Fed Chairman: U.S. Workforce Needs To Develop Skills To Compete Globally - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Infrastructure

Fed Chairman: U.S. Workforce Needs To Develop Skills To Compete Globally

The supply of highly skilled workers hasn't kept up with a demand for such skills, Greenspan tells Senate panel.

Testifying before a Senate panel Wednesday, Federal Reserve Board chairman Alan Greenspan said the United States faces a critical, long-running economic challenge to ensure that its workforce is equipped with skills to compete effectively in an environment of rapid technological progress and global competition.

"Technological advance is continually altering the shape, nature, and complexity of our economic processes," Greenspan told the Senate Committee on Banking, Housing, and Urban Affairs in prepared testimony. "But technology and, more recently, competition from abroad have grown to a point at which demand for the least-skilled workers in the United States and other developed countries is diminishing, placing downward pressure on their wages. These workers will need to acquire the skills required to compete effectively for the new jobs that our economy will create."

Over the past two decades, Greenspan said, the supply of highly skilled workers has failed to keep up with a persistent rise in the demand for such skills. At the same time, demand for lesser-skilled workers has declined, he said.

"The failure of our society to enhance the skills of a significant segment of our workforce has left a disproportionate share with lesser skills," he said. "The effect, of course, is to widen the wage gap between the skilled and the lesser skilled."

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
Commentary
CIOs Face Decisions on Remote Work for Post-Pandemic Future
Joao-Pierre S. Ruth, Senior Writer,  2/19/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
News
CRM Trends 2021: How the Pandemic Altered Customer Behavior Forever
Jessica Davis, Senior Editor, Enterprise Apps,  2/18/2021
White Papers
Register for InformationWeek Newsletters
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
Slideshows
Flash Poll