"....has meant that the substitution of capital for labor has been inadequate to prevent us from steadily depleting the pool of available workers.
This worker depletion constitutes a critical upside risk to the inflation outlook because it presumably cannot continue without eventually putting increasing pressure on labor markets....."
That "pool of available workers" would be much better prepared if, on average, companies invested more in their training programs.
Also, you mention: "...in a context of a digital environment." Again, strong basics (shop math, high literacy, industrial quality concepts, etc. ) will always trump particular computer skills, as those can be learned in sufficient ways more quickly than these other broader fundamental skills. Also, this "digital environment" stuff is partly a lie. I worked for a NYSE-listed company not too long ago that was preparing to upgrade the backbone of it's information management system. A group came out from IBM's advanced business products group and interviewed people for about two weeks. At the briefing at the end they said they wouldn't recommend any of their products to us and would not sell us anything!!! They said we didn't understand what business we were in and that our information needs were too undefined and a state-of-the-art system would be no solution for us - we hadn't done the basics yet of determining *what* information and reports were needed, etc. Most companies never go through this analytical exercise and therefore fail for a good long time at implementing IS technology - IBM did us a favor! Yeah, the IS stuff is sexy but the "soft issues" involving communication and basic, effective communication are where the biggest gains are hiding (then fold in appropriate IS technology.)
-steve grube (my background is quality/technical consulting) =========================
Tom Lehman wrote:
> Dear Doug,
>
> I've got to represent the union at a lunch and roundtable discussion
> with U.S. Senator Mike DeWine R-Ohio on Monday. Got any suggestions.
> The suggested topics include promoting job growth and economic
> development in a digital environment. Training and development. etc. it
> will be held at LCCC.
>
> Meanwhile, my Polish person pal and state legislator Dan "Meathead"
> Metelsky was sniffing around this afternoon. I was thinking about
> telling Dan that in about a decade the German Greens may want East
> Prussia and the Polish corridor back for environmental reasons. I just
> think Dan would be to dumb to get the joke; if it's a joke?
>
> Your pal,
>
> Tom L.