Labor Shortage – What it means to you?
If you are a recruiter or have responsibility for finding top talent, then you know about the talent shortage. If you read the news, listen to podcasts or talk to business leaders, you know the scarcity of talent is here in many key areas and will arrive soon in others.
The Wall Street Journal is hosting a great series, which started November 23rd on "Demographic Destiny 2050." The series will talk about how we work, how we will age, and live in the coming years. This is not a US centric issue - it is much bigger and complex as it impacts many economically producing countries. There are too few people. (WSJ.com/2050)
Next year, for the first time since 1950, the world's combined working population will shrink 5%. Slower population growth impacts economies and competitive advantage. We are not alone in encouraging our older workers (including me:) to work longer. There is plenty of opportunity for potential workers in Europe and US to retire later. We see that happening more and more.
Today on NPR radio I learned of a new series this week that will address aging and the science of helping us live longer. Sounds interesting but let's focus on what we can influence now. Our health, our people and commitment to developing others. Let's engage the hearts and minds of our workers. Create a work culture that you are proud of and model the fact that we can work hard and separate from work to enjoy life, our families and breathe. Whether you are a small entrepreneurial business, start-up or middle market company there are people needs that if not met will impact your success and hold you back from a balanced life. Read this series, think about talent in new ways and share what the 2050 demographic "time bomb" as stated in the article mentioned, means for your business and your life.