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– Today we have a poker face blonde ale from our friends at Paradise Creek Brewery, 6.5%.
– [Man] Without looking.
– Very refreshing, hey, I’m Lee, and I’m here to talk about logistics.
Logistics is a huge industry and it’s responsible for all the warehousing and trucking that get you your stuff.
So they’re absolutely crucial to our economy.
Now I can drink?
First here are four things you need to know about logistics.
One, logistics is only the 11th biggest employment sector but it’s number one for job postings by a lot.
Over the past two years, trucking positions have been advertised for over 13 million times.
Firms have to advertise a lot just to find one driver, so we have high demand, but low supply, that’s not ideal.
Number two, if demand is ahead of supply, then wages will have to catch up.
On average weekly wages across all occupations increased by over 7% last year and advertised wages grew by an amazing 16%.
So if wages are going to go up, trucking wages will need to increase in order to keep up with the competition.
Sometimes I need to switch it up, I’m a big IPA guy, but that could be very heavy.
Again, that joke is I drink so many IPA’s I get confused whether I’m selling APIs, as I should or IPA’s, right.
– [Man] Brilliant.
– Three, the trucking workforce is getting older.
57% of truckers are over 45, 23% are over 55 and 8% are over 65.
In less than 10 years, over a quarter of the current workforce will need to retire and there’s just not enough workers coming behind all of these looming retirements to fill those open spots.
It’s hard to recruit people, younger workers aren’t as interested, and the robots don’t seem to want those jobs either.
Four, there aren’t enough career pathways for truckers.
Yes, they might want to take the job initially, but how can they grow in their careers?
Many people that work as truckers stay truckers.
So we want to recruit the next generation of drivers, we need to show them how they can grow and advance.
Why does this matter to you?
Well, over the past year, logistics has been in high demand in every monthly job report we have done.
Today, you’d be hard pressed to find another industry as important as logistics is to you right now.
While you go about your business, incredible feats of operation are happening to move a mind-boggling array of items to your doorstep, grocery store, and any number of shops.
The people who make sure your world keeps spinning are the 6.5 million people who work in logistics.
They spin around the world, around the clock, just to get you pretty much everything you own.
Look at your stuff, it all happens because the grit and determination of those hard working folks that pack boxes, move boxes, load boxes, and most importantly, drive trucks to get you your boxes.
And if the talent shortage continues, well it will take a lot longer for you to get your stuff.
Plus it will get a lot more expensive.
I missed the powder room though, I didn’t know if like someone was supposed to powder me up, what’s going on there?
All right, check out our report for more.
Emsi and Coyote Logistics are working together to help you understand the labor market for truckers and what we could do to create more supply, and next time you make that Amazon order, think about all the people who hustle to get you your stuff in record time, say thank you.
When was the last time you tipped your truck driver?
Thanks again and hopefully they’ll invite me back again for another beer.
So check out this report here.
Happy Friday, cheers.