We are just at the beginning of the intense workforce challenges facing our nation. Over the next decade, the Bureau of Labor Statistics (https://www.bls.gov/news.release/ecopro.nr0.htm) expects job growth to continue, but workforce participation to shrink. This, combined with a Baby Boomer generation that will be nearly out of the workforce by 2030, will put continued pressure on employers to meet their market needs and opportunities.
Our current workforce challenges are not going away. We are in the midst of this decade-long shift in workforce makeup. Job growth continues, but available workforce likely declines relative to need. Don’t let this be a surprise to your organization.
Most industries will be affected, especially those already stretched sectors related to craft, skilled, and technical trades. The supply likely will not meet the demand. This leads to one singular conclusion: not everybody wins, even in a growth economy.
You can take some control. You can focus on who you are as an employer and drive it through your organization. But be aware, you may have to adjust your approach or strategy to compete in the new workforce reality.
Get Ready. Go Recruit. Work to Retain based on important factors to your organization and stakeholders.