A recent news says that the H1B limit of 20000 for skilled workers under category of graduating students has already been filled in US for fiscal 2006 (ending Oct 2006). This should suggest that there is good job creation happening in Hi-Tech sectors in US. However, the employment data in US otherwise does not indicate exceptional no of job increases. In that case, it could more likely mean that the job opportunities are better for highly skilled people, who have updated themselves with latest skills demanded in job market. For others who may have many years of experience but declining skills of relevance, it may be tougher in the job market.

Many observers, economists and the like have noted this trend. Even in India, there is frequent news of shortage of skilled people in sectors like IT, ITES/BPO, finance, insurance, retail etc. The number of people available for employment does not suggest that the pool of 'raw' labour is in shortage. However, the universal trend suggests the following:

1. There is shortage of skilled people, since the change in sectors of economic growth is rapid. With both services and manufacturing moving globally to the best location, there can be rapid decline as well as rapid increase in demand for certain skills and industries. While the educational and industry training system gears itself to task of getting requisite number of trained labour pool ready, there is shortage of skills in the meantime.

2. Even then, there is the need for workers to be constantly learning new skills to stay employed -- not necessarily in same company, job, or even same area of work in case whole sector goes into a downturn. In some sense, this happened in India too few years back when many bank employees were given/ or took VRS (Voluntary Retirement Scheme), and some were absorbed by the growing insurance sector.

3. The wages of skilled workers can shoot up in times of boom, and can remain almost stagnant in times of gloom. To some extent, the economic pressure of market flows more rapidly to the wages of skilled workers. The adjustment process is quicker.

Finally, the market does not guarantee employment, but employability provided the person takes it upon himself or herself to upgrade their skills. The expectation from least skilled worker will also be higher than it was before. So it will take more to enter the workforce, and then constant skill upgradation to stay in workforce.