There were significant job losses during the Great Recession which began in 2008.
- Chemical enterprise reduced many positions and saw earnings decline in the range of 24-48%.
- Significant unemployment of chemists
- Many experienced PhDs lost jobs
- Workforce supply remained steady – new graduates
- Laid off PhDs + new PhDs increased the size of the unemployed workforce
- Companies were maintaining innovation, not developing innovation
Now, in 2021-22
- Great Resignation
- Job losses similar in size to 2008
- People had a chance to figure out what they are doing
- Workloads
- Types of jobs
- Degree of burnout
- Pay
- Satisfaction
- Created an opportunity for people to strike out on their own
- Younger employees twice as likely to leave
- American Chemical Society Task Force
- Examine what will stimulate innovation, especially innovation that will lead to new companies
- Promoting new employment opportunities
- There is a need to teach entrepreneurship
- Stimulate innovation
- Create small companies
- Meet society’s needs
- Provide new technologies to large companies not focused on new innovation
- Companies and universities should partner to teach entrepreneurship as a career option.
Possible Next Steps
- Help entrepreneurs create jobs by facilitating more affordable access to resources like information, expertise, key services, and mentorship
- Improve the business environment for startups by increasing advocacy of relevant policies at the federal and state levels
- Partner with academic institutions to promote awareness of career options that involve entrepreneurship
- Publicize the challenges and success of entrepreneurs and entrepreneurship in the chemical enterprise
- Work with alums to record and recognize successful entrepreneurs
- Investigate the creation of awards to honor innovators, entrepreneurs, and those who encourage chemistry-focused innovation