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| Hiring, Terminations and Retention |
| Improving Economy? Positioning your company to stay ahead of pending labor shortages |
If you’re one of those business owners who has been holding his/hear breath hoping your company could hold out until the economic slowdown comes to an end, you’ll be glad to hear that economists are beginning to be more optimistic that that we’ll see “good times” again soon.
Assuming you’re still able to be optimistic, have you considered what the ramifications might be for your company if the U.S. economy did indeed improve? What if it improves a lot?
Here’s something to take into consideration: If the economy does heat up again, the Bureau of Labor Statistics projects that there will be 167,754,000 jobs available in the United States. Because there will be only 157,721,000 workers available to fill those jobs, the U.S. will be left with a shortage of over ten million workers.
Imagine competing for top-notch employees in that kind of market! Author Roger Herman warns that the tight labor market of the late 1990s will look like a “practice session” if the “impending crisis” pans out like he thinks it will.1 How ironic would it be to go out of business not because of “lack of funds,” but because you couldn’t find competent employees to run your business?
Part of the reason you are a business owner or manager is due to your foresight and your ability to capitalize on an opportunity. You’ll want to watch the market closely and begin again to make investments in your employees that will allow you to attract and retain great workers.
Understanding all of the options available to you through temporary staffing and recruiting services will be an important way to stay ahead of the competition when you’re fighting to find the best workers.
1Herman is the author of a book entitled Impending Crisis. For more information, visit his website at http://www.impendingcrisis.com.
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