During the pandemic, it was estimated that between two and three million women left the workforce. While there are signs that women are returning towards pre-pandemic levels, there are still a variety of sectors, especially care workers, that have not recovered and signs don’t point to an optimistic outcome. Why? Women are largely those that leave the workforce to provide care for children and or the elderly. Providing care makes it difficult for women to work, especially in more traditional sectors where workers must be present and work hours that don’t align with school and care options. This is especially
Here at The Point Blog, we have been writing a series. Last month, I gave an overview of What’s Affecting the Labor Force Participation Rate? Lorrie followed that up with When Working Costs too Much concerning the benefits cliff and Taylor took a closer look at Baby Boomers Retiring-How do we fill their shoes? This week, I am going to take a deeper dive into some of the reasons that males (age 25-54) are evaporating from Labor Force Participation and some possible solutions for our future workforce. The Labor Force Participation Rate is defined as those who are actively looking
This month, we’ve been talking about What’s Impacting the Labor Force Participation Rate. Last week, Lorrie shared how the Benefits Cliff impacted the participation in When Working Costs Too Much. Another significant factor in this equation is Baby Boomers exiting the workforce. Let’s dive a little deeper. Baby Boomers account for 1 in 4 American workers. As they are exiting in droves, their absence will lead to an even wider workforce gap as companies will need to fill positions made available after the Boomers retire. Check out this article from The Washington Post to learn more: The boomers are retiring. See
Last week, Emily gave an overview of What’s Impacting the Labor Force Participation Rate. This week I’m going to take a deeper dive into one of the areas she touched on; the benefits cliff. When analyzing the labor participation rate, you have to look at the poverty rate and public assistance participation rate. The current poverty rate in Alabama is 14.9%, which’s places us #7 in the nation for highest poverty rate. Given the high poverty rate, it’s important to look at the living wage and average wage rates paid. A living wage varies based on circumstances. For example, a
What is the Labor Participation Rate and how does it impact employers and the economic outlook? According to OECD.org, “The labor force participation rate is calculated as the labor force divided by the total working-age population. The working age population refers to people aged 15 to 64. This indicator is broken down by age group and it is measured as a percentage of each age group.” There are many factors impacting the Labor Market in 2023 including the benefits’ cliff, boomers exiting the workforce, the rate of working-aged males declining, women leaving the workforce by the millions and the decline