At the beginning of each year, we like to take some time to reflect on the previous year and consider the year ahead. Last year, we had some predictions and expectations—and while COVID-19 threw a wrench in the mix, many of them still came true for the skilled trades.

As business leaders, we should plan for the future but it’s vital to stay flexible and ready to adapt as things change around us. 2020 was a perfect example of how no one can truly predict how things will go.

On this week’s episode of The Skillwork Forum, we’re discussing some of the our predictions and skilled labor market trends that we expect to see in 2021.

Main Takeaways

✅ The overall performance of labor markets was better than leaders feared

✅ Skilled labor shortage will continue, supply to lag behind pre-pandemic numbers

✅ Changes ahead in construction and manufacturing

✅ New administration’s policy changes effect on the trades

✅ The “Fourth Industrial Revolution”

✅ 2020’s Winners, Rebounders, and Damaged sectors

Quotes:

💬 “We’re halfway back to pre-pandemic levels. That still means we got a long way to go…but there’s still going to be a lot of rebound.” (4:05-4:19 )

💬 “Politics in this new administration means we can expect a lot more policy and oversight…we’re already seeing that in the energy sector.” (5:56-6:12 )

💬 “We’re seeing a lot of leveraging technology as it relates to the construction space, the need for a fully integrated system…companies that get out ahead of that will be ahead of the curve moving into 2021.” (16:43-17:21 )

💬 “98% of organizations report that a single hour of downtime costs them over $100,000.” - Hitachi Solutions (26:08-26:17 )

…………….

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Reach out to Rveal:

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