Worker training is a critical limitation to our long-term economic growth. US needs to make targeted investments in our workforce in various industries through worker training and education to reduce the increasing gap between number of unqualified workers and the increasing number of job openings.
In 2015, federal, state and local governments in the U.S. spent less than a 0.5% of gross domestic product on programs to train those who are or could be in the labor market, the article states. That is less than most other industrialized nations, including Canada, Australia and Germany. In addition, U.S. schools and governments have a mixed record of success in retraining Americans who lost their jobs for new roles.
According to this recent paper, spending on education and training in the U.S. has been mostly focused on people younger than 25 years old. Relatively little is spent during a person’s working life by employers or the government, potentially leaving them without the ideal skill set for modern jobs. Many employers are reluctant to provide that training, fearing competitors will reap the benefits by hiring away their skilled workers.
For complete details, please visit: https://www.wsj.com/articles/without-better-training-u-s-will-fall-short-on-workers-economists-say-1531850521?mod=hp_major_pos12&ns=prod/accounts-wsj