Event focuses on workforce

By Edward Redd edward@youarecurrent.com

really hard and made a lot of money,” Woodson said.

Workforce

An executive with a labor market analytics firm says employers need to focus on attracting workers and help employees build on existing skills.

That was the message from Mindi Woodson, senior vice president of Lightcast, a company headquartered in Boston, Mass., and Moscow, Idaho, who spoke during a State of the Workforce Event March 24 at the Bridgewater Club in Westfield. The event provided attendees with an insight into the state of local employment and its projected growth, challenges and how employers can adapt.

Woodson told those in attendance about factors that impacted the labor crisis before and after the beginning of the COVID-19 pandemic in 2020. Woodson also spoke about the workforce dating back to the 1970s, saying that it doubled as more women sought employment.

“All the competition led to baby boomers going to college to get degrees at a much higher rate than ever before. They worked

However, she said around 2002, the upward trend peaked as many baby boomers retired, while at the same time millennials started entering the workforce in a different way. That resulted in the workforce shrinking faster than it was growing, she added.

“The millennials are the babies of the boomers. The millennials saw their parents working really hard and not spending time at home with their families. The millennial will choose flexibility over money,” Woodson said.

Moreover, Woodson said COVID-19 prompted people 55 and over to retire early. Millennials are working differently than baby boomers did, and the youngest workers are not working, she added.

“Labor force participation needs to improve,” Woodson said.

Today, the U.S labor force is challenged with demand for employment outpacing work population growth, according to Woodson. Since 2011, youth in the labor force has dropped by 9,000 per year, according to Woodson.