Honey, I Shrunk the Workforce
We have nearly two million fewer Americans participating in the labor force today compared to February of 2020. In a tight labor market with job openings near all-time highs, employers are bending over backwards to meet workers' demands for flexibility. As the workforce continues to shrink, technology may hold the answer.
WY We Care: Laramie County’s unemployment rate was a measly 2.8% in our latest data, and has fallen steadily throughout 2023. Your Cheyenne Chamber is determined to find immediate solutions and long-term strategies to supercharge Wyoming's workforce.
By the Numbers: Remote work has firmly taken root in American middle market businesses, according to the RSM US Middle Market Business Index.
39% of executives said remote work had a positive impact on their businesses.
Remote work trends empower businesses to source talent from a broader geographical area.
U.S. employees are demanding more flexibility to set their own hours and schedule.
“A candidate’s decision to work at a [business] is about much more than just money. Pay and equity are important, of course, but so are having a good mentor, fulfilling career goals, and having the flexibility to maintain a balance with life outside of work,” said Anne Bushman, RSM US.
What’s Next: “We have gone all in, around Wyoming and the nation, thinking that somehow we can fix our workforce woes by training enough folks, educating enough folks, or tempting enough lazy folks that aren’t working since Covid to come back to work,” said Dale Steenbergen, President and CEO of your Cheyenne Chamber.
Even if we educate and train every single person in the U.S., it still won't be enough to meet our workforce needs. Birth rates are plummeting, with a million fewer workers being born every year. To stay ahead and keep thriving as a nation, we have no choice but to rely on technology to bridge the workforce gap and safeguard our prosperity as a nation.
How To Change The World
Your Cheyenne Chamber is committed to continuing these conversations to find the best path forward for Cheyenne. Your Chamber is on the frontlines of this issue, working with nation-wide partners and meeting with your representatives to get the job done. Learn more about our work at CheyenneChamber.org, or call 307-638-3388 to find out how you can support our mission and protect Wyoming’s future.