Lack of Skilled Workers a Major Concern for Local Companies
Lack of skilled workers ahead of the coming hiring boom is one of the main concerns of Philadelphia-area companies, writes Bob Fernandez for the Philadelphia Inquirer.
A new survey from the Federal Reserve Bank of Philadelphia, commissioned by the Greater Philadelphia Chamber of Commerce, shows that competition is the only issue that beat the lack of skilled workers.
The result of the survey of 124 companies was released during the chamber’s outlook breakfast on Jan. 19.
Labor quality will most likely also emerge as a concern nationwide as the stock market climbs and unemployment continues to fall. This is forcing companies to compete for specialized workers.
The job market in Greater Philadelphia may become tighter still, if Amazon decides to bring its second headquarters and, thus, thousands of jobs to the City of Brotherly Love.
Elif Sen, a senior economic analyst with the Philadelphia Fed, said that higher 2018 hiring expectations could be the result of companies failing to find the right people this year.
However, “there is nothing that will bring everything to a lurching stop,” he said.
Read more about the employment concerns of local companies in the Philadelphia Inquirer here.
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