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While that’s great news for many job seekers, hiding behind those gaudy numbers is a phenomenon that’s far less positive—one that impacts young job seekers most of all. A 2018 study found that 43% of new college grads were underemployed in their first job—earning an average of $10,000 less than grads who find employment appropriate for their qualifications. And this wage gap compounds year after year, so workers who are underemployed at the start of their careers are more likely to remain that way, even decades later—stuck in a rut of lower-paying, lower-prestige jobs. And the skills required for today’s jobs are more complex and changing rapidly, which means many graduates are leaving school without the abilities employers need.

Another study found that almost 40 percent of U.S. employers can’t find people with the skills they need, even for entry-level jobs. In that same study, 83% of hiring managers said the lack of technology talent was slowing their revenue growth • 41% of employers say entry-level roles are the hardest to fill. And even though today’s new workers are “digital natives,” they don’t necessarily have skills in specific applications that businesses use. Most of those dropping out of the workforce are older workers, but their absence has an impact on entry-level roles: fewer workers available to mentor and train new employees.

Meanwhile, many new college grads are struggling to launch productive careers because they don’t have the specific skills—data analytics, coding, and digital marketing, A McKinsey Global Institute report found that up to 375 million workers worldwide may need to find new occupations as digitization, automation, and artificial intelligence (AI) continue to disrupt the workplace. Amazon has announced a $700 million investment in upskilling its workforce—training more than 100,000 employees to move into new roles. At Avenica, we help companies fill entry-level professional positions by matching them with new college graduates who are smart, eager to learn, and ready to get to work.

Alexandra Spirer of Medium’s publication Authority Magazine interviewed Avenica CEO Scott Dettman to discuss the steps business leaders can take to create an inclusive, representative, and equitable society. Dettman talks about his philosophy on leadership and shares his thoughts on the importance of equity at all levels of business and what Avenica is doing to help close the opportunity gap. One thing we know is there isn’t enough diversity and equity in just about every level of business, from the entry-level to executive leadership. Being in an industry so heavily focused on workforce development and hiring, we are uniquely positioned and feel an obligation to help solve this problem.