms will need to do moving forward? 3 pages single space (6 double space).
Links and data to consider: Perhaps we are in (or are entering) a recession: https://www.advisorperspectives.com/articles/2024/07/02/us-labor-market-signs-losing-steam-fed-alertLinks to an external site.
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What is happening, by the way, explains a lot of what is going on in Britain and France who just had elections (and protests) in the last week! You should learn about these elections, they say something about the world zeitgeist and will keep you informed for the US election as well.
You can read this article for Britain background: https://www.theguardian.com/business/2023/apr/25/britons-need-to-accept-theyre-poorer-says-bank-of-england-economist Links to an external site.
Part of this is wage stagnationLinks to an external site.
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From Bloomberg (https://www.bloomberg.com/opinion/articles/2023-03-17/where-are-the-labor-force-s-missing-gen-z-workersLinks to an external site.)
Also, uploaded the file here as a pdf.Download here as a pdf.
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from the “Clips that matter” (https://images.mauldineconomics.com/uploads/pdf/CTM_June_28_2023.pdfLinks to an external site.)
Excess Retirees
The US labor shortage has several causes, some of which are demographic trends that
have been brewing for a long time. The pandemic then complicated the picture, in part by
inspiring some older workers to retire sooner than previously planned. This chart comes
from a Federal Reserve study that tries to quantify the effect.
The authors first built a model intended to predict “normal” retirements. It looks at labor
market conditions for different demographic groups compared with the Social Security
benefits available to them to see how many would have made a historically typical
retirement choice. They then compared this to actual retirements.
Source: Federal Reserve Bank of St. Louis
The chart shows actual retirements moved well above the predicted pace starting in 2020
and are still doing so. As of April 2023, the US has a total of 2.4 million “excess” retirees
above the previously normal pace. That’s a big chunk of the workers whom employers say
they can’t find (here is an update: https://www.axios.com/economy/2024/02/19Links to an external site.)
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