Massive Skills Gap Ahead: US Needs More College-Educated Workers in Management and Nursing by 2032

The US economy is on the verge of a skills shortage in critical occupations including management and nursing, according to a new report. 

Research from the Georgetown University Center on Education and the Workforce (CEW) predicts that from 2024 through 2032, 18.4 million workers with postsecondary education will retire, far outpacing the 13.8 million younger workers who will enter the labor market with equivalent postsecondary educational qualifications. Over the same period, an estimated 685,000 new jobs are expected to be added, all of which require higher education and training. These two events will result in a major skills gap – posing a significant challenge to the nation’s workforce.

Key Occupations at Risk

The largest projected shortage through 2032 will be in management positions (2.9 million), a broad category that includes CEOs, and managers across functions such as construction, facilities, financial, general and operations, and sales. 

Managers cut across all industries and help organizations effectively navigate challenges, implement strategies, and achieve goals. While no single path or credential leads to management jobs, a majority (56%) of workers currently in management positions hold a bachelor’s degree or higher and 82% have education beyond a high school diploma, according to the report.

Healthcare will also be affected by the shortage. CEW projects a shortfall of 362,000 nurse practitioners and registered nurses, plus 42,000 licensed practical nurses, through 2032. 

“High turnover rates due to burnout from the COVID-19 pandemic and declining college enrollments in related preparation programs have exacerbated these shortages,” the report states. “Further complicating the nursing shortage is a related shortage of teaching faculty in nursing preparation programs, which may be due to faculty salaries that are lower than nurses can make in the field.”

In Wisconsin specifically, an aging workforce population could especially affect areas like manufacturing. For example, manufacturing in the state employs 131,000 workers who are 55 or older, according to Wisconsin Watch. Additionally, Wisconsin’s healthcare sector will soon be affected by professionals retiring. About 99,000 of employees in healthcare are 55 or older. The large number of working professionals on the verge of retirement will only compound the challenges of a skills shortage.

Why The Skills Shortage Matters

If the shortage isn’t addressed, there will be severe deficits in leadership and management, and in healthcare delivery. Without a steady supply of qualified managers, organizations may struggle to grow and innovate. Fewer nurses mean fewer people will be able to access patient care, which directly impacts public health. The skills gap “could hobble the American economy for years to come,” the report says. 

What The Skills Gap Could Mean For You

If you’re trying to decide on a career – or looking to pivot to a new career path – pursuing a bachelor’s degree in business or nursing will set you up to fill some of these important jobs.

The Bachelor of Science in Business Administration (BSBA) through UW Flexible Option helps you build a solid foundation of business skills. A BSBA is a versatile degree that can open many doors throughout your career.  Learn how to apply financial techniques and tools, address ethical issues in business, effectively understand and manage global business challenges and more. The UW Flexible Option BSBA degree offers two concentrations (General Business, Business Analytics and Agile Project Management) in addition to a stand alone Agile Project Management Certificate or Business Analytics Certificate that you can pursue while in the degree program or in lieu of a degree.

UW-Milwaukee’s Bachelor of Science in Nursing (RN to BSN) program through UW Flexible Option is a great way for registered nurses to advance their careers with a four-year degree. Work full-time while completing courses at your own pace, including a capstone course that will help you design, execute and implement a quality improvement project in your workplace. You’ll study an evidence-based curriculum that focuses on how you can improve patient outcomes – like Jordan, who worked with her clinic to offer healthcare brochures in different languages to remove communication barriers as part of her capstone project.

Are you ready to help close the skills gap? We can help. To find out more, contact an enrollment adviser at 1-608-800-6762 or learn@uwex.wisconsin.edu. For a full list of degree and certificate programs offered through UW Flexible Option, please see the programs page.