The Future is Forming
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The Future is Forming
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If you have any questions, please email us: blog@EQSgroup.com
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Wednesday, January 31, 2007
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Outsourcing Because of Cheap Labor Overseas? Maybe not. Maybe it's not enough skilled workers here
If the last paragraph in the second article below is really the case, then maybe we should be doing more to encourage higher education for all.
Talent Availability Rather Than Labor Cost Seen Driving Offshoring
Low-cost labor is no longer the most important factor in decisions on moving work offshore; access to qualified workers is, contends a Duke University/Booz Allen Hamilton study released on Oct. 31. Indeed, indicates the study, companies are increasingly moving product design, R&D, and other relatively sophisticated operations to China, India and other places offshore primarily because they can provide the highly skilled engineers and science workers who are in short supply in the U.S. and Europe.
Nearly three-fourths of the 530 US and European companies surveyed that are establishing or expanding product development offshore said "access to qualified personnel" was the most important driver of their offshoring strategies. Almost 70% said site selection was based on the availability of qualified workers.
Skilled worker shortage hurts U.S.
The biggest problem with job growth right now isn't too few new jobs. It's too few skilled workers. Many economists and labor market experts say that job growth and the economy overall would be significantly stronger if employers could find the skilled workers they really need.
"I'm hearing across the board, across industries, companies indicating they can't exploit market opportunity because they can't find people with the right skills," said Jeff Summer, an executive at Deloitte Consulting who leads the firm's management practice. He said that there's virtually no long-term unemployment for skilled workers.
Anthony Chan, chief economist for JPMorgan Private Client Services, said employers are constantly citing the inability to find the workers they need as one of their top problems, if not their biggest worry.
Businesses "feel there's real (unmet) demand out there," he said, adding that "economic growth would be faster" if there wasn't this tight supply of workers.
Economists are forecasting that overall the unemployment rate in December stayed at 4.5 percent. But the rate for college-educated workers was just 1.8 percent in November, near the rate for that group in 1998 and 1999, when the economy was white-hot. The lowest rate for college grads on record was 1.5 percent in three months during 2000.
2 comments (toggle show/hide) | links to this post
Talent Availability Rather Than Labor Cost Seen Driving Offshoring
Low-cost labor is no longer the most important factor in decisions on moving work offshore; access to qualified workers is, contends a Duke University/Booz Allen Hamilton study released on Oct. 31. Indeed, indicates the study, companies are increasingly moving product design, R&D, and other relatively sophisticated operations to China, India and other places offshore primarily because they can provide the highly skilled engineers and science workers who are in short supply in the U.S. and Europe.
Nearly three-fourths of the 530 US and European companies surveyed that are establishing or expanding product development offshore said "access to qualified personnel" was the most important driver of their offshoring strategies. Almost 70% said site selection was based on the availability of qualified workers.
Skilled worker shortage hurts U.S.
The biggest problem with job growth right now isn't too few new jobs. It's too few skilled workers. Many economists and labor market experts say that job growth and the economy overall would be significantly stronger if employers could find the skilled workers they really need.
"I'm hearing across the board, across industries, companies indicating they can't exploit market opportunity because they can't find people with the right skills," said Jeff Summer, an executive at Deloitte Consulting who leads the firm's management practice. He said that there's virtually no long-term unemployment for skilled workers.
Anthony Chan, chief economist for JPMorgan Private Client Services, said employers are constantly citing the inability to find the workers they need as one of their top problems, if not their biggest worry.
Businesses "feel there's real (unmet) demand out there," he said, adding that "economic growth would be faster" if there wasn't this tight supply of workers.
Economists are forecasting that overall the unemployment rate in December stayed at 4.5 percent. But the rate for college-educated workers was just 1.8 percent in November, near the rate for that group in 1998 and 1999, when the economy was white-hot. The lowest rate for college grads on record was 1.5 percent in three months during 2000.
2 comments (toggle show/hide) | links to this post
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Comment:
Odd as it may seem Danny, here in the UK we definitely have a shortage of engineering and science based graduates. Also a lack of the old engineering apprenticeships schemes means fewer "hands on" people in the workforce.
It may be because the subjects are considered more difficult, or less glamorous than the alternatives. It could be that prospective candidates feel that other disciplines offer greater financial rewards. Whatever the reason, we are certainly lacking in some key areas.
Whilst I still believe that cheaper labour is a major factor in outsourcing, I can see that labour skills could be a factor.
Posted by 
Steve |
February 02, 2007 12:52 PM
Comment:
Access to skilled labour is going to become a problem in Canada in a while. Most skilled and competant (I mean, able to work to a thousandth of an inch) toolmakers are older and close to retirement. I stay in touch with an old teacher in a community college, and we have their tool and die classes in for shop tours and the classes are getting smaller and smaller every year.
Posted by 
Michael |
March 19, 2007 9:11 AM