The Labor Market Case for Fair Chance Hiring in the Future of Work

The US is facing an unprecedented labor shortage due to high inflation, supply chain issues, and a lack of workers in the labor force, with 11.2 million open jobs and only 6 million unemployed workers. The shortage is attributed to various factors, including early retirements during the COVID-19 crisis and declining birth rates, which may lead to a smaller workforce in the future. To address this issue, businesses must broaden their hiring scope to build representative workforces, prioritize diversity, and consider non-traditional talent pools, such as those with criminal records who are often excluded from the labor market. Fair chance hiring practices can help solve the labor shortage by providing opportunities for people who have been marginalized or excluded from the workforce due to a criminal record. By adopting fair chance hiring, companies can tap into a vast and untapped talent pool, increase employee retention, and boost productivity, ultimately contributing to economic growth and success.

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