There is no question we are in a workforce crisis. And there is little question that these are the reasons why.
1. The population of Frankfort/Franklin County has seen minimal growth in the past 25 years and in 2021 the US grew at a slower rate than ever in its history.
2. In Franklin County the working age population has been decreasing for more than 25 years.
3. Retirement rates are nearly 5.5x the rate of new employees coming into the workforce. According to the employment data specialists at Emsi: Burning Glass, by 2034, older adults will outnumber children for the first time in the history of the United States.
4. Private sector employers continue to grow jobs leaving us with a record of nearly 2000 job openings in Franklin County with only 800 jobseekers. Goldman Sach’s economists estimate nearly 11M unfilled jobs nationally and less than 6M looking for work.
5. Shifting policies and the need for workers worldwide have slowed the rate of immigration from more than 1M in 2016 to approximately 200,000 in 2021.
6. The availability of childcare is scarce while the cost is pricing parents out of the workforce.
7. Adults are no longer living to work, but only working to live. Some families found, during the pandemic, that they could live comfortably without a second income.
With such a complexity of issues there is obviously no single fix, but the simple fact is that we can only get our workforce from one of two places: from the current population of Franklin County, or from somewhere else.
First, we must determine who, in Franklin County, is not working, and why. Then we must determine ways to get every available person involved, at some level. That means we must re-engage early retirees; assist those involved in the criminal justice system; transition our veterans; and promote gig work. We must incentivize childcare services and train their workers; and we must assist our residents with disabilities in achieving suitable employment.
Then we must successfully bring working age, newcomers to this community to work and live by providing affordable cost of living, activities and nightlife, available and affordable housing, quality schools and recreational opportunities, all found to be attraction factors for millennials.
As part of the Kentucky Capital Development Corporation’s Workforce Development Strategy, watch for these opportunities:
Workforce directory that catalogues key services, benefits and resources for workforce training and employment.
Regional Economic Development Strategy that provides a competitive assessment with peer communities and recognizes common themes, divergent goals and provides major recommendations to address economic and workforce development.
2nd Chance Services that include an August expungement clinic and take-home job fair.
Housing study that will inventory existing housing and future housing needs.
Childcare services assistance for employers and employees.
Working women’s initiative Empower Frankfort.
Free transportation-to-work providers.
The First New Friend community onboarding program.
A refugee program that will transition refugees into local homes and jobs.
More than 20 local employers who offer paid apprenticeship, work-and-learn programs
Programs that provide employers with tax credits, free training, foreign labor certification, bond fund payments, cultural competency training and childcare benefits.
Veterans transition programs that assist military veterans in the transition to employment.
Resume and job search assistance
Youth programs that prevent dropouts, teach job skills, offer scholarships and provide internships.
Opportunities for seniors and retirees to return to the workplace such as a Gig Worker program, employment assistance, entrepreneurship training, and funding to return to college.
Funding assistance for employee training programs.
Tax abatements for employers who hire from targeted groups that face significant barriers.
Employer assistance with foreign labor certification.
Available funds to bond employees.
If you are looking for a job, want to reskill for a new job or upskill at your current employment, there are numerous opportunities for you here in Franklin County.
If you are an employer with jobs available, we have many programs to assist you, as well.
Whatever your needs, reach out to the Kentucky Capital Development staff for assistance at 502-226-5611 or info@kycapitaldevelopment.com . We want Frankfort to continue to be your place of choice to work, play, learn and live.
Terri Bradshaw
President/CEO
Kentucky Capital Development Corporation
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