Finally a respected economist who calls a spade a spade. There is no such thing as "shortage" of anything. Just pay more, and you'll get it.
Now, here's some alternatives for companies that can't/don't want to pay more:
- offsource (but they know this already)
- automate (everyone is in a continuous process of automating what can be automated)
- hire temp workers (most likely they've been doing this for years)
- hire illegals (well, that's illegal)
- lobby for more immigration (probably what Kashkari was answering to)
But here's some novel alternatives:
- train people more. You hire them at lower qualifications, and educate them in house
- open source your tools, so people can train themselves for free, before applying for your job openings. Tensorflow, PyTorch anyone?
- offer training for interested outsiders. See the Udacity WorldQuant course in AI for trading [1].
- invest in STEM education to increase the general pool of qualified hires. I know of the Google initiative [2]
[1] https://www.udacity.com/course/ai-for-trading--nd880
[2] https://edu.google.com
Now, here's some alternatives for companies that can't/don't want to pay more:
- offsource (but they know this already)
- automate (everyone is in a continuous process of automating what can be automated)
- hire temp workers (most likely they've been doing this for years)
- hire illegals (well, that's illegal)
- lobby for more immigration (probably what Kashkari was answering to)
But here's some novel alternatives:
- train people more. You hire them at lower qualifications, and educate them in house
- open source your tools, so people can train themselves for free, before applying for your job openings. Tensorflow, PyTorch anyone?
- offer training for interested outsiders. See the Udacity WorldQuant course in AI for trading [1].
- invest in STEM education to increase the general pool of qualified hires. I know of the Google initiative [2]
[1] https://www.udacity.com/course/ai-for-trading--nd880
[2] https://edu.google.com