Last year I highlighted the huge importance of learning new skills in the wake of losing one’s job. The article was based upon research that explored a few decades worth of job data, with a specific focus on the kind of jobs that emerged after a period of either economic or technological disruption.
It found that while it was often low-skilled work that was lost, the jobs that returned after the disruption were nearly always higher-skilled jobs than those that were originally lost. This highlights the tremendous value of retraining for those who lose their work, but if that is insufficient reason, a new analysis conducted by MIT highlights the perilous state of those in low-skilled work.
It revealed that not only has the recent economic recovery generally passed low-skilled workers by, the same has been true for much of the last 50 years. Since the financial crisis, jobs have returned en masse, with 300,000 or so created in December alone, with income rising at a similar pace.