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Challenge
Like many counties across Washington State, Pierce
County continues to face the challenge of developing a sufficient number
of residents with the necessary skills and qualifications to meet the
demand of businesses. As Baby Boomers begin their historic exit,
profound economic consequences exist. 43% of the U.S. civilian labor
force is eligible to retire in the next decade, leaving huge talent gaps
across all industries.
Shortage
In addition, the long-term labor/talent shortage
continues to be a threat to the health of our economy. It is projected
that the U.S. will experience a 6.2 million person shortage by 2008 and
40 million by 2015. The collision of these forces requires targeted
investments that yield systemic change.
This skills shortage creates an opportunity to target
and engage our youth. According to a report by Center for Law and Social
Policy, more than 5 million youth, 15% of the nation ’s youth
population, between the ages of 16 and 24 are out of school and out of
work.
Transition
In addition, many young adults who are in school are
at risk of dropping out. This indicates that a considerable portion of
the country ’s emerging workforce may face significant difficulty making
the transition to productive adulthood and further exacerbates the
current and projected labor/skills shortage experienced by industries.
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