Why Our Workforce is Under Strain and What We Can Do About it

Our workforce is under strain and will be for the foreseeable future.

We've known about the coming "Silver Tsunami" of baby boomers retiring, but did you know that since COVID they are actually retiring faster than projected?

Meanwhile, Americans are having fewer children. In fact, we have more 17 year-olds today than we will have at any point in at least the next 17 years. Put another way: today there are about 4 million 17 year-olds. There are only 3 million 1 year-olds.

And, in North Carolina alone, there are 100,000 fewer parents of young children in the labor force than there were five years ago, as Neil Harrington of NC Child shared with business leaders during an ExCEL NC event in Wilmington earlier this week. (Shout out to Kristi Maida, PhD for her leadership on this initiative)

That is why childcare is a business issue. We need those parents in the labor force if they wish to be, but many have left because they can't find affordable, quality childcare. AND, we need everyone of those 3 million 1 year-olds to be well educated and prepared to contribute when they enter the workforce in 20 years, which is why early childhood education is so crucial.

The good news: business leaders are getting involved. Natalie Haskins English, CCE, IOM, the Wilmington Chamber of Commerce and their volunteer leaders were great partners this week in sharing the challenges businesses face in this area.

There are no easy solutions, which is why we have to work so hard to make sure we find them.