Industry Overview
The global supply chain is acknowledged as an essential component of the world economy and is one of the largest industries in the world. According to Statista, the industry is estimated to be worth $17.4 billion in 20211. The supply chain industry is one of the fastest-growing industries globally, and experts project that the market will be worth $30.9 billion by 2026. This industry has gained a lot of mainstream media attention in the last couple of years but is one of today’s most misunderstood industries because of all the components within a supply chain. A supply chain, by definition, is how goods are transferred from production to an end-user (buyer). The caveat is getting goods from A to B efficiently and at a low cost. While this may seem easy, significant holes have recently been exposed in various distribution channels worldwide. Many internal and external forces at work affect the industry daily. One of those influences is a severe talent shortage which media frequently glosses over. The question to ask is, where does the talent shortage stem?
The Hunt for Talent
The U.S. supply chain market is massive and contains 37% of all jobs, employing 44 million people2. The global and domestic supply chain industry includes manufacturing, distribution, warehousing, and logistics–all industries heavily impacted by the current labor shortage. ASCM (Association for Supply Chain Management) recently released its 2021 Supply Chain Salary and Career Report, revealing an odd contradiction. The supply chain industry for professionals boasts a median salary of $86,000 (38% above the national average wage), with starting salary averages at $60,0003. The sector boasts excellent opportunities and career advancement, but companies face issues filling roles. Over the last decade, labor shortages in the supply-chain industry have become more prevalent. The labor shortages were more widespread during the COVID-19 pandemic, but the pandemic just exposed a problem that has been happening in the industry for years.
The pandemic has significantly increased the demand for supply chain professionals, but the industry’s growth rate directly correlates with the labor shortage. There are not enough individuals to fill all the open roles in the industry. According to the U.S. Bureau of Labor Statistics, the number of job openings is approximately 4.4%, yet the unemployment rate is 3.5%4. The demand has increased for workers with a specialized skill set which has also impacted the talent shortage. At the same time, many talented individuals are seeking jobs today. So, what is the disconnect? We believe it stems from firms not having the proper time and resources to source qualified candidates. The 2022 Outlook Report Created by the Atlanta Business Chronicle reveals compelling findings relating to the hunt for talent: 73% of survey respondents say finding and keeping good employees is a concern in 2022, up from 53% a year ago5. This trend is why companies turn to reliable staffing and recruiting firms to save time and money in finding well-qualified candidates. Collectively, no industry is perfect, but the truth of the matter is there is massive upside in seeking a career in the supply chain industry.
A Career in Supply Chain
As a candidate considering a career in the Supply Chain industry, the world is your oyster right now! If you are looking to get hired in positions throughout the supply chain industry, you may ask, where do I start? Earning a high school diploma or GED is the best first step. Training and educational programs also may provide the necessary technical skills for higher-paying positions. An associate’s or bachelor’s degree is helpful to candidates interested in logistics or analyst positions but can also shorten the path to success in other jobs. The beauty of this industry is that it is more than possible to work up to a management role without a college degree if effort and hard work are in the equation. There is no shortage of jobs currently in the industry that companies are looking to fill. If projected growth rates hold, the demand for workers will only increase.
Let’s Connect!
As you have read throughout the blog, there is a massive hunt for talent in the industry. A few of the high-demand positions are warehouse trainers, logistics positions, sourcing managers, and order buyers. If these careers do not spark your interest, there are endless roles that may be right for you. NCW operates in the supply chain industry, and our recruiting teams assist candidates in finding roles. Our supply chain recruiting teams help companies remain fully staffed and operate at peak performance. Our team helps candidates find the right career with the best company. Recruiter: Michael Sesker specializes in filling roles in the supply chain and wants to connect with you to find the best position for YOU. Why are you waiting? You can reach Michael at https://www.linkedin.com/in/michaelsesker/ or via phone/email at (319) 830-6134 and msesker@www.teamncw.com.
