THE COMING LABOR AND TALENT SHORTAGE
Companies are about to be blindsided by a powerful new trend: there
will not be enough workers to fill the jobs that drive the economy.
The shortage will be felt most in skilled positions, but all levels of
employment will be affected.

Projections from the Bureau of Labor Statistics forecast a shortage of
10 million workers by 2010.

Until the mid-1990s, there were always more people than jobs. The labor
shortage of the late 1990s gave corporate leaders a taste of what is to
come later in this decade.

HOW AWARE ARE WE OF THIS PROBLEM?
25% of employers are oblivious to the problem
50% have some awareness, and feel "somebody" should be doing something
20% have a real appreciation and are taking proactive steps
5% have a comprehensive understanding of the problem and have addressed
a range of issues

WHAT FACTORS INFLUENCE THIS LABOR SHORTAGE?
Baby Boomers are retiring in large numbers. The "Free Agent Nation"
group of Gen Xers are looking out for themselves, moving from job to job.
Job tenure will decrease as workers are increasingly in the driver's seat.
There will be huge competition for talent.

Experts see a significant growth in the economy over the next decade, with
data pointing to a boom lasting to 2009 - 2013. The increased business
resulting from this growth will put a strain on resources, and the trained
people companies need may not be available.

IMPORTANT TRENDS
->> Job movement will become more accepted than ever before. In 2001,
a survey of 32-year-old workers found that the average number of jobs
held was 8.6.

->> There will be a fundamental shift in employer-employee relations.
Due to the instability caused by a volatile stock market, September 11th,
and corporate scandal, employees do not trust their employers the way they
once did.

->> There is a new recognition of the importance of human resources to
an organization. HR will play a vital role in maintaining the strength,
viability, and profitability of the corporation.

->> Workforces have become increasingly global. More and more,
a company's telecommuting or independent contractor employees will be
from other countries.

->> Technology requires a new type of worker to stay on top of emerging
applications. The younger worker who understands the technology will have
to be led differently than the older worker with job experience.

->> Schools are preparing students for yesterday's jobs, not today's,
not tomorrow's. Employers will need to take the lead in addressing
learning needs, a huge initial expense without immediate return. (Long
term returns will be substantial, however.)

->> Organizational structure is evolving to a relatively small, highly
focused core team supplemented with contingent workers, outsourced
suppliers, and strategic alliances.

Source: Impending Crisis: Too Many Jobs, Too Few People, by Roger
Herman, Thomas Olivo and Joyce Gioia