New market research estimates there are over 7 million unfilled jobs due to a gap between post-secondary education and workforce development systems.
Gap Letter, a biweekly research letter developed by investors Ryan Craig and Ayesha Khan, estimates that the U.S. spends over $375 billion on filling the gaps between jobseekers and employers. The recent widening of this gap due to the pandemic is paving the way for a new category of companies.
“Since most colleges and universities have long since abandoned their role as engines of socioeconomic mobility for the country, it should come as no surprise that they’ve also abandoned that role in their own hiring,” Craig wrote in a tweet last week.
There are over 10 million unemployed Americans, and while rising costs of college may contribute, even new postgrads struggle to find work. Longtime companies like Handshake and Emsi have helped alleviate the gap in talent marketplaces and skills training providers, but struggle to keep up with the staggering demand.
Now, companies like PrepMD and Freedom Learning Group are emerging to meet that demand. The Jobtech Market Map, an extension of Gap Letter, offers a full scope of this emergent sector which should help employ the over 7 percent unemployed recent graduates.