The Perfect Labor Storm

Back in 2002 Roger Herman, Thomas Olivo, and Joyce Gioia wrote a book on a subject that many companies paid little attention to in a marketplace that recently saw the technology and stock market bubble burst. The book is called Impending Crisis: Too Many jobs, Too Few People. Over the next few years white papers started to be published about the topic, but the majority of those who saw the writing on the wall were still those focused in recruiting and staffing. This past year experts and top executives have started to discuss better recruitment and retention plans for the future. Well, the future is here and the statistics are chilling. Whether we want to believe it, react to it, or choose to ignore it, as the cliche goes "numbers don't lie" and organizations need to be prepared. As Herman writes, "The labor shortage will be much more severe than most people realize. By 2010, we'll be 10,033,000 people short in the United States. Bottom line: corporate leaders must begin now to change the way they do business otherwise they risk extinction." This means, when an individual starts to exlore other career opportunities, there will not just be one or two options but five or ten. Companies will need to sell why their company is better. They will need to become flexible and be able to make quick decisions. Once on board companies need to also focus on retaining their superstars. Those who are unable to change and lose the war, will suffer the same fate as the Dinosaur. Not the fortune 50, some will say. Anyone remember the retailer Montgomery Ward?

For those who need the straight numbers here they are:

•November 2007 US Unemployment Rate: 4.7%
- Source: U.S. Bureau of Labor Statistics
-Economists put full employment from 4-5%, since that would be the percentage of the population who are unable or unwilling to work

•There will be 29 million unfilled jobs in 2008
-Source:U.S. Bureau of Labor Statistics

• By 2008 the number of young adult workers, from 25 to 40 year olds, will DECLINE by 1.7 million. That's 1.7 million less workers to replace the nearly 77 million baby boomers who will be eligible for retirement.

•The population of the 60 year and older group in the developed world will expand from 99 million in 1950 to 248 million at the turn of the century to 298 million in the year 2050.

•The 50 and older population from 2000-2050 will grow at a rate 68 times faster than the rate of growth for the total population
-Source: Beyond Workforce 2020, Hudson Institute

•One-fifth of this country's large, established companies will be losing 40 percent or more of their top- level talent in the next five years.
-Source: Development Dimensions International

•The replacement pool of 35 to 44 year olds will decline by 15 percent during the same period.
-Source:U.S. Bureau of Labor Statistics

For additional facts visit http://www.perfectlaborstorm.com/facts.html

For an except of The Bermuda Triangle of Future Jobs visit http://www.perfectlaborstorm.com/sample.html