We Are Underinvesting in Human Capital
Human capital is the strategic asset in the modern global economy. In 2018, for the first time in US history, the number of unfilled positions in the US economy was greater than the number of unemployed individuals seeking employment. The US Department of Labor estimates that as much as 70 percent of knowledge and skills are created through experience, with the balance created through formal education. At the macro-economic level, that means the US economy is under-invested in human capital. Not only do we not have enough bodies to fill open positions, we do not have enough experience and education to meet the implied knowledge and skills required by companies.
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