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Jun 03, 2023
Read the article from the Wall Street Journal:
Scarce labor is becoming a fixture of the U.S. economy, reshaping the workforce and prodding firms to adapt by raising wages, reinventing services, and investing in automation. More than a year and a half into the pandemic, the U.S. is still missing around 4.3 million workers. That’s how much bigger the labor force would be if the participation rate—the share of the population 16 or older either working or looking for work—returned to its February 2020 level.
What data point to the fact that there’s presently a labor shortage in the U.S.?
Describe at least two factors that seem to be contributing to the U.S. labor shortage.
What challenges do companies face in the midst of a labor shortage? How do these challenges impact customers? Provide at least 2 challenges.
What strategies are companies using in an effort to manage their operations in the midst of a labor shortage? Provide at least 2 strategies.
Specifically in the domain of customer service, how might firms try to deliver customer service even without enough personnel?
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