A reluctance to embrace solutions such as machine learning and scalable artificial intelligence (AI) is limiting commercial carriers and brokers productivity. (Zapp2Photo/Shutterstock.com) A reluctance to embrace solutions such as machine learning and scalable artificial intelligence (AI) is limiting commercial carriers’ and brokers’ productivity. (Zapp2Photo/Shutterstock.com)

The COVID-19 pandemic labor crisis continues to be one of the top stories of 2021. While the bulk of attention has focused on retail, restaurant and service sectors, the shortage is impacting industries across the board, from Wall Street banks to construction or trucking; this staffing crunch appears to be more than a short-term blip.

According to former U.S. Bureau of Labor Statistics Commissioner Erica Groshen, the current environment is less a labor shortage than a structural change in our economy. The pandemic has accelerated key sectors and simultaneously shifted the labor market. E-commerce and telemedicine, for example, took giant leaps forward, while other segments rapidly receded. In addition, demographic shifts over the coming decades are poised to hasten staff shortages as more senior talent retires and fewer young professionals are available to replace them.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.