Common Sense and Labor Dynamics with Jeff Korzenik, Chief Economist of Fifth Third Bank

In this episode of The Chief’s Table, host Kim Stapleton interviews Jeff Korzenik, Chief Economist of Fifth Third Bank and award-winning author of Untapped Talent, a book that provides guidance on how second chance hiring could work for your business and the community.

 

During their discussion, Jeff discusses the labor problem in the United States and the gaps in the economy with the retirement of many in the Baby Boomer generation, which has led to an abundance of jobs and a smaller labor force. He highlights the strategy in Japan that has helped to rebound the country’s economy by diving deeper into their population to increase their workforce.

 

They also discuss his book Untapped Talent, and how the underrepresented groups, specifically those in the criminal justice realm, are overlooked in contributing to the labor pool. Jeff spells out why this sector deserves a chance but may face obstacles in maintaining employment, and how these obstacles can be overcome by companies being supportive employers and understanding the issues related to those having justice-related requirements. He also discloses that this formula is not only for those affected by the criminal justice system, but also applies to refugees, asylum seekers, and people with huge barriers to solve the nation’s business talent shortage.

 

Kim and Jeff talk about what industries are booming and how to work around the regulatory restrictions to incorporate this sector into the workforce. He tells us that there’s hope on the horizon with a new bipartisan re-entry task force or second chance task force in Congress, who believes the U.S. should live up to our aspiration to be the land of opportunity for all. Jeff also explains that unless businesses and the licensing industries are willing to put in the work and loosen parameters — this initiative won’t work. The fear of hiring a high-liability employee into a company is understandable, however, Jeff says there are workarounds, shifts in policy, and a change in paradigm is key in making this a viable group within the labor force.

 

 

About Jeff Korzenik

For more than 35 years, Jeff Korzenik has been a staple in the investment management industry. A guest on national news channels, his concepts and his insights into the economy, markets, manufacturing, and the workforce are frequently cited in the financial and business press. Jeff is a highly sought-after public speaker known for his skill to breakdown complex topics to common sense and approachable arguments. He is the author of the groundbreaking book, Untapped Talent.