Skilled worker shortage costs could hit $50M
A survey commissioned by Advanced Technology Services and conducted by Nielsen Entertainment’s Consumer Products group found that 73% of senior U.S manufacturing executives surveyed believe the looming skilled worker shortage will be expensive for their businesses.
In aggregate, executives said the shortage, which is based on the expected retirement of the Baby Boomer workforce, could cost upwards of $50 million over the next five years.
Of respondents with more than $1 billion in corporate revenue, 46% believe the shortage could cost American manufacturers about $100 million. The automotive industry appears most likely to feel the brunt, as 56% of these executives saw the losses reaching between $50 million and $100 million.