Jobs, Jobs, Jobs
In economic development, we are often bombarded by elected officials crying out for new jobs and a lack of understanding of the complexities and nuances between the economy, job creation and economic development. While we would all strive to encourage high-value and knowledge intensive industry growth, we need to be mindful of our local workforce and its ability to deliver employees for new jobs that may be created.
Do we have the necessary skills within our economy to meet the future requirements for jobs? Can we supply labour for the jobs that our economy is creating today? Can our labour force act as a catalyst for new business investment?
The figure below shows an interesting perspective on the Australian economy and the mix and diversity of jobs that are being created right now. As you will see, there are plenty of the ‘smart’ jobs reflecting the growing evolution of our economy, but there are also a lot of lower skilled jobs that fulfil critical roles in our economy be it in healthcare or retail services. These figures are just a snapshot of job vacancies and don't include all jobs advertised, but the perspective remains interesting.
Source: Lucid Economics; Department of Employment (2017)
As economic developers, we need to be mindful of the balance between job creation and the skill sets in our local workforce (i.e. our ability to provide local employees for the jobs created). With these things in mind, we will be better equipped to deal with our elected officials and their cries for new jobs.
Lucid Economics specialises in workforce analysis and economic development. If you want to discuss your local workforce and job creation, please contacts us at email@example.com or 1-800-940-990.