Latest news with #FutureofJobs'
Asia Times
24-03-2025
- Business
- Asia Times
The real US jobs disruptor? America's own future
US President Donald Trump's latest tariffs, set to take effect on April 2, mark a renewed push for economic nationalism, targeting steel, aluminum, autos and other imports. The White House frames it as a move toward reciprocal trade, a boost for US manufacturing and the growth of blue-collar jobs. The reality is rising costs for businesses, inflationary pressure and the growing risk of a global trade war. Mexico, Canada and China — America's top trading partners — have already retaliated, and economists warn that further escalation could push the US into recession. Despite mounting evidence that protectionism does little to restore lost jobs, tariffs remain Washington's reflexive response to industrial decline. But the real problem isn't jobs moving overseas — it's that too few American workers are qualified for those that remain. The US has 8 million job vacancies, yet 6.8 million are unemployed, a stark mismatch between skills and demand. Tariffs won't close that gap. A workforce prepared for the jobs of the future might. First, educational attainment has become the dividing line between employment and economic insecurity. As of January 2025, the unemployment rate for high school graduates with no college sits at 4.5%, nearly double the 2.3% unemployment rate for those with a bachelor's degree or higher. In an economy that increasingly rewards technical expertise, those without postsecondary education find themselves left behind. The American industrial base may have been hollowed out by globalization, but those affected workers have also been let down by an educational system that has failed to prepare workers for the vocations of modern industry. Second, skill instability is the other side of rapid technological progress. 39% of existing job skills will be obsolete or transformed by 2030, according to the World Economic Forum 'Future of Jobs' report. As industries evolve, the skills required to succeed in them shift dramatically. The sectors with the highest demand — construction, logistics and healthcare — require specialized knowledge that cannot be gained with a generic high school education or a general college degree. Third, manufacturing itself has changed beyond recognition. Despite 490,000 job openings in the sector as of April 2024, these positions are not the assembly-line jobs of old. Instead, modern factories demand specialist skills in robotics, CNC machining, industrial automation and high-precision welding. The nostalgic vision of a workforce returning to the shop floor en masse is simply incompatible with the reality that today's manufacturing jobs require mechanical, electrical and digital competencies. A high-school graduate without specialized vocational training cannot simply walk into one of these roles — no matter how high tariffs are raised. The last time the US imposed broad-based tariffs under President Trump, they didn't bring back jobs; rather, they raised costs for businesses and consumers. American manufacturers, instead of benefiting, paid more for steel and aluminum, leading to automation, price hikes and, ultimately, job losses. To be fair, reshoring manufacturing is about more than jobs. It's about national security, supply chain resilience and technological leadership. A strong industrial base ensures the US can produce critical goods, from semiconductors to military hardware. The CHIPS Act, Inflation Reduction Act and Infrastructure Bill — initiated under Trump's predecessor — were meant to lay the groundwork for this effort. As a job creation tool, however, tariffs have missed the mark. A 2019 Federal Reserve study found that President Trump's tariffs cost the US 175,000 jobs as rising costs forced businesses to cut workers or automate. Another Federal Reserve analysis found that manufacturing employment fell 2.7% due to tariffs, while the Tax Foundation projected that the Trump-Biden Section 301 and 232 tariffs would shrink GDP and eliminate 142,000 full-time jobs. A US-China Business Council study estimated 245,000 jobs lost due to President Trump's trade policies alone. Tariffs also harm industries that are actually hiring. Construction, for instance, which faces a 439,000-worker shortage in 2025, depends on affordable steel. If Washington is serious about reviving blue-collar employment, two key areas deserve attention. First, expanding vocational training and workforce conversion programs for Americans without traditional tech backgrounds could unlock significant economic benefits. A standout model is Step IT Up, a US Department of Labor-Registered Apprenticeship program designed to fast-track workers with no prior IT experience into full-time tech roles. Originally launched in the US and now introduced in Singapore by digital services consultancy Temus, Step IT Up has already placed over 5,000 workers around the world with an exceptional track record. Unlike conventional training programs, Step IT Up follows a 'hire, place and train' model, guaranteeing participants a full-time tech role upon graduation and removing the uncertainty that often deters workers from re-skilling. Beyond job security, the financial benefits are significant. In the US, tech workers earn nearly 40% above the national median household income, while in Singapore, they make approximately 50% more. These figures highlight the economic mobility that structured vocational training and workforce conversion programs can provide, making them a powerful tool for blue-collar workers looking to transition into higher-paying, tech-enabled roles. What makes a program like Step IT Up particularly effective is its structured, accelerated training model, which equips workers with job-ready digital skills without requiring a college degree. By scaling proven workforce conversion programs like Step IT Up, especially in manufacturing, construction, logistics, and other industries transformed by digitalization, Washington can ensure that technology serves as a tool for economic empowerment rather than a force of displacement. Second, infrastructure investments could provide a stronger foundation for job creation than protectionism ever could. The nation's roads, bridges and power grids are aging into crisis, with bridges averaging 44 years old, major water pipes 45 and dams 57. The Baltimore bridge collapse, failures on Interstate 95 and mounting airport delays underscore the cost of neglect. The American Society of Civil Engineers estimates a $1.44 trillion shortfall in infrastructure funding through 2025, with only 56% of necessary investments covered. Airports alone face a $42 billion gap since 2016. While China poured $8 trillion into infrastructure in a single year, the US has allowed its backbone to erode. More importantly, infrastructure investment isn't just overdue — it's an economic multiplier. Each $100 billion in infrastructure spending could boost job growth by roughly 1 million full-time equivalents if monetary policy accommodates the fiscal boost. Improved roads, ports and energy grids boost productivity, reduce transport costs and enhance competitiveness. On balance, the problem isn't that foreign competitors have hollowed out America's industrial base and stolen its jobs. The real failure is closer to home – a neglect of the workers and infrastructure needed to power the industries of the future. Tariffs won't resurrect low-skill factory jobs because American workers demand higher wages and better conditions than their counterparts in China or Vietnam, where manufacturing costs are a fraction of those in the US. Instead of chasing an economy that America had earlier outgrown, the focus should be on growing industries that require skilled labor, aligning work with the economic and social expectations of today's American workforce. The jobs of tomorrow won't be found in reviving the past but rather in building what comes next. Marcus Loh is a director at Temus, a digital transformation services firm headquartered in Singapore, where he leads public affairs, marketing and strategic communication. He was formerly president of the Institute of Public Relations of Singapore. Loh presently serves on the digital transformation chapter executive committee of SG Tech, the leading trade association for Singapore's technology industry.
Zawya
07-03-2025
- Business
- Zawya
Ministry of Economy hosts workshop to unveil the new national talent attraction and retention strategy 2031
17 projects and initiatives were presented, outlining the nation's approach to achieving the vision Abu Dhabi, UAE: The Ministry of Economy hosted the 'Future of Jobs' workshop in collaboration with Integra Seven, a leading UAE-based public policy research and consulting firm. The session brought together representatives from 14 key economic entities and companies across the country. The workshop focused on empowering, attracting, and retaining talented individuals in the country, in line with this year's UAE Innovation Month themed 'UAE Innovates 2025', reinforcing the country's position as a global leader in innovation across various economic sectors. H.E. Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, emphasized the UAE's continued efforts to achieve its vision to become the best global destination for talented individuals and innovators. This commitment strengthens the country's knowledge- and innovation-driven economic model and reinforces its leadership in attracting and retaining global talent. These efforts include the adoption of strategic initiatives and policies that contribute the development of an attractive environment to attract companies and individuals, thus enhancing their contribution to the sustainable growth of the national economy. The workshop witnessed the launch of the UAE National Talent Attraction and Retention Strategy 2024-2027 and provided participants with key insights into its objectives. Attendees witnessed the unveiling of 17 groundbreaking projects and initiatives that reinforce the nation's unwavering commitment to cultivating a dynamic and competitive environment for talents to thrive. These efforts aim to cement the UAE's status as the ultimate destination where ideas and talents transform into regionally and globally successful ventures. The workshop also served as a valuable opportunity for networking and facilitating the exchange of insights and expertise among key decision-makers from participating entities and companies, including talent leaders from Emirates Integrated Telecommunications Company (Du), Emirates Airlines, DHL, C3 - Companies for Good, Cigna Healthcare, Ahoy Technology, Tarjama, Al Tamimi & Company, First Abu Dhabi Bank (FAB), Infosys, and GrubTech. Their contributions and expertise enriched the dialogue, ensuring a holistic approach to the aspirations and requirements of the future. Natalia Sycheva, Managing Director of Integra Seven, emphasized the importance of private-public collaboration, saying, 'Through this workshop, we not only identified the challenges but also co-created innovative solutions. It provided a valuable opportunity to foster dialogue and cooperation between industry leaders and policymakers in the UAE." The initiative builds on the high-level events recently organized by the Ministry of Economy, reinforcing its commitment to fostering continuous dialogue with private and public sector stakeholders in both strategy development and implementation. About Integra Seven: An international public policy and business transformation firm headquartered in the UAE. Specializing in the future of the economy, talent, and trade, the firm partners with governments, businesses, and international organizations to develop forward-thinking strategies that drive sustainable growth. Through its expertise in policy design, market intelligence, and stakeholder engagement, Integra Seven plays a pivotal role in shaping innovative solutions that enhance economic resilience and global competitiveness.
