America’s got talent. So why is there a talent shortage

The Federal Reserve is a pretty good storyteller. And the Fed’s Beige Book gives us a snapshot of the U.S. economy with anecdotal information from businesses across the country. Today’s storyline is America’s major talent shortage. In Atlanta, there aren’t enough long-haul truck drivers to transport a growing volume of freight. In the Chicago area, manufacturers are having difficulty filling production jobs. One company said it’s increasing production in its China plant because the firm can’t find skilled workers for its U.S. plant. In San Francisco, demand for cyber security experts is rising and there are not enough specialists to hire. At the end of the day, were running out of workers on many fronts, says Diane Swonk, chief economist at  Grant Thornton. â€Å"Theres a shortage of higher education workers. Legal immigration is down 20% now from the peak. Only certain people in the world can work on certain things. The tech sector is moving faster than we can educationally adapt. While this is a candidate-driven market, here’s some perspective from employers and recruiters on what they’re confronting today across industries. Financial Technology Anil Arora, CEO of Envest|Yodlee, is on the hunt for good data scientists. His Silicon Valley company is a financial wellness digital network that caters to financial advisors. â€Å"There are not enough data scientists today,† says Arora. â€Å"Now there’s a dire need for really good ones.† The U.S. Bureau of Labor Statistics says data research scientist jobs will grow 19% between 2016 and 2026, outpacing the average for all occupations. Data science can help financial advisors analyze a client’s profile and investment history while doing predictive analysis on future behavior. â€Å"We’re soup to nuts for financial advisors. We help open accounts, help them with asset allocation, rebalancing portfolios—the full chain,† explains Arora. Competing with bigger tech giants for the best data scientists, Arora tries to attract candidates by promising a fulfilling career in a company he helped grow from ten people to 3,500 employees. â€Å"You can’t do good data science unless you have a lot of good data. That’s what we have. With 23 million active users and 87,000 financial advisors, a lot of people get excited about that much data.† There are not enough data scientists today. Now there’s a dire need for really good ones. There’s an overall mismatch between supply and demand in the tech industry. Anil Arora, CEO of Envestnet|Yodlee Educational Technology Executive recruiter Teresa Chung can barely catch her breath these days. She’s working 80-hour weeks and traveling non-stop trying to fill positions in the niche of educational technology. As founder and managing partner of executive search firm  HighFive Partners, she is navigating a list of blended jobs that didn’t exist a few years ago. Were seeing this convergence of roles in order to operate at different stages of a companys growth, says Chung. The reality is, when you hire someone in fast-growth companies, that person could be a good fit to take the company from zero to $10 million, but may not have the capacity to grow it from $10 million to $50 million. You need people to operate with a lot of ambiguity and can keep pace.† On the technical side, candidates with highly specialized skills can cherry-pick the best-paying jobs. For instance, one of Chung’s corporate clients is a global conglomerate looking for a leader in Consumer Artificial Intelligence. However, the role not only requires AI experience but  expertise in three other industry sectors. The finalist for this position is someone Chung describes as getting bombarded two to three times a week with calls from other recruiters. If you have a highly specialized skill like artificial intelligence, its going to go far because companies are willing to pay a premium for it, says Chung. We are now in a candidate-driven market. Candidates are cherry-picking job offers. Teresa Chung, Founder of HighFive Partners, on tech companies looking for highly skilled candidates Manufacturing American businessman Scott Huff has manufacturing operations in both China and Tennessee. His company, Innovate Manufacturing, makes plastic products like Gatorade bottles for PepsiCo and party serving platters for Wal-Mart. When the cost of labor in China started to increase, Huff started reshoring operations back to Tennessee. Land, energy, electricity are cheaper here. Electricity in Tennessee is half what I paid in Dongguan,† Huff says. Without the cost advantages of China anymore, being closer to our customers is better. Businessman Scott Huff brought his manufacturing operations back to Tennessee. Innovate Manufacturing makes plastic products like bottles for the sports drink, Gatorade. However, a new set of challenges cropped up: finding workers with solid manufacturing experience and a good work ethic. The company has gone through a revolving door of workers for a number of reasons. Some workers don’t show up on time. Some don’t show up at all. Some are not paying attention to the quality of work, says Yvette Newman, the company’s human resources manager. We have a no-cellphone policy in the plant, but they’re looking at and paying attention to their cell phone. It’s a discipline issue really,† says Huff. â€Å"So many of the workers have never been in an environment that requires discipline. Retiring Baby Boomers and a lack of apprenticeships are also weighing on the talent pool. Huff has sent some American workers to China to get a crash course in manufacturing and brings Chinese engineers to his Tennessee plant to conduct training. We’re working on a race car in the middle of the race and the chief mechanic has retired. Businessman Scott Huff on the demographic challenge of Baby Boomers retiring Restaurants Several factors are colliding in the food industry to create a perfect storm. Some states have increased the minimum wage, which puts pressure on margins. The immigration crackdown has caused restaurants to shy away from hiring illegal immigrants to work low-paying jobs like washing dishes. A stronger economy means more customers and higher expectations of good service. However, in the same economic upswing, many eateries are seeing rapid staff turnover as employees leave for other restaurants paying higher wages. Economist Diane Swonk jokes, â€Å"The minute that service becomes bad, I know the economy is doing well.† To counter this trend, some restaurants are finding unique ways to invest in talent and to create a sense of ownership. For example, Taco Bell is expanding its tuition assistance to all 210,000 employees in the U.S. The fast-food chain said a pilot program last year resulted in a 34% increase in employee retention. Boston chef Chris Coombs has offered to pay the culinary school loans of his restaurant employees. He told the New York Times, â€Å"One consistent theme of our cooks is that they all had student loan debt. It was one of many tactics.† New York City startup, StellarEmploy, focuses on streamlining the hiring process for hourly workers in places like fast food restaurants and call centers. Co-founders Sara Nadel and Irene Chung say the pain point is the moment a company hires the wrong kind of employee. â€Å"People who excel at Dunkin’ Donuts are really different from workers who excel at Burger King,† says Nadel. â€Å"Burger King needs people who are good at multi-tasking. Dunkin’ Donuts needs people who pay attention to detail because there’s not a lot of cooked food there.† Hiring an employee with the right skills means less turnover, but that doesn’t alleviate all the problems. Chung has seen incentives backfire in a tight labor market. â€Å"Some fast food restaurants give a $200 bonus after 90 days on the job, but then you see a drop off and people leaving after getting those rewards. â€Å" StellarEmploy uses machine learning and deep learning to identify the strengths of a restaurant’s top employees and then finds applicants with similar skills. In the end, the right fit offers a little more stability in a fast-moving labor market. Interested to find out more about the career paths of Hult alumni? Download out our latest  Global Careers Report. Hult offers a range of highly skills-focused and employability-driven business school programs including a range of MBA options and a comprehensive one year Masters in International Business. To find out more, take a look at our blog Building startup talent: an interview with Hult alum Christian Claus of HoloBuilder. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .