Are You Tapping Into the Right Labour Market?
If you want to have control over your community’s economic and workforce development, you need to know all the resources your community has available. In some cases, a community may be overlooking a strong pool of potential workers.A program that utilizes underemployed workforces, like what the Elevate Plus Program did for the Bay of Quinte, can have a huge impact on the local economy.
For example, while recently released ex-offenders often face social stigma, they can be a plentiful source of dedicated labour. Recent interviews with American companies who hire ex-offenders find that the turnover rate with ex-offenders is comparable to the working population that hasn’t been incarcerated, and that not much extra vetting is needed.
Plus, with fewer people going into the trades, ex-offenders can often fill trade positions with skills they learned while being rehabilitated.
The merits of such a program go beyond economic benefits: 93% of ex-offenders who get a job shortly after being released never go back to prison.
There are many examples of underemployed groups:
- In 2009, 68.9% of female single parents with children under 16 years of age at home were employed, while 73.8% of their counterparts in two-parent families were employed. Furthermore, the presence of young children has a greater impact on single mothers with only 45.9% of single mothers with children under 3 being employed in 2009.
- Labour markets are under strain, and talent is underutilized…in the United States and the 15 core European Union countries (EU-15), there are 285 million adults who are not in the labour force - at least 100 million of them would like to work more. Some 30 to 45 percent of the working-age population around the world is underutilized - that is, unemployed, inactive, or underemployed.
- Most attention is paid to the unemployed portion of this number, and not enough to the underemployed and the inactive portions, which make up the the majority of untapped human potential.
- Almost 75 million youth are officially unemployed. Women represent one of the largest pools of untapped labour: globally, 655 million fewer women are economically active than men. In a ‘best-in-region’ scenario in which all countries match the rate of improvement in gender gaps (in labour force participation, hours worked, and sector mix of employment) of the best-performing country in their region, $12 trillion more of annual GDP would be realized in 2025, equivalent in size to the current GDP of Japan, Germany and the United Kingdom combined.
MDB Insight Can Help Direct Your Attention to Underutilized Labour
Even if you are interested in hiring from an underutilized labour market, it may not feel like an easy option. MDB Insight can help ease the process.
MDB Insight and Vicinity Jobs’ Regional Labour Supply Report™ brings you unequaled access to timely and accurate Labour Market Information (LMI) data by analyzing the online footprint left by active job seekers in your area.
The report allows you to:
- See the skills and education levels of the available workforce (helpful for understanding a community’s economic strengths and weaknesses)
- Understand labour market trends and the labour strengths of your community
- Get up-to-date LMI online
The Regional Labour Supply Report™ can help show if there is an untapped labour force in your community, and what skills that labour force might have. And this is crucial information if you’re looking to develop an initiative for recruiting from or hiring within an underutilized group.
Support your economic development initiatives with fast, reliable LMI data, and you’ll be able to find workforces that other communities haven’t even considered.