News-en

US Labor Crisis: Walmart and Lowe's Train Thousands of Techs

Tech shortage in the US drives wages up. Walmart and Lowe's launch massive training programs to tackle this labor crisis.

Rendy Andriyanto

Rendy Andriyanto

— 2 min read
US Labor Crisis: Walmart and Lowe's Train Thousands of Techs

Jakarta, Gotrade News - Walmart is facing a pressing shortage of skilled technical workers in the US. To tackle this, the retail giant is launching an internal training program to mint their own maintenance and electrical technicians.

Keytakeaways

  • The shortage of skilled pros is forcing big companies to build their own training pipelines.
  • Tech salaries are skyrocketing due to high demand and low supply of workers.
  • Hands-on jobs like technicians are proving hard to replace with AI or automation.

A wave of retiring experts and a slowdown in immigration are the main culprits behind this scarcity. Analysts note that aggressive deportation policies are also worsening the labor market conditions in the technical sector.

The Labor Crunch and Its Price Tag

The gap between demand and the availability of skilled labor is predicted to widen over the next decade.

  • A McKinsey report predicts there will be 20 job openings for every single new hire through 2032.
  • This high turnover rate could cost companies up to $5.3 billion annually.

However, this situation is a golden opportunity for workers to level up their income significantly. As reported by ABC News, Liz Cardenas managed to double her pay to $43.50 per hour after completing the training.

Corporate Solutions and Future of Work

Major companies are starting to invest heavily to solve expensive operational headaches caused by the lack of field techs.

  • Walmart Inc. targets training 4,000 workers through its new program by 2030.
  • Lowe's Companies, Inc. has invested $43 million into various technical training orgs since 2023.

Marvin Ellison, CEO of Lowe's, emphasized that high-end tech can't replace the crucial role of skilled tradespeople. Walmart's R.J. Zanes added that a cooling system breakdown in just one store could result in losses of up to $400,000.

Reference:

Disclaimer

Gotrade is the trading name of Gotrade Securities Inc., registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.

Read more