Board Meeting Recap: Workforce Trends and Challenges, Looking Ahead.

During last week’s Board meeting, Nilda Blanco, Senior Director, Business Intelligence, shared important workforce trends impacting the Central Florida community.

  • The most current unemployment rate across our five-county region, at 4.4%, ranks slightly higher than the state average of 4%.
  • Who are the currently unemployed?
    • In our five-county region, the unemployed population is around 61K residents.
    • In many cases, unemployment was due to massive COVID-related lay-offs in various industries including retail, healthcare and accommodation & food service.
    • These industries include high representation of people of color and women, and both of these audiences are still suffering re-employment challenges.
    • The unemployed demographic is largely prime working age – between 25-34 and 35-44.
    • In addition, many young people delayed starting their first careers due to the pandemic.
  • Highest-demand industries in need and hiring right now include Construction and Utilities, Healthcare, and Hospitality & Tourism.
  • The workforce are reevaluating their work-life priorities, which is leading to the Great Resignation. An estimated 4.2 million workers resigned in October 2021. Priorities have changed and they are seeking better wages, work-life balance, ability to work remotely or hybrid and family-friendly work practices. Others are pivoting to new careers and acquiring new skills.
  • The challenge will deepen as we look ahead. There is a predicted significant increase in the shortage of workers, including an estimated 800,000 Baby Boomers retiring. We will see increased labor gaps and continued lower labor force participation among women, people of color, individuals with disabilities, and those with justice-involved backgrounds. In addition, workforce demographics are shifting as different generations in the workplace now demand a work-life balance and with remote work opportunities.

Change is happening fast, and CSCF is ready to support the challenges brought on by new trends in the workforce industry. Our solutions must address both short-term and long-term impacts as we create strategies to meet workforce demands, and we will explore more of these solutions in the coming months leading up to our board strategic retreat.