The next decade’s talent war

Is your company prepared to win and keep the best and the brightest?

The economic and demographic realities of the next decade’s talent war.

With the recent heated debate about jobs moving overseas to countries with lower labor costs such as China, India and Eastern Europe, who would think that, within the next decade, there is high potential for a significant shortage of workers in the United States, possibly creating a crisis?

By 2010, it is expected the U.S. will face a shortage of 10,033,000 workers. It’s hard to believe, but data from the U.S. Department of Labor’s Bureau of Labor Statistics that tracks expected job openings vs. working population indicates this is the case. If you take into consideration the 70 million Baby Boomers expected to retire over the next 15 years and only 40 million workers expected to enter the workforce in the same period, you can plainly see that a shge of workers is imminent.

As the demand for talent goes up, supply will be going down. This is especially true for a very specific and important segment of the workforce - the knowledge worker. Knowledge workers are educated, intelligent, comfortable with technology, worldly and well versed in the operations of a business. When Baby Boomers retire, the workforce will lack experienced workers to lead corporate America through its next phase of growth and innovation.

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