Companies struggling to fill jobs 'should try paying more,' Fed's Kashkari says
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