Education: The Right Answer to the Skills Gap

  • jobs & the economy
  • February 11, 2014

Education and the Unemployment Rate
In an infographic put out by Quicken Loans (see above) this fall, the United States ranked poorly in science and math – a direct correlation with the skills gap that continues to expand in the technologies and engineering sectors within the states.

And while the high school graduation rate has stayed consistent, more certified professionals are needed in healthcare, finance, engineering and IT. In a recent Forbes article titled, “Is the Bad Job Market Just An Excuse?” the majority of hiring managers say that just 15 percent of job seekers have the skills their companies are looking for in candidates. And 67 percent of those managers said they won’t settle for a candidate without the perfect qualifications for the job.

Interestingly, as also highlighted in the Quicken Loans infographic, the countries with the least educated population correspond with their unemployment rate. For instance, the United Kingdom in 2001 had a graduation rate of only 68 percent. The unemployment rate in Europe, while tied to several other economic factors, is at a staggering 12 percent. Similarly, Spain, which has the lowest graduation rate (64.7%), has one of the highest unemployment rate, at nearly 26 percent.