The U.S. Census reports that the number of Blacks has grown by 19% and Hispanics by 56% in the past decade. While this may imply an increase in the availability of diverse candidates for the American workforce, in fact, the opposite is true. The US Bureau of Labor Statistics projects that there will be about 500,000 new management positions opening every year. However, there are only about 250,000 new graduates entering the workforce each year. The gap will only continue to grow as baby boomers begin to retire and there will be fewer workers adequately trained to replace them.
Corporate America continues to demand more talented business leaders even as it faces a limited pool of candidates. Demographic trends suggest that the issue isn’t really a labor shortage, but a skills gap. Simply, the number of people in the pipeline who are prepared with the right academic and professional experience needed to compete in the 21st century workforce need to be increased.
