Qualified Workers in Short Supply

More than half the chief financial officers at U.S. companies responding to a quarterly survey said they have problems finding qualified employees, according to the Financial Executives Institute and Duke University. Companies in states throughout the U.S. are facing labor shortages, with 94% of responding firms in the Pacific and Northeast regions reporting that hiring is “very hard” or “moderately hard,” the survey found. Businesses that report trouble finding qualified workers range from those in banking and finance to high-technology and communications to energy, mining and construction. “Fifty-one percent of the 476 responding executives note that their company has hired less-qualified staff, presumably due to the tight labor market,” said John Graham, a Duke finance professor who directed the survey. U.S. job creation has been on a roll this year, though it slowed somewhat last month. In June, the economy added 205,000 jobs, below May’s addition of 309,000. The unemployment rate rose last month to 4.5%, still one of the lowest levels in three decades. The Duke survey was conducted during the week of June 24.