2016 State of the Workforce Report – BillingsWorks

By 2024 the MTDLI predicts this will reach critical mass when job growth will outpace the labor force.

Y
ellowstone County’s issues with workforce shortages and lack of qualified applicants are echoed
regionally, nationally and internationally. ManpowerGroup reports in its 10
th
annual Talent Shortage

Survey "Talent Shortages are on the rise globally. Worldwide, the percentage of employers who are
experiencing difficulties filling job vacancies continues to rise in 2015. When compared with 2014, the
proportion increases from 36 to 38%." In the U.S. the survey reports 48% of employers say the talent
shortage "is having either a high (16%) or medium (32%) impact on their ability to meet client needs."

Yellowstone County is at the forefront in Montana for creating innovative workforce development
partnerships, like the BillingsWorks Initiative. However, other cities across Montana are now feeling
increased pressure from talent shortages and are focusing on these issues as well. Data supports that talent
shortages will affect the State of Montana drastically in the next 10 years.

The Montana Department of Labor
and Industry (MTDLI) reports "In the next 10 years, at least 130,000 working Montanans will retire. With an aging
population, Montana’s labor force will only grow by 4,100 workers per year for the next 10 years." The MTDLI
projects that this will cause unemployment rates in Montana to reach levels of 1% – 2% within the next decade.
By 2024 the MTDLI predicts this will reach critical mass when job growth will outpace the labor force.

Full Report: http://www.billingsworks.org/wp-content/uploads/2015/08/2016-State-of-the-Workforce-Report-FINAL.pdf